Victory Capital Management Inc. Purchases 35,631 Shares of QuidelOrtho Corporation (NASDAQ:QDEL)

Key Points

• Victory Capital Management Inc. increased its holdings in QuidelOrtho Corporation by 111.7% during the 1st quarter, owning 67,528 shares worth approximately $2.36 million as per SEC filings.
• QuidelOrtho's stock has experienced a 4.7% decline, with a current market price of $26.09, while the company reported a quarterly EPS of $0.74, surpassing expectations of $0.61.
• Analysts show mixed sentiment on the stock, with a consensus rating of "Hold" and a target price of $44.33, despite recent downgrades from some analysts.

Victory Capital Management Inc. lifted its holdings in QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 111.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 67,528 shares of the company's stock after acquiring an additional 35,631 shares during the period. Victory Capital Management Inc. owned approximately 0.10% of QuidelOrtho worth $2,361,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in 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 worth $500,690,000 after acquiring an additional 1,840,667 shares during the period. Vanguard Group Inc. lifted its stake in QuidelOrtho by 12.6% in the fourth quarter. Vanguard Group Inc. now owns 6,817,412 shares of the company's stock valued at $303,716,000 after acquiring an additional 764,900 shares during the last quarter. Invesco Ltd. lifted its stake in QuidelOrtho by 71.7% in the fourth quarter. Invesco Ltd. now owns 3,447,446 shares of the company's stock valued at $153,584,000 after acquiring an additional 1,439,293 shares during the last quarter. ArrowMark Colorado Holdings LLC raised its position in shares of 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 purchasing an additional 100,522 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of QuidelOrtho by 14.0% in the fourth quarter. JPMorgan Chase & Co. now owns 1,406,654 shares of the company's stock valued at $62,666,000 after purchasing an additional 173,174 shares during the period. 99.00% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on QDEL. Jefferies Financial Group raised shares of 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. UBS Group lowered their target price on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Wall Street Zen cut QuidelOrtho from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, JPMorgan Chase & Co. decreased their price target on shares of QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a research note on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, QuidelOrtho has a consensus rating of "Hold" and a consensus target price of $44.33.

QuidelOrtho Trading Down 1.8%

QDEL traded down $0.43 during trading on Friday, hitting $22.60. The company's stock had a trading volume of 486,564 shares, compared to its average volume of 1,303,507. The company has a quick ratio of 0.66, a current ratio of 1.20 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $1.53 billion, a P/E ratio of -4.56 and a beta of 0.07. QuidelOrtho Corporation has a twelve month low of $22.05 and a twelve month high of $49.45. The stock's fifty day moving average price is $28.76 and its 200-day moving average price is $33.23.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.74 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.13. The company had revenue of $692.80 million for the quarter, compared to analysts' expectations of $694.97 million. QuidelOrtho had a positive return on equity of 4.71% and a negative net margin of 12.07%. QuidelOrtho's revenue for the quarter was down 2.6% compared to the same quarter last year. During the same period last year, the firm posted $0.44 EPS. Analysts anticipate 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.