Private Management Group Inc. Buys 19,899 Shares of QuidelOrtho Corporation (NASDAQ:QDEL)

Key Points

• Private Management Group Inc. increased its stake in QuidelOrtho Corporation by 3.2%, acquiring an additional 19,899 shares, bringing its total ownership to approximately 0.94% valued at $22.2 million.
• QuidelOrtho reported an EPS of $0.74 for the last quarter, exceeding the consensus estimate of $0.61, although its revenue of $692.8 million fell short of expectations.
• The stock received mixed analyst ratings, with Jefferies upgrading it to a "buy" while JPMorgan and UBS lowered their price targets, reflecting a consensus average target price of $44.33.

Private Management Group Inc. grew its stake in shares of QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 3.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 635,363 shares of the company's stock after acquiring an additional 19,899 shares during the quarter. Private Management Group Inc. owned about 0.94% of QuidelOrtho worth $22,219,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Royce & Associates LP purchased a new position in shares of QuidelOrtho in the first quarter worth $2,322,000. SYM FINANCIAL Corp purchased a new position in QuidelOrtho in the 1st quarter worth about $235,000. Allianz Asset Management GmbH bought a new position in QuidelOrtho during the 1st quarter valued at about $2,711,000. Segall Bryant & Hamill LLC boosted its holdings in shares of QuidelOrtho by 23.1% during the 1st quarter. Segall Bryant & Hamill LLC now owns 1,288,718 shares of the company's stock valued at $45,066,000 after acquiring an additional 242,069 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of QuidelOrtho by 111.7% in the first quarter. Victory Capital Management Inc. now owns 67,528 shares of the company's stock worth $2,361,000 after acquiring an additional 35,631 shares during the period. Hedge funds and other institutional investors own 99.00% of the company's stock.

QuidelOrtho Stock Down 1.0%

QDEL opened at $26.33 on Friday. The firm's 50 day simple moving average is $29.40 and its two-hundred day simple moving average is $33.94. The company has a market capitalization of $1.78 billion, a PE ratio of -5.30 and a beta of 0.07. QuidelOrtho Corporation has a 1-year low of $23.77 and a 1-year high of $49.45. The company has a current ratio of 1.20, a quick ratio of 0.66 and a debt-to-equity ratio of 0.70.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.61 by $0.13. The firm had revenue of $692.80 million during the quarter, compared to analyst estimates of $694.97 million. QuidelOrtho had a positive return on equity of 4.71% and a negative net margin of 12.07%. QuidelOrtho's revenue was down 2.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.44 EPS. As a group, equities analysts forecast that QuidelOrtho Corporation will post 2.3 EPS for the current year.

Analyst Upgrades and Downgrades

QDEL has been the topic of several research reports. Jefferies Financial Group upgraded shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 target price on the stock in a report on Thursday, May 8th. JPMorgan Chase & Co. dropped their price target on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating on the stock in a research note on Monday, April 21st. UBS Group reduced their price objective on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Finally, Wall Street Zen raised QuidelOrtho from a "hold" rating to a "buy" rating in a report on Friday, June 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $44.33.

QuidelOrtho Company 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.

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