Neuberger Berman Group LLC Cuts 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 lessened its position in shares of QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 4.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 278,619 shares of the company's stock after selling 12,833 shares during the period. Neuberger Berman Group LLC owned about 0.41% of QuidelOrtho worth $9,745,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in QDEL. Quarry LP acquired a new position in QuidelOrtho during the 4th quarter worth approximately $43,000. True Wealth Design LLC grew its holdings in QuidelOrtho by 300.7% during the 4th quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock worth $48,000 after acquiring an additional 806 shares in the last quarter. State of Wyoming acquired a new position in QuidelOrtho during the 4th quarter worth approximately $164,000. Sterling Capital Management LLC grew its holdings in 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 acquiring an additional 1,601 shares in the last quarter. Finally, Humankind Investments LLC acquired a new position in QuidelOrtho during the 4th quarter worth approximately $211,000. Institutional investors and hedge funds own 99.00% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on QDEL shares. UBS Group lowered their price target on shares of QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating for the company in a report on Thursday, August 7th. Wall Street Zen cut shares of QuidelOrtho from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Citigroup lowered their target price on shares of QuidelOrtho from $50.00 to $40.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Finally, Jefferies Financial Group upgraded shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 target price for the company in a report on Thursday, May 8th. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $42.17.

QuidelOrtho Stock Performance

QDEL stock traded down $0.41 on Wednesday, hitting $26.34. The company's stock had a trading volume of 846,788 shares, compared to its average volume of 1,478,295. The firm has a 50 day moving average of $27.22 and a two-hundred day moving average of $31.47. 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 $1.79 billion, a price-to-earnings ratio of -4.03 and a beta of -0.04. The company has a current ratio of 1.12, a quick ratio of 0.62 and a debt-to-equity ratio of 0.74.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $0.12 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $613.90 million during the quarter, compared to the consensus estimate of $612.36 million. During the same quarter in the prior year, the firm earned ($0.07) EPS. QuidelOrtho's revenue for the quarter was down 3.6% on a year-over-year basis. Equities analysts predict that QuidelOrtho Corporation will post 2.3 EPS for the current fiscal year.

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.