Charles Schwab Investment Management Inc. Cuts Stock Position in QuidelOrtho Corporation $QDEL

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in QuidelOrtho Corporation by 5.9%, holding 829,119 shares worth approximately $28.99 million as of the latest reporting.
• QuidelOrtho reported earnings of $0.12 per share for the quarter, exceeding the consensus estimate of $0.01, although revenue had decreased by 3.6% year-over-year.
• Wall Street analysts have mixed ratings for QuidelOrtho, with a consensus rating of "Hold" and a target price of $42.17, reflecting lowered expectations from brokerages.

Charles Schwab Investment Management Inc. decreased its position in shares of QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 5.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 829,119 shares of the company's stock after selling 52,416 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.23% of QuidelOrtho worth $28,994,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. New Age Alpha Advisors LLC bought a new stake in shares of QuidelOrtho during the first quarter valued at approximately $332,000. Phocas Financial Corp. increased its holdings in shares of QuidelOrtho by 46.2% during the first quarter. Phocas Financial Corp. now owns 114,223 shares of the company's stock valued at $3,994,000 after acquiring an additional 36,091 shares in the last quarter. Goodman Financial Corp increased its holdings in shares of QuidelOrtho by 5.4% during the first quarter. Goodman Financial Corp now owns 323,313 shares of the company's stock valued at $11,306,000 after acquiring an additional 16,529 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of QuidelOrtho by 11.4% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,773 shares of the company's stock valued at $587,000 after acquiring an additional 1,721 shares in the last quarter. Finally, TD Asset Management Inc boosted its position in shares of QuidelOrtho by 3.6% during the first quarter. TD Asset Management Inc now owns 611,860 shares of the company's stock valued at $21,397,000 after buying an additional 21,378 shares during the last quarter. Institutional investors own 99.00% of the company's stock.

QuidelOrtho Stock Performance

QDEL stock traded up $2.24 during midday trading on Friday, hitting $27.90. The company's stock had a trading volume of 1,749,020 shares, compared to its average volume of 1,405,976. The stock's 50-day moving average price is $27.11 and its 200 day moving average price is $31.25. The company has a quick ratio of 0.62, a current ratio of 1.12 and a debt-to-equity ratio of 0.74. QuidelOrtho Corporation has a 1 year low of $22.05 and a 1 year high of $49.45. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of -4.27 and a beta of -0.04.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.11. QuidelOrtho had a positive return on equity of 5.29% and a negative net margin of 16.10%.The business had revenue of $613.90 million for the quarter, compared to analysts' expectations of $612.36 million. During the same quarter in the previous year, the firm earned ($0.07) earnings per share. The business's revenue was down 3.6% on a year-over-year basis. On average, equities analysts forecast that QuidelOrtho Corporation will post 2.3 EPS for the current year.

Wall Street Analysts Forecast Growth

QDEL has been the topic of several analyst reports. UBS Group cut their target price on QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Jefferies Financial Group raised QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 target price on the stock in a research report on Thursday, May 8th. Wall Street Zen cut QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Citigroup cut their target price on QuidelOrtho from $50.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, QuidelOrtho presently has an average rating of "Hold" and a consensus target price of $42.17.

About QuidelOrtho

QuidelOrtho Corporation provides diagnostic testing solutions. The company operates through Labs, Transfusion Medicine, Point-of-Care, and Molecular Diagnostics business units. The Labs business unit provides clinical chemistry laboratory instruments and tests that measure target chemicals in bodily fluids for the evaluation of health and the clinical management of patients; immunoassay laboratory instruments and tests, which measure proteins as they act as antigens in the spread of disease, antibodies in the immune response spurred by disease, or markers of proper organ function and health; testing products to detect and monitor disease progression across a spectrum of therapeutic areas; and specialized diagnostic solutions.