QuidelOrtho Corporation $QDEL Shares Sold by Wealth Enhancement Advisory Services LLC

Key Points

• Wealth Enhancement Advisory Services LLC significantly reduced its stake in QuidelOrtho Corporation by 66.1%, selling 46,935 shares and leaving them with 24,077 shares valued at $727,000.
• Several institutional investors increased their positions in QuidelOrtho, with Paradigm Capital Management boosting its stake by 570.7% and AQR Capital Management increasing theirs by 230.3%.
• Wall Street analysts have mixed opinions on QuidelOrtho, with consensus ratings reflecting a Hold status and a price target averaging $39.20, despite UBS and Citigroup lowering their price targets recently.

Wealth Enhancement Advisory Services LLC lowered its stake in shares of QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 66.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,077 shares of the company's stock after selling 46,935 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in QuidelOrtho were worth $727,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in QDEL. AQR Capital Management LLC boosted its stake in shares of QuidelOrtho by 230.3% during the first quarter. AQR Capital Management LLC now owns 2,655,576 shares of the company's stock valued at $90,130,000 after acquiring an additional 1,851,590 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of QuidelOrtho by 42.4% during the first quarter. American Century Companies Inc. now owns 1,588,645 shares of the company's stock valued at $55,555,000 after acquiring an additional 473,094 shares during the last quarter. Paradigm Capital Management Inc. NY boosted its stake in shares of QuidelOrtho by 570.7% during the first quarter. Paradigm Capital Management Inc. NY now owns 469,500 shares of the company's stock valued at $16,418,000 after acquiring an additional 399,500 shares during the last quarter. Invesco Ltd. lifted its position in QuidelOrtho by 10.6% during 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 period. Finally, Assenagon Asset Management S.A. purchased a new position in QuidelOrtho during the first quarter worth about $10,915,000. Institutional investors and hedge funds own 99.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on QDEL. UBS Group reduced their target price on QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Citigroup reduced their target price on QuidelOrtho from $50.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Weiss Ratings reiterated a "sell (e+)" rating on shares of QuidelOrtho in a research report on Saturday, September 27th. Finally, Wall Street Zen downgraded QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $39.20.

QuidelOrtho Stock Performance

Shares of NASDAQ QDEL opened at $29.98 on Friday. The business's 50-day moving average price is $27.21 and its two-hundred day moving average price is $28.91. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.12 and a quick ratio of 0.62. QuidelOrtho Corporation has a one year low of $22.05 and a one year high of $49.45. The company has a market capitalization of $2.04 billion, a P/E ratio of -4.58 and a beta of 0.27.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.12 EPS for the quarter, beating analysts' consensus estimates of $0.01 by $0.11. The firm had revenue of $613.90 million for the quarter, compared to the consensus estimate of $612.36 million. QuidelOrtho had a positive return on equity of 5.29% and a negative net margin of 16.10%.The business's quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.07) earnings per share. Analysts anticipate that QuidelOrtho Corporation will post 2.3 earnings per share 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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