QuidelOrtho Co. (NASDAQ:QDEL) Stake Increased by California State Teachers Retirement System

California State Teachers Retirement System increased its stake in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 16.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 62,547 shares of the company's stock after buying an additional 8,889 shares during the period. California State Teachers Retirement System owned about 0.09% of QuidelOrtho worth $2,786,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC increased its stake in shares of QuidelOrtho by 118.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 34,145 shares of the company's stock worth $1,521,000 after buying an additional 18,533 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of QuidelOrtho in the fourth quarter worth $969,000. Public Employees Retirement System of Ohio increased its stake in shares of QuidelOrtho by 10.1% in the fourth quarter. Public Employees Retirement System of Ohio now owns 23,156 shares of the company's stock worth $1,032,000 after buying an additional 2,129 shares during the last quarter. Neo Ivy Capital Management bought a new stake in shares of QuidelOrtho in the fourth quarter worth $1,824,000. Finally, Paradigm Capital Management Inc. NY bought a new stake in shares of QuidelOrtho in the fourth quarter worth $3,118,000. Institutional investors own 99.00% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on QDEL. JPMorgan Chase & Co. decreased their price objective on shares of QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a report on Monday, April 21st. Wall Street Zen lowered shares of QuidelOrtho from a "buy" rating to a "hold" rating in a research note on Saturday, February 15th. UBS Group lowered their target price on shares of QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Royal Bank of Canada lowered their target price on shares of QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating for the company in a research note on Thursday, February 13th. 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 research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $44.33.

QuidelOrtho Stock Performance

Shares of QDEL opened at $29.90 on Friday. QuidelOrtho Co. has a 1 year low of $23.77 and a 1 year high of $49.45. The company has a market cap of $2.02 billion, a price-to-earnings ratio of -0.99 and a beta of 0.10. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.69 and a current ratio of 1.22. The firm has a fifty day moving average of $29.57 and a 200-day moving average of $37.15.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.13. QuidelOrtho had a negative net margin of 72.84% and a positive return on equity of 3.78%. The company had revenue of $692.80 million during the quarter, compared to the consensus estimate of $694.97 million. During the same quarter in the previous year, the company posted $0.44 earnings per share. The company's revenue for the quarter was down 2.6% compared to the same quarter last year. As a group, equities analysts anticipate that QuidelOrtho Co. will post 2.3 earnings per share for the current 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.

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