Stanley Capital Management LLC Acquires New Stake in QuidelOrtho Co. (NASDAQ:QDEL)

Stanley Capital Management LLC acquired a new position in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 195,000 shares of the company's stock, valued at approximately $8,687,000. QuidelOrtho makes up about 1.7% of Stanley Capital Management LLC's portfolio, making the stock its 29th biggest holding. Stanley Capital Management LLC owned approximately 0.29% of QuidelOrtho as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quarry LP purchased a new stake in shares of QuidelOrtho in the 4th quarter valued at about $43,000. Blue Trust Inc. increased its position in QuidelOrtho by 188.0% in the 4th quarter. Blue Trust Inc. now owns 1,293 shares of the company's stock valued at $58,000 after acquiring an additional 844 shares during the period. Spire Wealth Management acquired a new position in QuidelOrtho during the 4th quarter worth approximately $74,000. KBC Group NV increased its position in QuidelOrtho by 122.9% during the 4th quarter. KBC Group NV now owns 3,437 shares of the company's stock worth $153,000 after purchasing an additional 1,895 shares during the period. Finally, State of Wyoming acquired a new position in QuidelOrtho during the 4th quarter worth approximately $164,000. 99.00% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

QuidelOrtho Stock Down 8.6%

Shares of QDEL stock traded down $2.80 during trading hours on Wednesday, hitting $29.58. 1,255,386 shares of the company were exchanged, compared to its average volume of 1,069,831. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.69 and a current ratio of 1.22. QuidelOrtho Co. has a one year low of $23.77 and a one year high of $49.45. The business's 50-day simple moving average is $30.66 and its two-hundred day simple moving average is $37.86. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of -0.98 and a beta of 0.13.

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

About QuidelOrtho

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.