State of New Jersey Common Pension Fund D Grows Stock Holdings in QuidelOrtho Co. (NASDAQ:QDEL)

State of New Jersey Common Pension Fund D increased its stake in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 22.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 54,411 shares of the company's stock after acquiring an additional 9,956 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.08% of QuidelOrtho worth $2,424,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Creative Planning purchased a new position in shares of QuidelOrtho in the third quarter valued at about $476,000. Allspring Global Investments Holdings LLC raised its holdings in QuidelOrtho by 970.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 7,661 shares of the company's stock worth $349,000 after purchasing an additional 6,945 shares in the last quarter. Greenleaf Trust purchased a new position in shares of QuidelOrtho during the third quarter valued at about $268,000. International Assets Investment Management LLC raised its stake in QuidelOrtho by 4,460.0% in the third quarter. International Assets Investment Management LLC now owns 4,560 shares of the company's stock worth $208,000 after buying an additional 4,460 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in QuidelOrtho during the 3rd quarter valued at approximately $7,411,000. Hedge funds and other institutional investors own 99.00% of the company's stock.

QuidelOrtho Stock Performance

QuidelOrtho stock traded down $0.57 during mid-day trading on Friday, reaching $40.46. 998,596 shares of the stock traded hands, compared to its average volume of 932,741. QuidelOrtho Co. has a 12-month low of $29.74 and a 12-month high of $49.45. The stock has a market capitalization of $2.72 billion, a PE ratio of -1.34 and a beta of 0.08. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.22 and a quick ratio of 0.69. The business's 50-day moving average is $43.46 and its 200-day moving average is $42.37.

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

Insider Transactions at QuidelOrtho

In other news, CEO Brian J. Blaser bought 6,033 shares of the company's stock in a transaction that occurred on Wednesday, December 11th. The stock was bought at an average price of $41.42 per share, with a total value of $249,886.86. Following the acquisition, the chief executive officer now owns 6,033 shares of the company's stock, valued at approximately $249,886.86. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.00% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports 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. Jefferies Financial Group initiated coverage on QuidelOrtho in a report on Tuesday, December 10th. They issued a "hold" rating and a $43.00 target price on the stock. UBS Group raised their price target on QuidelOrtho from $43.00 to $45.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. Citigroup upgraded shares of QuidelOrtho from a "neutral" rating to a "buy" rating and upped their price target for the stock from $44.00 to $50.00 in a research note on Wednesday, December 11th. Finally, Royal Bank of Canada reduced their price target on shares of QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating for the company in a research 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average 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.