Principal Financial Group Inc. raised its stake in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 64.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 272,037 shares of the company's stock after purchasing an additional 106,642 shares during the quarter. Principal Financial Group Inc. owned 0.40% of QuidelOrtho worth $12,405,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in QDEL. Texas Permanent School Fund Corp lifted its stake in QuidelOrtho by 0.6% in the second quarter. Texas Permanent School Fund Corp now owns 43,532 shares of the company's stock worth $1,446,000 after acquiring an additional 257 shares during the period. Balanced Rock Investment Advisors LLC increased its position in shares of QuidelOrtho by 5.1% during the second quarter. Balanced Rock Investment Advisors LLC now owns 6,784 shares of the company's stock valued at $225,000 after buying an additional 329 shares during the period. GAMMA Investing LLC raised its stake in QuidelOrtho by 27.0% in the second quarter. GAMMA Investing LLC now owns 1,778 shares of the company's stock worth $59,000 after buying an additional 378 shares in the last quarter. Algert Global LLC lifted its holdings in QuidelOrtho by 1.0% in the second quarter. Algert Global LLC now owns 46,846 shares of the company's stock worth $1,556,000 after buying an additional 450 shares during the period. Finally, Hunter Perkins Capital Management LLC boosted its position in QuidelOrtho by 2.9% during the 3rd quarter. Hunter Perkins Capital Management LLC now owns 18,588 shares of the company's stock valued at $848,000 after acquiring an additional 530 shares in the last quarter. 99.00% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research analysts recently issued reports on QDEL shares. Craig Hallum raised shares of QuidelOrtho from a "hold" rating to a "buy" rating and lifted their price target for the company from $40.00 to $57.00 in a research report on Thursday, September 5th. UBS Group initiated coverage on QuidelOrtho in a research note on Thursday, September 19th. They issued a "neutral" rating and a $50.00 price target on the stock. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $61.00 price objective on shares of QuidelOrtho in a research note on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $58.83.
Read Our Latest Analysis on QDEL
QuidelOrtho Stock Performance
Shares of QDEL stock traded down $2.78 during trading hours on Friday, hitting $36.18. The company's stock had a trading volume of 1,152,633 shares, compared to its average volume of 650,022. The company has a 50 day moving average of $42.03 and a 200 day moving average of $40.45. The stock has a market cap of $2.43 billion, a PE ratio of -1.30 and a beta of 0.12. The company has a current ratio of 1.38, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68. QuidelOrtho Co. has a 12-month low of $29.74 and a 12-month high of $75.86.
QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.85 EPS for the quarter, topping the consensus estimate 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 company had revenue of $727.00 million during the quarter, compared to analyst estimates of $642.16 million. During the same quarter in the previous year, the firm earned $0.90 EPS. The firm's revenue was down 2.3% compared to the same quarter last year. On average, sell-side analysts forecast that QuidelOrtho Co. will post 1.72 EPS for the current fiscal year.
QuidelOrtho Profile
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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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