Edgestream Partners L.P. Raises Position in QuidelOrtho Co. (NASDAQ:QDEL)

Edgestream Partners L.P. boosted its holdings in QuidelOrtho Co. (NASDAQ:QDEL) by 204.6% during the second quarter, Holdings Channel.com reports. The fund owned 58,404 shares of the company’s stock after buying an additional 39,229 shares during the quarter. Edgestream Partners L.P.’s holdings in QuidelOrtho were worth $1,940,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Treasurer of the State of North Carolina raised its stake in QuidelOrtho by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 23,691 shares of the company’s stock valued at $1,746,000 after buying an additional 230 shares during the last quarter. Texas Permanent School Fund Corp boosted its stake in QuidelOrtho by 0.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 43,532 shares of the company’s stock worth $1,446,000 after purchasing an additional 257 shares in the last quarter. State of Michigan Retirement System grew 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 last quarter. Balanced Rock Investment Advisors LLC increased its stake 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 in the last quarter. Finally, GAMMA Investing LLC raised its holdings in QuidelOrtho by 27.0% in the second quarter. GAMMA Investing LLC now owns 1,778 shares of the company’s stock worth $59,000 after buying an additional 378 shares during the last quarter. 99.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

QDEL has been the subject of several analyst reports. Craig Hallum raised shares of QuidelOrtho from a “hold” rating to a “buy” rating and raised their price target for the company from $40.00 to $57.00 in a research report on Thursday, September 5th. Royal Bank of Canada restated an “outperform” rating and issued a $61.00 price target on shares of QuidelOrtho in a research note on Friday, August 16th. Finally, UBS Group began coverage on QuidelOrtho in a research report on Thursday. They set a “neutral” rating and a $50.00 price objective on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, QuidelOrtho currently has a consensus rating of “Hold” and a consensus price target of $58.83.

Insiders Place Their Bets

In other news, major shareholder Carlyle Group Inc. sold 81,482 shares of QuidelOrtho stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $33.19, for a total transaction of $2,704,387.58. Following the transaction, the insider now directly owns 11,617,068 shares of the company’s stock, valued at approximately $385,570,486.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 1,902,466 shares of company stock worth $69,552,560 over the last quarter. 1.00% of the stock is currently owned by corporate insiders.

QuidelOrtho Price Performance

NASDAQ QDEL opened at $46.23 on Friday. The stock has a market capitalization of $3.11 billion, a price-to-earnings ratio of -1.75 and a beta of 0.08. QuidelOrtho Co. has a 1-year low of $29.74 and a 1-year high of $76.43. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.44 and a quick ratio of 0.79. The business’s fifty day moving average price is $41.40 and its 200-day moving average price is $41.24.

QuidelOrtho (NASDAQ:QDEL) last announced its earnings results on Wednesday, July 31st. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.15. The business had revenue of $637.00 million during the quarter, compared to analysts’ expectations of $613.51 million. QuidelOrtho had a negative net margin of 65.60% and a positive return on equity of 3.87%. The firm’s revenue was down 4.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.26 earnings per share. On average, equities analysts predict that QuidelOrtho Co. will post 1.77 earnings per share for the current 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.