AQR Capital Management LLC Has $90.13 Million Stake in QuidelOrtho Corporation $QDEL

Key Points

• AQR Capital Management LLC significantly increased its stake in QuidelOrtho Corporation by 230.3%, now owning 3.94% of the company with a market value of approximately $90.13 million.
• QuidelOrtho reported $0.12 earnings per share for the last quarter, exceeding analysts' expectations; however, its revenue fell by 3.6% year-over-year.
• Several research analysts have recently revised their ratings on QuidelOrtho, with Jefferies upgrading it to a "buy" rating and setting a target price of $44.00.

AQR Capital Management LLC raised its position in QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 230.3% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 2,655,576 shares of the company's stock after buying an additional 1,851,590 shares during the period. AQR Capital Management LLC owned about 3.94% of QuidelOrtho worth $90,130,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Birchview Capital LP bought a new position in QuidelOrtho in the 1st quarter valued at $2,365,000. Focus Partners Advisor Solutions LLC bought a new position in QuidelOrtho in the 1st quarter valued at $380,000. Royal Bank of Canada boosted its position in QuidelOrtho by 1,218.7% in the 1st quarter. Royal Bank of Canada now owns 80,193 shares of the company's stock valued at $2,803,000 after buying an additional 74,112 shares during the last quarter. Paradigm Capital Management Inc. NY boosted its position in QuidelOrtho by 570.7% in the 1st quarter. Paradigm Capital Management Inc. NY now owns 469,500 shares of the company's stock valued at $16,418,000 after buying an additional 399,500 shares during the last quarter. Finally, Quarry LP boosted its position in QuidelOrtho by 47.1% in the 1st quarter. Quarry LP now owns 1,436 shares of the company's stock valued at $50,000 after buying an additional 460 shares during the last quarter. 99.00% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on QDEL. UBS Group decreased their price objective on QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Wall Street Zen lowered QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Citigroup decreased their price objective on QuidelOrtho from $50.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, QuidelOrtho currently has a consensus rating of "Hold" and an average price target of $39.20.

QuidelOrtho Trading Down 1.7%

QuidelOrtho stock traded down $0.48 during mid-day trading on Wednesday, hitting $28.08. 98,725 shares of the company's stock were exchanged, compared to its average volume of 1,301,825. The firm has a market capitalization of $1.91 billion, a P/E ratio of -4.30 and a beta of 0.14. QuidelOrtho Corporation has a fifty-two week low of $22.05 and a fifty-two week high of $49.45. The company has a quick ratio of 0.62, a current ratio of 1.12 and a debt-to-equity ratio of 0.74. The company's 50 day simple moving average is $27.02 and its 200-day simple moving average is $30.06.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.01 by $0.11. The business 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 firm's revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.07) EPS. On average, equities analysts anticipate that QuidelOrtho Corporation will post 2.3 earnings per share for the current 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.