Stanley Capital Management LLC Purchases New Position in QuidelOrtho Co. (NASDAQ:QDEL)

Stanley Capital Management LLC acquired a new position in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 195,000 shares of the company's stock, valued at approximately $8,687,000. QuidelOrtho accounts for approximately 1.7% of Stanley Capital Management LLC's portfolio, making the stock its 29th largest position. Stanley Capital Management LLC owned approximately 0.29% of QuidelOrtho as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of QDEL. T. Rowe Price Investment Management Inc. increased its holdings in shares of 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. Vanguard Group Inc. grew its position in QuidelOrtho by 12.6% during the fourth quarter. Vanguard Group Inc. now owns 6,817,412 shares of the company's stock worth $303,716,000 after buying an additional 764,900 shares during the period. Invesco Ltd. grew its position in QuidelOrtho by 71.7% during the fourth quarter. Invesco Ltd. now owns 3,447,446 shares of the company's stock worth $153,584,000 after buying an additional 1,439,293 shares during the period. ArrowMark Colorado Holdings LLC increased its holdings in QuidelOrtho by 5.4% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 1,977,697 shares of the company's stock valued at $88,106,000 after buying an additional 100,522 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of QuidelOrtho by 14.0% during the 4th quarter. JPMorgan Chase & Co. now owns 1,406,654 shares of the company's stock valued at $62,666,000 after acquiring an additional 173,174 shares during the period. Hedge funds and other institutional investors own 99.00% of the company's stock.

QuidelOrtho Trading Down 0.6%

Shares of QDEL traded down $0.18 on Friday, hitting $30.00. 526,152 shares of the stock traded hands, compared to its average volume of 1,069,143. QuidelOrtho Co. has a 1 year low of $23.77 and a 1 year high of $49.45. The stock's 50 day moving average is $30.54 and its two-hundred day moving average is $37.80. The firm has a market capitalization of $2.03 billion, a P/E ratio of -0.99 and a beta of 0.13. The company has a quick ratio of 0.69, a current ratio of 1.22 and a debt-to-equity ratio of 0.71.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.74 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.13. The company had revenue of $692.80 million for the quarter, compared to analyst estimates of $694.97 million. QuidelOrtho had a positive return on equity of 3.78% and a negative net margin of 72.84%. The business's revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.44 EPS. As a group, sell-side analysts predict that QuidelOrtho Co. will post 2.3 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on QDEL shares. JPMorgan Chase & Co. dropped their price objective on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a research note on Monday, April 21st. Wall Street Zen cut shares of QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, February 15th. Royal Bank of Canada dropped their price objective on shares of QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating for the company in a research note on Thursday, February 13th. UBS Group cut their price objective on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Finally, Jefferies Financial Group upgraded QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 target price on the stock in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $44.33.

QuidelOrtho 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.