Bank of New York Mellon Corp Cuts Stock Position in QuidelOrtho Co. (NASDAQ:QDEL)

Bank of New York Mellon Corp reduced its stake in QuidelOrtho Co. (NASDAQ:QDEL) by 3.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 443,743 shares of the company’s stock after selling 15,327 shares during the period. Bank of New York Mellon Corp owned approximately 0.66% of QuidelOrtho worth $19,769,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. lifted its position in shares of QuidelOrtho by 64.5% during the third quarter. Principal Financial Group Inc. now owns 272,037 shares of the company’s stock worth $12,405,000 after purchasing an additional 106,642 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in QuidelOrtho during the 3rd quarter valued at approximately $25,000. State of New Jersey Common Pension Fund D boosted its stake in shares of QuidelOrtho by 8.2% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 44,455 shares of the company’s stock valued at $2,027,000 after buying an additional 3,351 shares during the last quarter. Victory Capital Management Inc. raised its holdings in QuidelOrtho by 7.7% in the third quarter. Victory Capital Management Inc. now owns 23,404 shares of the company’s stock valued at $1,067,000 after acquiring an additional 1,667 shares in the last quarter. Finally, CIBC Asset Management Inc acquired a new position in QuidelOrtho during the 3rd quarter worth $262,000. Institutional investors and hedge funds own 99.00% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on QDEL. StockNews.com cut QuidelOrtho from a “buy” rating to a “hold” rating in a research note on Saturday, February 15th. 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 target on the stock. Royal Bank of Canada reduced their target price on shares of QuidelOrtho from $64.00 to $61.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. William Blair reissued a “market perform” rating on shares of QuidelOrtho in a report on Wednesday, November 20th. Finally, UBS Group lifted their price objective on shares of QuidelOrtho from $43.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $51.20.

Insiders Place Their Bets

In other news, CEO Brian J. Blaser bought 6,033 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were bought at an average cost of $41.42 per share, with a total value of $249,886.86. Following the purchase, the chief executive officer now directly owns 6,033 shares in the company, valued at $249,886.86. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.00% of the company’s stock.

QuidelOrtho Stock Performance

NASDAQ:QDEL opened at $38.68 on Tuesday. The company has a 50-day moving average of $42.59 and a 200-day moving average of $42.16. The firm has a market cap of $2.61 billion, a price-to-earnings ratio of -1.28 and a beta of 0.10. The company has a current ratio of 1.22, a quick ratio of 0.69 and a debt-to-equity ratio of 0.71. QuidelOrtho Co. has a twelve month low of $29.74 and a twelve month high of $49.45.

QuidelOrtho (NASDAQ:QDEL) last issued its earnings results on Wednesday, February 12th. The company reported $0.63 earnings per share 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%. Analysts forecast that QuidelOrtho Co. will post 2.3 earnings per share 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.