Paradigm Capital Management Inc. NY Buys New Shares in QuidelOrtho Co. (NASDAQ:QDEL)

Paradigm Capital Management Inc. NY purchased a new stake in shares of QuidelOrtho Co. (NASDAQ:QDEL) during the fourth quarter, HoldingsChannel reports. The fund purchased 70,000 shares of the company’s stock, valued at approximately $3,118,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. raised its position in shares of QuidelOrtho by 19.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 11,238,826 shares of the company’s stock valued at $500,690,000 after buying an additional 1,840,667 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of QuidelOrtho by 71.7% during the 4th quarter. Invesco Ltd. now owns 3,447,446 shares of the company’s stock valued at $153,584,000 after purchasing an additional 1,439,293 shares during the last quarter. Norges Bank bought a new position in QuidelOrtho during the fourth quarter valued at approximately $34,171,000. Vanguard Group Inc. grew its holdings in QuidelOrtho by 12.6% during the 4th quarter. Vanguard Group Inc. now owns 6,817,412 shares of the company’s stock valued at $303,716,000 after buying an additional 764,900 shares in the last quarter. Finally, Segall Bryant & Hamill LLC increased its stake in QuidelOrtho by 143.9% in the 4th quarter. Segall Bryant & Hamill LLC now owns 1,046,649 shares of the company’s stock worth $46,628,000 after acquiring an additional 617,592 shares during the last quarter. Institutional investors own 99.00% of the company’s stock.

QuidelOrtho Price Performance

QuidelOrtho stock opened at $32.57 on Tuesday. QuidelOrtho Co. has a 12-month low of $23.77 and a 12-month high of $49.45. The company has a current ratio of 1.22, a quick ratio of 0.69 and a debt-to-equity ratio of 0.71. The firm has a 50-day moving average price of $30.85 and a 200-day moving average price of $37.96. The firm has a market capitalization of $2.20 billion, a PE ratio of -1.08 and a beta of 0.13.

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

Wall Street Analysts Forecast Growth

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

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.