Wealth Enhancement Advisory Services LLC Raises Position in QuidelOrtho Co. (NASDAQ:QDEL)

Wealth Enhancement Advisory Services LLC raised its stake in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 118.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,145 shares of the company's stock after acquiring an additional 18,533 shares during the quarter. Wealth Enhancement Advisory Services LLC owned approximately 0.05% of QuidelOrtho worth $1,521,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Quarry LP acquired a new position in shares of QuidelOrtho in the fourth quarter worth $43,000. True Wealth Design LLC raised its holdings in shares of QuidelOrtho by 300.7% in the fourth quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock worth $48,000 after acquiring an additional 806 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of QuidelOrtho by 188.0% in the fourth quarter. Blue Trust Inc. now owns 1,293 shares of the company's stock worth $58,000 after acquiring an additional 844 shares during the last quarter. Spire Wealth Management acquired a new position in shares of QuidelOrtho in the fourth quarter worth $74,000. Finally, KBC Group NV increased its stake in QuidelOrtho by 122.9% in the fourth quarter. KBC Group NV now owns 3,437 shares of the company's stock valued at $153,000 after purchasing an additional 1,895 shares during the last quarter. 99.00% of the stock is owned by institutional investors and hedge funds.

QuidelOrtho Trading Up 2.3%

QDEL stock traded up $0.68 during trading on Monday, reaching $30.21. 1,027,768 shares of the stock traded hands, compared to its average volume of 1,093,879. The business's 50 day moving average price is $29.39 and its 200-day moving average price is $37.01. QuidelOrtho Co. has a 52-week low of $23.77 and a 52-week high of $49.45. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.22 and a quick ratio of 0.69. The firm has a market capitalization of $2.04 billion, a PE ratio of -1.00 and a beta of 0.10.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.13. QuidelOrtho had a positive return on equity of 3.78% and a negative net margin of 72.84%. The firm had revenue of $692.80 million during the quarter, compared to the consensus estimate of $694.97 million. During the same quarter in the previous year, the business earned $0.44 earnings per share. The firm's quarterly revenue was down 2.6% compared to the same quarter last year. As a group, sell-side analysts forecast that QuidelOrtho Co. will post 2.3 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently commented on QDEL. Jefferies Financial Group upgraded QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 target price for the company in a research note on Thursday, May 8th. Royal Bank of Canada dropped their target price on QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating for the company in a research note on Thursday, February 13th. UBS Group dropped 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 upgraded QuidelOrtho from a "hold" rating to a "buy" rating in a research note on Friday. Finally, JPMorgan Chase & Co. dropped their target price on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a research note on Monday, April 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $44.33.

QuidelOrtho 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.