Allspring Global Investments Holdings LLC Increases Position in QuidelOrtho Co. (NASDAQ:QDEL)

Allspring Global Investments Holdings LLC raised its position in QuidelOrtho Co. (NASDAQ:QDEL) by 970.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,661 shares of the company’s stock after purchasing an additional 6,945 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in QuidelOrtho were worth $349,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in QuidelOrtho by 0.8% in the first quarter. Vanguard Group Inc. now owns 4,879,143 shares of the company’s stock valued at $233,906,000 after purchasing an additional 37,733 shares during the period. Rubric Capital Management LP increased its position in shares of QuidelOrtho by 51.9% during the second quarter. Rubric Capital Management LP now owns 3,645,590 shares of the company’s stock worth $121,106,000 after acquiring an additional 1,245,590 shares during the period. Maverick Capital Ltd. increased its position in shares of QuidelOrtho by 27.5% during the second quarter. Maverick Capital Ltd. now owns 1,728,913 shares of the company’s stock worth $57,434,000 after acquiring an additional 372,662 shares during the period. Private Management Group Inc. increased its position in shares of QuidelOrtho by 33.4% during the second quarter. Private Management Group Inc. now owns 610,621 shares of the company’s stock worth $20,285,000 after acquiring an additional 152,769 shares during the period. Finally, Van Lanschot Kempen Investment Management N.V. increased its position in shares of QuidelOrtho by 9.8% during the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 593,157 shares of the company’s stock worth $19,705,000 after acquiring an additional 52,729 shares during the period. Hedge funds and other institutional investors own 99.00% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Craig Hallum raised QuidelOrtho from a “hold” rating to a “buy” rating and upped their price objective for the stock from $40.00 to $57.00 in a research report on Thursday, September 5th. 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. Finally, UBS Group initiated coverage on QuidelOrtho in a research report on Thursday, September 19th. They set a “neutral” rating and a $50.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, QuidelOrtho currently has a consensus rating of “Hold” and an average price target of $58.83.

Insider Buying and Selling

In related news, major shareholder Carlyle Group Inc. sold 118,172 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $40.37, for a total transaction of $4,770,603.64. Following the sale, the insider now owns 8,606,174 shares in the company, valued at approximately $347,431,244.38. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.00% of the stock is owned by company insiders.

QuidelOrtho Trading Up 2.8 %

Shares of QuidelOrtho stock opened at $39.10 on Friday. QuidelOrtho Co. has a 12-month low of $29.74 and a 12-month high of $75.86. The company has a current ratio of 1.44, a quick ratio of 0.79 and a debt-to-equity ratio of 0.70. The stock has a market cap of $2.63 billion, a PE ratio of -1.41 and a beta of 0.12. The company has a 50-day moving average of $42.62 and a two-hundred day moving average of $40.42.

QuidelOrtho (NASDAQ:QDEL) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.15. QuidelOrtho had a negative net margin of 65.60% and a positive return on equity of 3.87%. The business had revenue of $637.00 million during the quarter, compared to analysts’ expectations of $613.51 million. During the same period last year, the company posted $0.26 EPS. The company’s revenue was down 4.2% on a year-over-year basis. On average, research analysts anticipate that QuidelOrtho Co. will post 1.72 EPS for the current fiscal year.

QuidelOrtho 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.