Northern Trust Corp Grows Stock Holdings in QuidelOrtho Co. (NASDAQ:QDEL)

Northern Trust Corp boosted its stake in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 36.2% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 431,710 shares of the company's stock after purchasing an additional 114,850 shares during the period. Northern Trust Corp owned approximately 0.64% of QuidelOrtho worth $19,233,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. grew its position in QuidelOrtho by 19.6% during 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 purchasing an additional 1,840,667 shares during the period. Vanguard Group Inc. grew its position in shares of QuidelOrtho by 12.6% during the 4th 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 period. Invesco Ltd. grew its position in shares of QuidelOrtho by 71.7% during the 4th 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 period. JPMorgan Chase & Co. grew its position in shares of QuidelOrtho by 14.0% during the 4th quarter. JPMorgan Chase & Co. now owns 1,406,654 shares of the company's stock valued at $62,666,000 after acquiring an additional 173,174 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of QuidelOrtho by 9.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,217,126 shares of the company's stock valued at $54,221,000 after acquiring an additional 107,775 shares during the period. 99.00% of the stock is owned by institutional investors and hedge funds.

QuidelOrtho Price Performance

QuidelOrtho stock traded up $0.43 during midday trading on Friday, reaching $33.46. The company had a trading volume of 1,056,453 shares, compared to its average volume of 1,067,389. The company has a market capitalization of $2.26 billion, a P/E ratio of -1.11 and a beta of 0.13. QuidelOrtho Co. has a 12-month low of $23.77 and a 12-month high of $49.45. The firm's fifty day simple moving average is $31.02 and its 200-day simple moving average is $38.04. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.22 and a quick ratio of 0.69.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its quarterly earnings results 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. QuidelOrtho had a negative net margin of 72.84% and a positive return on equity of 3.78%. The firm had revenue of $692.80 million for the quarter, compared to analyst estimates of $694.97 million. During the same period last year, the company posted $0.44 EPS. QuidelOrtho's quarterly revenue was down 2.6% compared to the same quarter last year. As a group, equities analysts anticipate that QuidelOrtho Co. will post 2.3 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on QDEL shares. JPMorgan Chase & Co. dropped their target price on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating on the stock in a research report on Monday, April 21st. UBS Group dropped their target price on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. StockNews.com cut QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, February 15th. Jefferies Financial Group upgraded QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 target price on the stock in a research report on Thursday, May 8th. Finally, Royal Bank of Canada dropped their target price on QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating on the stock in a research report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" 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.