T. Rowe Price Investment Management Inc. Buys 208,362 Shares of 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. lifted its position in shares of QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 1.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,447,188 shares of the company's stock after purchasing an additional 208,362 shares during the period. T. Rowe Price Investment Management Inc. owned 16.97% of QuidelOrtho worth $400,309,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Quarry LP bought a new position in QuidelOrtho during the fourth quarter worth about $43,000. Summit Securities Group LLC bought a new position in shares of QuidelOrtho during the first quarter worth approximately $36,000. True Wealth Design LLC increased its holdings 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 during the period. State of Wyoming bought a new position in QuidelOrtho during the 4th quarter worth $164,000. Finally, Humankind Investments LLC bought a new position in shares of QuidelOrtho in the fourth quarter worth $211,000. Institutional investors own 99.00% of the company's stock.

Analyst Ratings Changes

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

QuidelOrtho Trading Up 8.7%

QDEL traded up $2.24 during trading on Friday, reaching $27.90. 1,749,020 shares of the stock traded hands, compared to its average volume of 1,405,976. The company has a quick ratio of 0.62, a current ratio of 1.12 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $1.89 billion, a PE ratio of -4.27 and a beta of -0.04. The stock's 50-day moving average is $27.11 and its 200 day moving average is $31.16. 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 earnings results on Tuesday, August 5th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.01 by $0.11. The company 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 firm's revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.07) EPS. Equities analysts anticipate that QuidelOrtho Corporation will post 2.3 earnings per share for the current 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.