Intech Investment Management LLC Acquires New Position in QuidelOrtho Co. (NASDAQ:QDEL)

Intech Investment Management LLC acquired a new stake in QuidelOrtho Co. (NASDAQ:QDEL) in the second quarter, HoldingsChannel.com reports. The fund acquired 6,523 shares of the company’s stock, valued at approximately $217,000.

A number of other hedge funds have also recently added to or reduced their stakes in QDEL. Hsbc Holdings PLC acquired a new stake in QuidelOrtho in the fourth quarter valued at about $1,326,000. TD Asset Management Inc lifted its position in QuidelOrtho by 39.5% in the fourth quarter. TD Asset Management Inc now owns 451,392 shares of the company’s stock valued at $33,268,000 after purchasing an additional 127,800 shares during the period. Treasurer of the State of North Carolina lifted its position in QuidelOrtho by 1.0% in 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 purchasing an additional 230 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in QuidelOrtho in the fourth quarter valued at about $601,000. Finally, Gabelli Funds LLC lifted its position in QuidelOrtho by 6.7% in the fourth quarter. Gabelli Funds LLC now owns 134,630 shares of the company’s stock valued at $9,922,000 after purchasing an additional 8,476 shares during the period. Institutional investors and hedge funds own 99.00% of the company’s stock.

Insider Transactions at QuidelOrtho

In other news, major shareholder Carlyle Group Inc. sold 52,724 shares of the firm’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $30.87, for a total transaction of $1,627,589.88. Following the completion of the transaction, the insider now directly owns 11,300,463 shares of the company’s stock, valued at approximately $348,845,292.81. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold a total of 1,697,334 shares of company stock valued at $62,666,450 in the last ninety days. Corporate insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

QDEL has been the subject of a number of research analyst reports. Craig Hallum raised shares of QuidelOrtho from a “hold” rating to a “buy” rating and increased their target price for the company from $40.00 to $57.00 in a report on Thursday, September 5th. UBS Group initiated coverage on shares of QuidelOrtho in a report on Thursday, September 19th. They issued a “neutral” rating and a $50.00 target price for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $61.00 target price on shares of QuidelOrtho in a report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $58.83.

QuidelOrtho Trading Up 3.1 %

Shares of QDEL opened at $45.55 on Friday. 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 firm has a 50 day simple moving average of $42.75 and a 200-day simple moving average of $41.25. QuidelOrtho Co. has a 1-year low of $29.74 and a 1-year high of $75.86. The stock has a market cap of $3.06 billion, a price-to-earnings ratio of -1.73 and a beta of 0.08.

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. Equities analysts forecast that QuidelOrtho Co. will post 1.77 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.