State Street Corp Boosts Holdings in QuidelOrtho Co. (NASDAQ:QDEL)

State Street Corp lifted its holdings in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 16.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,907,898 shares of the company's stock after purchasing an additional 275,522 shares during the quarter. State Street Corp owned 2.84% of QuidelOrtho worth $87,000,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of QDEL. Capital Performance Advisors LLP purchased a new stake in QuidelOrtho during the third quarter valued at about $25,000. Fifth Third Bancorp grew its position 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 purchasing an additional 744 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of QuidelOrtho during the second quarter valued at approximately $102,000. GAMMA Investing LLC increased its holdings 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 purchasing an additional 1,308 shares in the last quarter. Finally, Quest Partners LLC boosted its position in shares of QuidelOrtho by 17,095.0% during the second quarter. Quest Partners LLC now owns 3,439 shares of the company's stock valued at $114,000 after buying an additional 3,419 shares during the last quarter. Hedge funds and other institutional investors own 99.00% of the company's stock.

QuidelOrtho Price Performance

QuidelOrtho stock traded down $0.81 during midday trading on Tuesday, reaching $43.03. 1,263,651 shares of the stock traded hands, compared to its average volume of 992,479. The stock's fifty day moving average is $40.00 and its 200-day moving average is $40.01. QuidelOrtho Co. has a 12 month low of $29.74 and a 12 month high of $75.86. The stock has a market cap of $2.89 billion, a P/E ratio of -1.57 and a beta of 0.11. The company has a quick ratio of 0.81, a current ratio of 1.38 and a debt-to-equity ratio of 0.68.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.85 earnings per share 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 business had revenue of $727.00 million for the quarter, compared to analysts' expectations of $642.16 million. During the same quarter in the previous year, the business posted $0.90 earnings per share. The business's revenue was down 2.3% compared to the same quarter last year. As a group, equities research analysts anticipate that QuidelOrtho Co. will post 1.73 EPS for the current year.

Analysts Set New Price Targets

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

Insider Transactions at QuidelOrtho

In other news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the business's stock in a transaction 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Brian J. Blaser acquired 6,033 shares of QuidelOrtho stock in a transaction dated Wednesday, December 11th. The stock was purchased at an average price of $41.42 per share, with a total value of $249,886.86. Following the completion of the purchase, the chief executive officer now owns 6,033 shares of the company's stock, valued at approximately $249,886.86. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.00% of the company's stock.

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.