QuidelOrtho Corporation $QDEL Shares Sold by Vanguard Group Inc.

Key Points

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Vanguard Group Inc. cut its holdings in QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 1.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,751,611 shares of the company's stock after selling 65,801 shares during the period. Vanguard Group Inc. owned about 10.01% of QuidelOrtho worth $236,104,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. boosted its holdings in QuidelOrtho by 19.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 11,238,826 shares of the company's stock valued at $500,690,000 after purchasing an additional 1,840,667 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of QuidelOrtho by 204.5% during the 4th quarter. AQR Capital Management LLC now owns 803,986 shares of the company's stock worth $35,818,000 after buying an additional 539,977 shares during the last quarter. Engine Capital Management LP purchased a new stake in QuidelOrtho during the 4th quarter worth $14,773,000. Balyasny Asset Management L.P. purchased a new position in QuidelOrtho in the 4th quarter valued at about $14,247,000. Finally, Assenagon Asset Management S.A. purchased a new position in QuidelOrtho in the 1st quarter valued at about $10,915,000. Hedge funds and other institutional investors own 99.00% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Citigroup dropped their price objective on shares of QuidelOrtho from $50.00 to $40.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Jefferies Financial Group raised shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price objective for the company in a research note on Thursday, May 8th. UBS Group cut their price target on shares of QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating on the stock in a report on Thursday, August 7th. Wall Street Zen lowered shares of QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, JPMorgan Chase & Co. decreased their target price 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. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, QuidelOrtho currently has an average rating of "Hold" and an average price target of $42.17.

QuidelOrtho Stock Down 0.4%

QuidelOrtho stock opened at $25.82 on Tuesday. QuidelOrtho Corporation has a twelve month low of $22.05 and a twelve month high of $49.45. The company has a 50 day moving average of $27.39 and a 200-day moving average of $31.54. The stock has a market capitalization of $1.75 billion, a PE ratio of -3.95 and a beta of -0.04. The company has a quick ratio of 0.62, a current ratio of 1.12 and a debt-to-equity ratio of 0.74.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.12 EPS for the quarter, topping 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 business had revenue of $613.90 million during the quarter, compared to analysts' expectations of $612.36 million. During the same quarter in the prior year, the company posted ($0.07) earnings per share. The firm's revenue was down 3.6% on a year-over-year basis. On average, equities research analysts anticipate that QuidelOrtho Corporation will post 2.3 EPS for the current fiscal year.

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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