NorthRock Partners LLC bought a new position in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 29,602 shares of the company's stock, valued at approximately $1,319,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. increased its holdings in shares of QuidelOrtho by 19.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 11,238,826 shares of the company's stock valued at $500,690,000 after buying an additional 1,840,667 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of 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 buying an additional 764,900 shares in the last quarter. Invesco Ltd. increased its holdings in shares of 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 buying an additional 1,439,293 shares in the last quarter. ArrowMark Colorado Holdings LLC increased its holdings 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 buying an additional 100,522 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in QuidelOrtho by 14.0% during the 4th quarter. JPMorgan Chase & Co. now owns 1,406,654 shares of the company's stock worth $62,666,000 after purchasing an additional 173,174 shares in the last quarter. Institutional investors own 99.00% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on QDEL shares. Jefferies Financial Group upgraded shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price objective on the stock in a research report on Thursday, May 8th. UBS Group lowered their price objective on shares of QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. JPMorgan Chase & Co. lowered their price objective on shares of QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating on the stock in a research report on Monday, April 21st. StockNews.com cut shares of QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, February 15th. Finally, Royal Bank of Canada lowered their price objective on shares of QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating on the stock in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $44.33.
Check Out Our Latest Report on QDEL
QuidelOrtho Stock Up 1.3%
Shares of QuidelOrtho stock traded up $0.43 on Friday, hitting $33.46. 1,056,453 shares of the company traded hands, compared to its average volume of 1,068,976. The company has a 50-day moving average price of $30.94 and a 200 day moving average price of $38.00. The company has a quick ratio of 0.69, a current ratio of 1.22 and a debt-to-equity ratio of 0.71. QuidelOrtho Co. has a 12-month low of $23.77 and a 12-month high of $49.45. The company has a market cap of $2.26 billion, a PE ratio of -1.11 and a beta of 0.13.
QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.61 by $0.13. The business had revenue of $692.80 million for the quarter, compared to analysts' expectations of $694.97 million. QuidelOrtho had a negative net margin of 72.84% and a positive return on equity of 3.78%. QuidelOrtho's revenue was down 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.44 EPS. Sell-side analysts predict that QuidelOrtho Co. will post 2.3 earnings per share for the current year.
About QuidelOrtho
(
Free Report)
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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