Stanley Capital Management LLC Makes New $8.69 Million Investment in QuidelOrtho Co. (NASDAQ:QDEL)

Stanley Capital Management LLC bought a new position in shares of QuidelOrtho Co. (NASDAQ:QDEL) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 195,000 shares of the company’s stock, valued at approximately $8,687,000. QuidelOrtho comprises 1.7% of Stanley Capital Management LLC’s holdings, making the stock its 29th largest holding.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Quarry LP acquired a new stake in shares of QuidelOrtho during the fourth quarter worth about $43,000. Blue Trust Inc. raised its position in shares of QuidelOrtho by 188.0% during the fourth quarter. Blue Trust Inc. now owns 1,293 shares of the company’s stock worth $58,000 after purchasing an additional 844 shares during the period. Spire Wealth Management acquired a new stake in shares of QuidelOrtho during the fourth quarter worth about $74,000. KBC Group NV raised its position in shares of QuidelOrtho by 122.9% during the fourth quarter. KBC Group NV now owns 3,437 shares of the company’s stock worth $153,000 after purchasing an additional 1,895 shares during the period. Finally, State of Wyoming acquired a new stake in shares of QuidelOrtho during the fourth quarter worth about $164,000. Institutional investors own 99.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on QDEL. Royal Bank of Canada dropped their price target on QuidelOrtho from $64.00 to $61.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. UBS Group dropped their price target on QuidelOrtho from $45.00 to $29.00 and set a “neutral” rating on the stock in a research report on Thursday, May 8th. JPMorgan Chase & Co. dropped their price target on QuidelOrtho from $38.00 to $25.00 and set an “underweight” rating on the stock in a research report on Monday, April 21st. StockNews.com lowered QuidelOrtho from a “buy” rating to a “hold” rating in a research report on Saturday, February 15th. Finally, Jefferies Financial Group raised QuidelOrtho from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $44.33.

QuidelOrtho Stock Up 1.3%

Shares of QuidelOrtho stock opened at $33.46 on Friday. The business’s 50 day simple moving average is $30.94 and its 200 day simple moving average is $38.00. QuidelOrtho Co. has a 52-week low of $23.77 and a 52-week high of $49.45. The firm has a market cap of $2.26 billion, a PE ratio of -1.11 and a beta of 0.13. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.69 and a current ratio of 1.22.

QuidelOrtho (NASDAQ:QDEL) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.13. The firm had revenue of $692.80 million for the quarter, compared to analyst estimates of $694.97 million. QuidelOrtho had a positive return on equity of 3.78% and a negative net margin of 72.84%. The business’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.44 EPS. On average, analysts predict that QuidelOrtho Co. will post 2.3 earnings per share for the current fiscal year.

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.