Neuberger Berman Group LLC Has $9.75 Million Stake in QuidelOrtho Corporation $QDEL

Key Points

• Neuberger Berman Group LLC reduced its holdings in QuidelOrtho Corporation by 4.4%, owning approximately 0.41% of the company, valued at $9.75 million.
• QuidelOrtho Corporation reported earnings of $0.12 per share, exceeding analysts’ estimates, although revenue decreased by 3.6% year-over-year.
• Wall Street analysts have mixed ratings on QuidelOrtho, with a consensus rating of "Hold" and an average price target of $42.17, down from previous estimates.

Neuberger Berman Group LLC cut its holdings in QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 4.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 278,619 shares of the company's stock after selling 12,833 shares during the quarter. Neuberger Berman Group LLC owned 0.41% of QuidelOrtho worth $9,745,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of QDEL. Sterling Capital Management LLC grew its position in shares of QuidelOrtho by 75.3% during the fourth quarter. Sterling Capital Management LLC now owns 3,726 shares of the company's stock valued at $166,000 after purchasing an additional 1,601 shares in the last quarter. Principal Financial Group Inc. increased its holdings in QuidelOrtho by 2.4% during the first quarter. Principal Financial Group Inc. now owns 326,996 shares of the company's stock valued at $11,435,000 after buying an additional 7,788 shares during the period. Yousif Capital Management LLC increased its holdings in QuidelOrtho by 2.9% during the first quarter. Yousif Capital Management LLC now owns 25,950 shares of the company's stock valued at $907,000 after buying an additional 734 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in QuidelOrtho by 108.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 71,012 shares of the company's stock valued at $2,483,000 after buying an additional 36,867 shares during the period. Finally, Northern Trust Corp grew its holdings in QuidelOrtho by 36.2% in the fourth quarter. Northern Trust Corp now owns 431,710 shares of the company's stock worth $19,233,000 after purchasing an additional 114,850 shares during the last quarter. 99.00% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

QDEL has been the topic of a number of research analyst reports. Jefferies Financial Group raised 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. UBS Group decreased their price objective on shares of QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating for the company in a research report on Thursday, August 7th. Citigroup cut their target price on shares of QuidelOrtho from $50.00 to $40.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Wall Street Zen cut shares of QuidelOrtho from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, JPMorgan Chase & Co. dropped their price target on shares of QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a research note on Monday, April 21st. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $42.17.

QuidelOrtho Trading Up 2.8%

Shares of NASDAQ QDEL traded up $0.7340 during midday trading on Tuesday, reaching $26.5540. 368,485 shares of the stock were exchanged, compared to its average volume of 1,318,350. 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 stock has a 50 day moving average price of $27.39 and a 200-day moving average price of $31.54. QuidelOrtho Corporation has a 52-week low of $22.05 and a 52-week high of $49.45. The company has a market capitalization of $1.80 billion, a P/E ratio of -4.06 and a beta of -0.04.

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