T. Rowe Price Investment Management Inc. Raises Stock Position in QuidelOrtho Corporation $QDEL

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in QuidelOrtho Corporation to approximately 16.97%, holding about $400.31 million in stock after acquiring additional shares.
• QuidelOrtho's stock has seen varied analyst ratings, with some lowering price targets; UBS Group set a new price objective of $26.00 and Jefferies Financial Group raised theirs to $44.00.
• Following its latest earnings report, QuidelOrtho posted an EPS of $0.12, beating estimates, but revenue fell by 3.6% year-over-year.

T. Rowe Price Investment Management Inc. increased its position in QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 1.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 11,447,188 shares of the company's stock after acquiring an additional 208,362 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 16.97% of QuidelOrtho worth $400,309,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Summit Securities Group LLC bought a new position in shares of QuidelOrtho in the first quarter worth $36,000. Quarry LP bought a new position in QuidelOrtho in the 4th quarter worth about $43,000. True Wealth Design LLC boosted its stake in QuidelOrtho by 300.7% in the 4th quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock worth $48,000 after purchasing an additional 806 shares during the period. State of Wyoming purchased a new position in QuidelOrtho during the 4th quarter valued at about $164,000. Finally, Humankind Investments LLC bought a new stake in shares of QuidelOrtho during the fourth quarter valued at about $211,000. Institutional investors own 99.00% of the company's stock.

QuidelOrtho Trading Up 1.7%

Shares of NASDAQ:QDEL traded up $0.47 on Tuesday, reaching $28.12. 437,565 shares of the company traded hands, compared to its average volume of 1,311,788. The stock has a market capitalization of $1.91 billion, a P/E ratio of -4.30 and a beta of -0.04. The business's 50-day simple moving average is $27.08 and its 200 day simple moving average is $30.98. 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 52 week low of $22.05 and a 52 week high of $49.45.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.11. QuidelOrtho had a positive return on equity of 5.29% and a negative net margin of 16.10%.The company had revenue of $613.90 million during the quarter, compared to analysts' expectations of $612.36 million. During the same period in the prior year, the business posted ($0.07) EPS. QuidelOrtho's quarterly revenue was down 3.6% compared to the same quarter last year. As a group, equities analysts anticipate that QuidelOrtho Corporation will post 2.3 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on QDEL. Jefferies Financial Group raised shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price target for the company in a report on Thursday, May 8th. Citigroup dropped their target price on shares of QuidelOrtho from $50.00 to $40.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. UBS Group decreased their price target on shares of QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating on the stock in a report on Thursday, August 7th. Finally, Wall Street Zen cut shares of QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $42.17.

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.