Arizona State Retirement System Boosts Stake in QuidelOrtho Co. (NASDAQ:QDEL)

Arizona State Retirement System lifted its stake in QuidelOrtho Co. (NASDAQ:QDEL) by 8.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,984 shares of the company’s stock after purchasing an additional 1,212 shares during the period. Arizona State Retirement System’s holdings in QuidelOrtho were worth $498,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fifth Third Bancorp increased its stake in shares of QuidelOrtho by 907.3% in the 2nd quarter. Fifth Third Bancorp now owns 826 shares of the company’s stock worth $27,000 after purchasing an additional 744 shares in the last quarter. GAMMA Investing LLC increased its stake in QuidelOrtho by 27.0% in the 2nd 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. Headlands Technologies LLC purchased a new stake in QuidelOrtho in the 1st quarter worth $86,000. Innealta Capital LLC purchased a new stake in QuidelOrtho in the 2nd quarter worth $102,000. Finally, EMC Capital Management purchased a new stake in QuidelOrtho in the 1st quarter worth $117,000. 99.00% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at QuidelOrtho

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 24,390 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $30.09, for a total transaction of $733,895.10. Following the completion of the transaction, the insider now owns 11,141,580 shares in the company, valued at $335,250,142.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 1,969,673 shares of company stock worth $71,897,412 over the last 90 days. Company insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on QDEL shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $61.00 price target on shares of QuidelOrtho in a research note on Friday, August 16th. Craig Hallum upgraded QuidelOrtho from a “hold” rating to a “buy” rating and increased their price target for the stock from $40.00 to $57.00 in a research note on Thursday, September 5th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $57.50.

QuidelOrtho Trading Up 1.1 %

Shares of QuidelOrtho stock opened at $45.99 on Tuesday. The firm has a market cap of $3.09 billion, a price-to-earnings ratio of -1.74 and a beta of 0.08. The business has a 50-day moving average price of $40.46 and a 200-day moving average price of $41.17. The company has a quick ratio of 0.79, a current ratio of 1.44 and a debt-to-equity ratio of 0.70. QuidelOrtho Co. has a twelve month low of $29.74 and a twelve month high of $76.43.

QuidelOrtho (NASDAQ:QDEL) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.15. The firm had revenue of $637.00 million during the quarter, compared to analyst estimates of $613.51 million. QuidelOrtho had a positive return on equity of 3.87% and a negative net margin of 65.60%. The business’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.26 earnings per share. Equities research analysts anticipate that QuidelOrtho Co. will post 1.77 EPS for the current fiscal year.

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.