Geode Capital Management LLC Increases Position in QuidelOrtho Co. (NASDAQ:QDEL)

Geode Capital Management LLC increased its holdings in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 17.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,083,461 shares of the company's stock after purchasing an additional 162,758 shares during the quarter. Geode Capital Management LLC owned 1.61% of QuidelOrtho worth $48,285,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Blue Trust Inc. raised its stake in shares of QuidelOrtho by 188.0% during the 4th quarter. Blue Trust Inc. now owns 1,293 shares of the company's stock worth $58,000 after buying an additional 844 shares during the period. Spire Wealth Management acquired a new position in QuidelOrtho during the fourth quarter worth $74,000. KBC Group NV raised its position in QuidelOrtho by 122.9% during the fourth quarter. KBC Group NV now owns 3,437 shares of the company's stock worth $153,000 after acquiring an additional 1,895 shares during the period. LPL Financial LLC purchased a new position in QuidelOrtho during the fourth quarter valued at $221,000. Finally, Captrust Financial Advisors acquired a new stake in shares of QuidelOrtho in the third quarter valued at about $238,000. Hedge funds and other institutional investors own 99.00% of the company's stock.

QuidelOrtho Trading Down 0.4 %

Shares of QDEL traded down $0.10 during midday trading on Friday, reaching $25.17. The company had a trading volume of 938,597 shares, compared to its average volume of 988,604. The firm has a 50 day simple moving average of $35.09 and a 200-day simple moving average of $39.49. The company has a quick ratio of 0.69, a current ratio of 1.22 and a debt-to-equity ratio of 0.71. The stock has a market cap of $1.70 billion, a PE ratio of -0.83 and a beta of 0.43. QuidelOrtho Co. has a 1-year low of $24.44 and a 1-year high of $49.45.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $0.63 EPS for the quarter, missing analysts' consensus estimates of $1.07 by ($0.44). QuidelOrtho had a positive return on equity of 3.78% and a negative net margin of 72.84%. Research analysts forecast that QuidelOrtho Co. will post 2.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on QDEL shares. StockNews.com lowered shares of QuidelOrtho from a "buy" rating to a "hold" rating in a research note on Saturday, February 15th. UBS Group increased their price objective on QuidelOrtho from $43.00 to $45.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. Finally, Royal Bank of Canada dropped their target price on shares of QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating for the company in a report on Thursday, February 13th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $51.20.

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.