California State Teachers Retirement System Boosts Stock Holdings in QuidelOrtho Co. (NASDAQ:QDEL)

California State Teachers Retirement System raised its stake in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 16.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 62,547 shares of the company's stock after purchasing an additional 8,889 shares during the period. California State Teachers Retirement System owned 0.09% of QuidelOrtho worth $2,786,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in QDEL. Voya Investment Management LLC lifted its holdings in shares of QuidelOrtho by 7.7% during the 4th quarter. Voya Investment Management LLC now owns 7,551 shares of the company's stock valued at $336,000 after purchasing an additional 538 shares during the last quarter. Corient Private Wealth LLC increased its position in QuidelOrtho by 10.6% during the 4th quarter. Corient Private Wealth LLC now owns 6,874 shares of the company's stock valued at $306,000 after buying an additional 661 shares in the last quarter. True Wealth Design LLC raised its stake in QuidelOrtho by 300.7% in the fourth quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock valued at $48,000 after buying an additional 806 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in QuidelOrtho by 14.2% in the fourth quarter. CIBC Asset Management Inc now owns 6,564 shares of the company's stock worth $292,000 after acquiring an additional 816 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in QuidelOrtho by 188.0% in the fourth quarter. Blue Trust Inc. now owns 1,293 shares of the company's stock worth $58,000 after acquiring an additional 844 shares in the last quarter. 99.00% of the stock is currently owned by institutional investors.

QuidelOrtho Stock Performance

Shares of QDEL stock traded up $0.68 during trading hours on Monday, hitting $30.21. The company's stock had a trading volume of 1,027,768 shares, compared to its average volume of 1,093,879. The stock has a market cap of $2.04 billion, a PE ratio of -1.00 and a beta of 0.10. QuidelOrtho Co. has a 12-month low of $23.77 and a 12-month high of $49.45. The company has a 50 day moving average of $29.39 and a 200 day moving average of $37.01. The company has a current ratio of 1.22, a quick ratio of 0.69 and a debt-to-equity ratio of 0.71.

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on QDEL shares. Royal Bank of Canada cut their price objective on shares of QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating on the stock in a report on Thursday, February 13th. JPMorgan Chase & Co. cut their price target on shares of 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 decreased their price target on shares of QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. 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. Finally, Wall Street Zen upgraded QuidelOrtho from a "hold" rating to a "buy" rating in a research note on Friday. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $44.33.

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.