QuidelOrtho Corporation $QDEL Shares Purchased by Stanley Capital Management LLC

Key Points

• Stanley Capital Management LLC increased its holdings in QuidelOrtho Corporation by 76.9%, now owning 345,000 shares valued at approximately $12.07 million, making QuidelOrtho the fund's 21st largest position.
• QuidelOrtho reported a quarterly EPS of $0.12, exceeding analyst estimates, while the revenue decreased by 3.6% year-over-year to $613.90 million.
• Research firms have issued mixed ratings on QuidelOrtho, with current consensus rating labeled as "Hold" and a target price of $39.20, down from previous estimates by UBS and Citigroup.

Stanley Capital Management LLC lifted its position in shares of QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 76.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 345,000 shares of the company's stock after purchasing an additional 150,000 shares during the period. QuidelOrtho comprises about 2.4% of Stanley Capital Management LLC's holdings, making the stock its 21st largest position. Stanley Capital Management LLC owned 0.51% of QuidelOrtho worth $12,065,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Quarry LP increased its position in shares of QuidelOrtho by 47.1% during the first quarter. Quarry LP now owns 1,436 shares of the company's stock worth $50,000 after purchasing an additional 460 shares in the last quarter. Yousif Capital Management LLC increased its position in shares of QuidelOrtho by 2.9% during the first quarter. Yousif Capital Management LLC now owns 25,950 shares of the company's stock worth $907,000 after purchasing an additional 734 shares in the last quarter. Rhumbline Advisers increased its position in shares of QuidelOrtho by 0.6% during the first quarter. Rhumbline Advisers now owns 129,025 shares of the company's stock worth $4,512,000 after purchasing an additional 770 shares in the last quarter. True Wealth Design LLC increased its position in shares of QuidelOrtho by 300.7% during the fourth quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock worth $48,000 after purchasing an additional 806 shares in the last quarter. Finally, New York State Teachers Retirement System increased its position in shares of QuidelOrtho by 1.6% during the first quarter. New York State Teachers Retirement System now owns 56,900 shares of the company's stock worth $1,990,000 after purchasing an additional 900 shares in the last quarter. Institutional investors and hedge funds own 99.00% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on QDEL. UBS Group cut 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. Wall Street Zen cut QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Citigroup lowered their price target on QuidelOrtho from $50.00 to $40.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $39.20.

QuidelOrtho Price Performance

Shares of NASDAQ:QDEL traded down $0.32 during trading on Wednesday, hitting $29.21. 512,810 shares of the stock were exchanged, compared to its average volume of 1,305,793. The company has a fifty day moving average price of $26.90 and a two-hundred day moving average price of $29.65. The company has a market cap of $1.98 billion, a PE ratio of -4.46 and a beta of 0.14. The company has a current ratio of 1.12, a quick ratio of 0.62 and a debt-to-equity ratio of 0.74. QuidelOrtho Corporation has a 12-month low of $22.05 and a 12-month high of $49.45.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced its quarterly earnings results 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 analyst estimates of $612.36 million. QuidelOrtho had a positive return on equity of 5.29% and a negative net margin of 16.10%.The company's quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.07) EPS. On average, analysts forecast that QuidelOrtho Corporation will post 2.3 EPS 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.