Sei Investments Co. Buys 57,615 Shares of QuidelOrtho Corporation $QDEL

Key Points

• Sei Investments increased its QuidelOrtho stake by 27.2% in the first quarter, purchasing 57,615 additional shares and bringing its holdings to 269,178 shares valued at approximately $4.42 million.
• Institutional ownership remains very high at 99%, with several other funds also adding to their positions, including Royal Bank of Canada, UBS Asset Management and Focus Partners Wealth.
• Analyst sentiment is cautious: QuidelOrtho has an average “Reduce” rating and a consensus price target of $13.62, while its latest quarter missed earnings and revenue estimates and revenue declined 10.5% year over year.

Sei Investments Co. lifted its stake in shares of QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 27.2% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 269,178 shares of the company's stock after buying an additional 57,615 shares during the quarter. Sei Investments Co. owned about 0.39% of QuidelOrtho worth $4,423,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Royal Bank of Canada boosted its holdings in shares of QuidelOrtho by 1,218.7% during the first quarter. Royal Bank of Canada now owns 80,193 shares of the company's stock worth $2,803,000 after acquiring an additional 74,112 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in QuidelOrtho by 10.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 228,398 shares of the company's stock worth $7,987,000 after purchasing an additional 21,968 shares during the last quarter. Focus Partners Wealth boosted its stake in QuidelOrtho by 210.9% in the 1st quarter. Focus Partners Wealth now owns 20,454 shares of the company's stock valued at $715,000 after purchasing an additional 13,876 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in QuidelOrtho in the 2nd quarter valued at $1,313,000. Finally, EverSource Wealth Advisors LLC increased its position in QuidelOrtho by 250.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,230 shares of the company's stock worth $93,000 after buying an additional 2,309 shares during the period. Institutional investors and hedge funds own 99.00% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Wall Street Zen upgraded shares of QuidelOrtho from a "sell" rating to a "hold" rating in a research note on Sunday, June 28th. JPMorgan Chase & Co. boosted their target price on shares of QuidelOrtho from $11.00 to $12.00 and gave the company an "underweight" rating in a research report on Wednesday, July 1st. Jefferies Financial Group restated a "hold" rating on shares of QuidelOrtho in a research note on Monday, June 29th. Weiss Ratings reissued a "sell (e+)" rating on shares of QuidelOrtho in a research note on Friday, July 17th. Finally, UBS Group reaffirmed a "neutral" rating and set a $12.00 target price on shares of QuidelOrtho in a report on Thursday, May 7th. Four investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, QuidelOrtho currently has an average rating of "Reduce" and a consensus price target of $13.62.

QuidelOrtho Stock Performance

NASDAQ QDEL opened at $17.50 on Thursday. The company has a market cap of $1.19 billion, a P/E ratio of -0.98 and a beta of 0.68. The company has a fifty day simple moving average of $15.70 and a 200 day simple moving average of $17.70. The company has a current ratio of 1.43, a quick ratio of 0.80 and a debt-to-equity ratio of 1.33. QuidelOrtho Corporation has a 12-month low of $9.92 and a 12-month high of $35.58.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, missing analysts' consensus estimates of $0.37 by ($0.41). QuidelOrtho had a negative net margin of 45.57% and a positive return on equity of 4.25%. The business had revenue of $619.80 million during the quarter, compared to the consensus estimate of $665.23 million. During the same period last year, the business posted $0.74 earnings per share. The firm's quarterly revenue was down 10.5% on a year-over-year basis. Sell-side analysts predict that QuidelOrtho Corporation will post 1.87 earnings per share for the current fiscal year.

QuidelOrtho Profile

QuidelOrtho is a global diagnostics company formed through the merger of Quidel Corporation and Ortho Clinical Diagnostics. The combined entity develops, manufactures and markets a broad portfolio of rapid and high-throughput diagnostic solutions across immunoassay, molecular diagnostics and transfusion medicine. Its offerings span point-of-care platforms for acute care testing as well as large-scale automated systems designed for clinical laboratories and blood banks.

The company's product range includes rapid antigen and antibody tests for infectious diseases, molecular assays utilizing nucleic acid amplification technology, and integrated immunodiagnostic analyzers.

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