Deutsche Bank AG Raises Stake in QuidelOrtho Corporation $QDEL

Key Points

• Deutsche Bank AG increased its stake in QuidelOrtho Corporation by 215.2% during the first quarter, acquiring a total of 358,889 shares valued at approximately $12.55 million.
• QuidelOrtho reported a quarterly earnings per share of $0.12, significantly exceeding the consensus estimate of $0.01, but experienced a 3.6% decline in revenue compared to the previous year.
• Analyst ratings for QuidelOrtho vary, with the consensus showing a rating of "Hold" and a price target of $42.17, indicating a cautious outlook amidst recent adjustments from various financial firms.

Deutsche Bank AG lifted its holdings in shares of QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 215.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 358,889 shares of the company's stock after purchasing an additional 245,033 shares during the period. Deutsche Bank AG owned about 0.53% of QuidelOrtho worth $12,550,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Sterling Capital Management LLC raised its stake in shares of QuidelOrtho by 75.3% during the 4th quarter. Sterling Capital Management LLC now owns 3,726 shares of the company's stock worth $166,000 after purchasing an additional 1,601 shares during the period. Principal Financial Group Inc. raised its stake in shares of QuidelOrtho by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 326,996 shares of the company's stock worth $11,435,000 after purchasing an additional 7,788 shares during the period. Yousif Capital Management LLC raised its stake in QuidelOrtho by 2.9% in the 1st quarter. Yousif Capital Management LLC now owns 25,950 shares of the company's stock valued at $907,000 after acquiring an additional 734 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in QuidelOrtho by 108.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 71,012 shares of the company's stock valued at $2,483,000 after acquiring an additional 36,867 shares during the period. Finally, Northern Trust Corp raised its stake in QuidelOrtho by 36.2% in the 4th quarter. Northern Trust Corp now owns 431,710 shares of the company's stock valued at $19,233,000 after acquiring an additional 114,850 shares during the period. 99.00% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on QDEL shares. JPMorgan Chase & Co. lowered their price objective on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating on the stock in a research note on Monday, April 21st. Citigroup lowered their price objective on QuidelOrtho from $50.00 to $40.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Wall Street Zen cut QuidelOrtho from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. UBS Group lowered their price objective on QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. Finally, Jefferies Financial Group upgraded QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price objective on the stock in a research note on Thursday, May 8th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $42.17.

QuidelOrtho Price Performance

Shares of NASDAQ QDEL traded up $0.6340 during midday trading on Tuesday, hitting $26.4540. 134,200 shares of the company's stock were exchanged, compared to its average volume of 1,316,695. QuidelOrtho Corporation has a 12-month low of $22.05 and a 12-month high of $49.45. The company has a current ratio of 1.12, a quick ratio of 0.62 and a debt-to-equity ratio of 0.74. The company has a market cap of $1.80 billion, a price-to-earnings ratio of -4.05 and a beta of -0.04. The business's fifty day moving average price is $27.39 and its two-hundred day moving average price is $31.54.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.12 EPS 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 company had revenue of $613.90 million during the quarter, compared to analyst estimates of $612.36 million. During the same quarter in the previous year, the firm earned ($0.07) earnings per share. QuidelOrtho's revenue was down 3.6% on a year-over-year basis. As a group, research analysts forecast that QuidelOrtho Corporation will post 2.3 EPS for the current fiscal year.

QuidelOrtho Profile

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.