Vanguard Group Inc. Has $224.89 Million Stock Position in QuidelOrtho Corporation $QDEL

Vanguard Group Inc. cut its holdings in shares of QuidelOrtho Corporation (NASDAQ:QDEL) by 2.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,636,193 shares of the company’s stock after selling 160,269 shares during the period. Vanguard Group Inc. owned about 0.11% of QuidelOrtho worth $224,886,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. State Street Corp lifted its position in shares of QuidelOrtho by 23.3% during the 2nd quarter. State Street Corp now owns 2,700,940 shares of the company’s stock worth $77,841,000 after buying an additional 510,291 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of QuidelOrtho by 20.6% in the second quarter. American Century Companies Inc. now owns 1,915,648 shares of the company’s stock worth $55,209,000 after acquiring an additional 327,003 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of QuidelOrtho by 46.1% in the 2nd quarter. Geode Capital Management LLC now owns 1,678,670 shares of the company’s stock valued at $48,385,000 after purchasing an additional 529,770 shares in the last quarter. Segall Bryant & Hamill LLC grew its holdings in shares of QuidelOrtho by 0.9% during the 2nd quarter. Segall Bryant & Hamill LLC now owns 1,300,196 shares of the company’s stock valued at $37,472,000 after purchasing an additional 11,478 shares during the last quarter. Finally, Paradigm Capital Management Inc. NY increased its position in QuidelOrtho by 59.0% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 746,290 shares of the company’s stock worth $21,508,000 after purchasing an additional 276,790 shares in the last quarter. Institutional investors and hedge funds own 99.00% of the company’s stock.

Analysts Set New Price Targets

QDEL has been the topic of a number of research reports. JPMorgan Chase & Co. decreased their target price on shares of QuidelOrtho from $26.00 to $22.00 and set an “underweight” rating on the stock in a research note on Friday, November 7th. Weiss Ratings restated a “sell (e+)” rating on shares of QuidelOrtho in a research report on Thursday, January 22nd. Citigroup upped their target price on QuidelOrtho from $23.00 to $30.00 and gave the stock a “neutral” rating in a report on Thursday, February 12th. UBS Group set a $30.00 price target on QuidelOrtho in a report on Thursday, February 12th. Finally, Zacks Research lowered shares of QuidelOrtho from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 17th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $31.50.

QuidelOrtho Stock Performance

QDEL stock opened at $22.74 on Monday. The firm has a market cap of $1.55 billion, a PE ratio of -1.36 and a beta of 0.75. The company has a current ratio of 1.50, a quick ratio of 0.90 and a debt-to-equity ratio of 1.29. The stock has a 50-day moving average price of $28.40 and a 200-day moving average price of $27.66. QuidelOrtho Corporation has a 1-year low of $19.50 and a 1-year high of $41.40.

QuidelOrtho (NASDAQ:QDEL) last announced its earnings results on Wednesday, February 11th. The company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. QuidelOrtho had a positive return on equity of 5.91% and a negative net margin of 41.46%.The company had revenue of $723.60 million for the quarter, compared to analyst estimates of $699.80 million. During the same quarter in the prior year, the company earned $0.63 EPS. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, equities research analysts expect that QuidelOrtho Corporation will post 2.3 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Brian J. Blaser purchased 10,540 shares of the firm’s stock in a transaction on Friday, February 13th. The stock was purchased at an average cost of $23.59 per share, with a total value of $248,638.60. Following the completion of the purchase, the chief executive officer owned 40,073 shares in the company, valued at approximately $945,322.07. This trade represents a 35.69% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Joseph M. Busky acquired 3,370 shares of the business’s stock in a transaction dated Friday, February 13th. The shares were bought at an average cost of $23.66 per share, for a total transaction of $79,734.20. Following the transaction, the chief financial officer directly owned 10,290 shares in the company, valued at approximately $243,461.40. This represents a 48.70% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 24,660 shares of company stock valued at $589,175 over the last ninety days. 0.79% of the stock is owned by corporate insiders.

About QuidelOrtho

QuidelOrtho is a global diagnostics company formed through the merger of Quidel Corporation and Ortho Clinical Diagnostics. The combined entity develops, manufactures and markets a broad portfolio of rapid and high-throughput diagnostic solutions across immunoassay, molecular diagnostics and transfusion medicine. Its offerings span point-of-care platforms for acute care testing as well as large-scale automated systems designed for clinical laboratories and blood banks.

The company’s product range includes rapid antigen and antibody tests for infectious diseases, molecular assays utilizing nucleic acid amplification technology, and integrated immunodiagnostic analyzers.