Geode Capital Management LLC Purchases 16,059 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

Geode Capital Management LLC boosted its position in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 1.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 920,703 shares of the company's stock after purchasing an additional 16,059 shares during the quarter. Geode Capital Management LLC owned about 1.37% of QuidelOrtho worth $41,996,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital Performance Advisors LLP bought a new position in shares of QuidelOrtho in the third quarter worth $25,000. Fifth Third Bancorp increased its stake in QuidelOrtho by 907.3% during the 2nd quarter. Fifth Third Bancorp now owns 826 shares of the company's stock valued at $27,000 after buying an additional 744 shares during the period. Innealta Capital LLC bought a new stake in shares of QuidelOrtho during the 2nd quarter worth about $102,000. GAMMA Investing LLC lifted its stake in shares of QuidelOrtho by 73.6% in the 3rd quarter. GAMMA Investing LLC now owns 3,086 shares of the company's stock worth $141,000 after acquiring an additional 1,308 shares during the period. Finally, Quest Partners LLC lifted its stake in shares of QuidelOrtho by 17,095.0% in the 2nd quarter. Quest Partners LLC now owns 3,439 shares of the company's stock worth $114,000 after acquiring an additional 3,419 shares during the period. 99.00% of the stock is owned by institutional investors and hedge funds.

QuidelOrtho Stock Down 0.2 %

NASDAQ QDEL traded down $0.08 during trading on Wednesday, reaching $44.58. 207,784 shares of the company's stock were exchanged, compared to its average volume of 993,498. The firm has a market capitalization of $3.00 billion, a PE ratio of -1.60 and a beta of 0.11. QuidelOrtho Co. has a fifty-two week low of $29.74 and a fifty-two week high of $75.86. The company has a current ratio of 1.38, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68. The company's fifty day simple moving average is $40.28 and its 200-day simple moving average is $40.03.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.85 EPS for the quarter, beating analysts' consensus estimates of $0.30 by $0.55. QuidelOrtho had a negative net margin of 66.25% and a positive return on equity of 4.24%. The firm had revenue of $727.00 million for the quarter, compared to the consensus estimate of $642.16 million. During the same period in the previous year, the firm posted $0.90 earnings per share. The firm's revenue was down 2.3% on a year-over-year basis. Sell-side analysts predict that QuidelOrtho Co. will post 1.73 EPS for the current year.

Insider Activity

In other news, CEO Brian J. Blaser purchased 6,033 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was acquired at an average price of $41.42 per share, with a total value of $249,886.86. Following the purchase, the chief executive officer now owns 6,033 shares in the company, valued at $249,886.86. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the firm's stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $35.31, for a total transaction of $291,667,061.73. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently commented on QDEL. UBS Group started coverage on QuidelOrtho in a report on Thursday, September 19th. They set a "neutral" rating and a $50.00 target price on the stock. Craig Hallum raised QuidelOrtho from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $40.00 to $57.00 in a research note on Thursday, September 5th. William Blair reaffirmed a "market perform" rating on shares of QuidelOrtho in a research note on Wednesday, November 20th. Citigroup upgraded shares of QuidelOrtho from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $44.00 to $50.00 in a research report on Wednesday, December 11th. Finally, Jefferies Financial Group assumed coverage on shares of QuidelOrtho in a research report on Tuesday, December 10th. They set a "hold" rating and a $43.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, QuidelOrtho currently has an average rating of "Hold" and an average target price of $53.43.

About QuidelOrtho

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.