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

Wealth Enhancement Advisory Services LLC boosted its stake in QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 108.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,012 shares of the company's stock after buying an additional 36,867 shares during the quarter. Wealth Enhancement Advisory Services LLC owned approximately 0.11% of QuidelOrtho worth $2,483,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Voya Investment Management LLC raised its holdings in QuidelOrtho by 7.7% in the 4th quarter. Voya Investment Management LLC now owns 7,551 shares of the company's stock valued at $336,000 after acquiring an additional 538 shares during the last quarter. Corient Private Wealth LLC raised its holdings in QuidelOrtho by 10.6% in the 4th quarter. Corient Private Wealth LLC now owns 6,874 shares of the company's stock valued at $306,000 after acquiring an additional 661 shares during the last quarter. Yousif Capital Management LLC raised its holdings in QuidelOrtho by 2.9% in the 1st quarter. Yousif Capital Management LLC now owns 25,950 shares of the company's stock valued at $907,000 after acquiring an additional 734 shares during the last quarter. Rhumbline Advisers raised its holdings in QuidelOrtho by 0.6% in the 1st quarter. Rhumbline Advisers now owns 129,025 shares of the company's stock valued at $4,512,000 after acquiring an additional 770 shares during the last quarter. Finally, True Wealth Design LLC raised its holdings in QuidelOrtho by 300.7% in the 4th quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock valued at $48,000 after acquiring an additional 806 shares during the last quarter. 99.00% of the stock is owned by hedge funds and other institutional investors.

QuidelOrtho Stock Performance

NASDAQ:QDEL opened at $28.87 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.66 and a current ratio of 1.20. The stock has a market capitalization of $1.95 billion, a P/E ratio of -5.81 and a beta of 0.10. The company has a 50 day moving average price of $29.84 and a 200 day moving average price of $35.93. QuidelOrtho Corporation has a fifty-two week low of $23.77 and a fifty-two week high of $49.45.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.74 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.13. The firm had revenue of $692.80 million during the quarter, compared to analysts' expectations of $694.97 million. QuidelOrtho had a negative net margin of 12.07% and a positive return on equity of 4.71%. The firm's quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter last year, the company posted $0.44 EPS. Equities research analysts forecast that QuidelOrtho Corporation will post 2.3 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on QDEL. JPMorgan Chase & Co. cut their price target on shares of QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a report on Monday, April 21st. Wall Street Zen upgraded shares of QuidelOrtho from a "hold" rating to a "buy" rating in a report on Friday, June 6th. UBS Group cut their price target on shares of QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Finally, Jefferies Financial Group upgraded 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. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target 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.

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