QuidelOrtho Co. (NASDAQ:QDEL) Position Lowered by Bayberry Capital Partners LP

Bayberry Capital Partners LP reduced its position in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 20.4% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 420,170 shares of the company's stock after selling 107,830 shares during the quarter. QuidelOrtho comprises about 7.1% of Bayberry Capital Partners LP's holdings, making the stock its 4th largest position. Bayberry Capital Partners LP owned approximately 0.62% of QuidelOrtho worth $18,719,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. boosted its position in shares of QuidelOrtho by 64.5% during the 3rd quarter. Principal Financial Group Inc. now owns 272,037 shares of the company's stock worth $12,405,000 after purchasing an additional 106,642 shares in the last quarter. Moody National Bank Trust Division increased its holdings in shares of QuidelOrtho by 126.5% in the 4th quarter. Moody National Bank Trust Division now owns 37,868 shares of the company's stock valued at $1,687,000 after purchasing an additional 21,147 shares in the last quarter. Pallas Capital Advisors LLC acquired a new position in QuidelOrtho during the fourth quarter worth about $433,000. Oak Thistle LLC acquired a new position in QuidelOrtho during the fourth quarter worth about $301,000. Finally, Merit Financial Group LLC acquired a new stake in shares of QuidelOrtho during the 4th quarter valued at approximately $301,000. Institutional investors and hedge funds own 99.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on QDEL shares. StockNews.com cut QuidelOrtho from a "buy" rating to a "hold" rating in a report on Saturday, February 15th. Royal Bank of Canada decreased 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. JPMorgan Chase & Co. dropped their price target on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a research report on Monday, April 21st. UBS Group decreased 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. Finally, Jefferies Financial Group upgraded shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 target price for the company in a report on Thursday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, QuidelOrtho has an average rating of "Hold" and an average price target of $44.33.

QuidelOrtho Trading Down 0.8 %

Shares of QuidelOrtho stock traded down $0.29 during mid-day trading on Friday, hitting $36.17. 1,856,359 shares of the stock were exchanged, compared to its average volume of 1,058,573. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of -1.19 and a beta of 0.13. QuidelOrtho Co. has a twelve month low of $23.77 and a twelve month high of $49.45. The company has a current ratio of 1.22, a quick ratio of 0.69 and a debt-to-equity ratio of 0.71. The company has a 50-day simple moving average of $31.46 and a 200 day simple moving average of $38.17.

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 the consensus estimate of $0.61 by $0.13. The company had revenue of $692.80 million during the quarter, compared to the consensus estimate of $694.97 million. QuidelOrtho had a positive return on equity of 3.78% and a negative net margin of 72.84%. QuidelOrtho's revenue was down 2.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.44 EPS. Research analysts forecast that QuidelOrtho Co. 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.