Public Sector Pension Investment Board Has $7.31 Million Stake in QuidelOrtho Corporation (NASDAQ:QDEL)

Key Points

• The Public Sector Pension Investment Board increased its holdings in QuidelOrtho Corporation by 27.3%, acquiring an additional 44,776 shares, bringing its total ownership to 208,990 shares worth approximately $7.3 million.
• Analysts have varied opinions on QuidelOrtho, with price targets ranging from $25 to $44, and a consensus rating of "Hold" based on a mix of buy, hold, and sell ratings.
• QuidelOrtho reported a 12-month high of $49.45 and a low of $22.05, indicating volatility in its stock performance amid a recent revenue decline of 3.6% year-over-year.

Public Sector Pension Investment Board grew its holdings in shares of QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 27.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 208,990 shares of the company's stock after buying an additional 44,776 shares during the period. Public Sector Pension Investment Board owned 0.31% of QuidelOrtho worth $7,308,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Nuveen LLC bought a new stake in QuidelOrtho during the first quarter worth approximately $7,751,000. Invesco Ltd. grew its position in QuidelOrtho by 10.6% in the first quarter. Invesco Ltd. now owns 3,813,833 shares of the company's stock worth $133,370,000 after buying an additional 366,387 shares during the last quarter. Deutsche Bank AG grew its position in QuidelOrtho by 215.2% in the first quarter. Deutsche Bank AG now owns 358,889 shares of the company's stock worth $12,550,000 after buying an additional 245,033 shares during the last quarter. New Age Alpha Advisors LLC acquired a new position in QuidelOrtho in the first quarter worth approximately $332,000. Finally, Phocas Financial Corp. grew its position in QuidelOrtho by 46.2% in the first quarter. Phocas Financial Corp. now owns 114,223 shares of the company's stock worth $3,994,000 after buying an additional 36,091 shares during the last quarter. Institutional investors own 99.00% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on QDEL shares. Citigroup decreased their price target on shares of QuidelOrtho from $50.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Jefferies Financial Group upgraded shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price target on the stock in a research report on Thursday, May 8th. JPMorgan Chase & Co. decreased their price target on shares of QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating on the stock in a research report on Monday, April 21st. UBS Group decreased their price target on shares of QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Finally, Wall Street Zen lowered shares of QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $42.17.

QuidelOrtho Trading Down 0.1%

NASDAQ QDEL traded down $0.02 on Friday, hitting $25.93. 975,491 shares of the stock were exchanged, compared to its average volume of 1,590,945. QuidelOrtho Corporation has a 52-week low of $22.05 and a 52-week high of $49.45. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.12 and a quick ratio of 0.62. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of -3.96 and a beta of -0.04. The company's 50-day moving average price is $27.48 and its two-hundred day moving average price is $31.74.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.12 earnings per share (EPS) for the quarter, beating 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 company had revenue of $613.90 million during the quarter, compared to analyst estimates of $612.36 million. During the same quarter last year, the business posted ($0.07) EPS. The company's revenue for the quarter was down 3.6% on a year-over-year basis. Research analysts predict that QuidelOrtho Corporation will post 2.3 EPS for the current 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.