Federated Hermes Inc. Has $200,000 Holdings in QuidelOrtho Co. (NASDAQ:QDEL)

Federated Hermes Inc. raised its position in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 148.4% in the second quarter, according to its most recent filing with the SEC. The firm owned 6,018 shares of the company’s stock after purchasing an additional 3,595 shares during the quarter. Federated Hermes Inc.’s holdings in QuidelOrtho were worth $200,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Treasurer of the State of North Carolina increased its position in QuidelOrtho by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 23,691 shares of the company’s stock valued at $1,746,000 after purchasing an additional 230 shares during the period. Texas Permanent School Fund Corp increased its position in QuidelOrtho by 0.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 43,532 shares of the company’s stock valued at $1,446,000 after purchasing an additional 257 shares during the period. State of Michigan Retirement System increased its position in QuidelOrtho by 2.5% during the 1st quarter. State of Michigan Retirement System now owns 12,127 shares of the company’s stock valued at $581,000 after purchasing an additional 300 shares during the period. Balanced Rock Investment Advisors LLC increased its position in QuidelOrtho by 5.1% during the 2nd quarter. Balanced Rock Investment Advisors LLC now owns 6,784 shares of the company’s stock valued at $225,000 after purchasing an additional 329 shares during the period. Finally, GAMMA Investing LLC increased its position in QuidelOrtho by 27.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,778 shares of the company’s stock valued at $59,000 after purchasing an additional 378 shares during the period. Institutional investors and hedge funds own 99.00% of the company’s stock.

QuidelOrtho Price Performance

Shares of QDEL opened at $45.39 on Wednesday. QuidelOrtho Co. has a 12-month low of $29.74 and a 12-month high of $75.86. The business’s fifty day moving average is $42.15 and its 200 day moving average is $41.22. The company has a quick ratio of 0.79, a current ratio of 1.44 and a debt-to-equity ratio of 0.70. The stock has a market cap of $3.04 billion, a P/E ratio of -1.72 and a beta of 0.08.

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

Insider Buying and Selling

In related news, major shareholder Carlyle Group Inc. sold 24,390 shares of the stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $30.09, for a total value of $733,895.10. Following the transaction, the insider now directly owns 11,141,580 shares in the company, valued at approximately $335,250,142.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold a total of 1,747,271 shares of company stock worth $64,316,868 in the last ninety days. Corporate insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on QDEL shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $61.00 price objective on shares of QuidelOrtho in a research report on Friday, August 16th. UBS Group started 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 raised shares of QuidelOrtho from a “hold” rating to a “buy” rating and raised their price objective for the stock from $40.00 to $57.00 in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, QuidelOrtho currently has an average rating of “Hold” and a consensus price target of $58.83.

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.