QuidelOrtho Corporation (NASDAQ:QDEL) Holdings Decreased by M&T Bank Corp

M&T Bank Corp cut its position in shares of QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 76.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,503 shares of the company's stock after selling 31,441 shares during the period. M&T Bank Corp's holdings in QuidelOrtho were worth $332,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Voya Investment Management LLC increased its position in QuidelOrtho by 7.7% during the fourth quarter. Voya Investment Management LLC now owns 7,551 shares of the company's stock worth $336,000 after purchasing an additional 538 shares during the last quarter. Corient Private Wealth LLC lifted its stake in QuidelOrtho by 10.6% in the fourth quarter. Corient Private Wealth LLC now owns 6,874 shares of the company's stock worth $306,000 after acquiring an additional 661 shares during the last quarter. Yousif Capital Management LLC lifted its stake in QuidelOrtho by 2.9% in the first quarter. Yousif Capital Management LLC now owns 25,950 shares of the company's stock worth $907,000 after acquiring an additional 734 shares during the last quarter. Rhumbline Advisers lifted its stake in QuidelOrtho by 0.6% in the first quarter. Rhumbline Advisers now owns 129,025 shares of the company's stock worth $4,512,000 after acquiring an additional 770 shares during the last quarter. Finally, True Wealth Design LLC boosted its holdings in shares of QuidelOrtho by 300.7% in the 4th quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock valued at $48,000 after buying an additional 806 shares in the last quarter. 99.00% of the stock is owned by hedge funds and other institutional investors.

QuidelOrtho Stock Performance

QDEL stock traded down $1.23 during mid-day trading on Friday, reaching $25.45. The company had a trading volume of 1,505,998 shares, compared to its average volume of 1,151,585. The company has a quick ratio of 0.66, a current ratio of 1.20 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $1.72 billion, a P/E ratio of -5.12 and a beta of 0.07. QuidelOrtho Corporation has a one year low of $23.77 and a one year high of $49.45. The stock's 50-day simple moving average is $30.34 and its two-hundred day simple moving average is $34.63.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.13. The company had revenue of $692.80 million for the quarter, compared to analysts' expectations of $694.97 million. QuidelOrtho had a positive return on equity of 4.71% and a negative net margin of 12.07%. The firm's quarterly revenue was down 2.6% compared to the same quarter last year. During the same period last year, the business posted $0.44 earnings per share. Research analysts anticipate that QuidelOrtho Corporation will post 2.3 EPS for the current year.

Analyst Ratings Changes

Several analysts recently commented on the stock. UBS Group reduced their price target on shares of QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. JPMorgan Chase & Co. lowered their price objective on shares of QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating on the stock in a research note on Monday, April 21st. Wall Street Zen raised shares of QuidelOrtho from a "hold" rating to a "buy" rating in a research note on Friday, June 6th. Finally, Jefferies Financial Group upgraded shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price objective on the stock in a report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $44.33.

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.