State Street Corp Buys 275,522 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

State Street Corp boosted its stake in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 16.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,907,898 shares of the company’s stock after buying an additional 275,522 shares during the quarter. State Street Corp owned approximately 2.84% of QuidelOrtho worth $87,000,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new stake in shares of QuidelOrtho in the 3rd quarter valued at about $25,000. Fifth Third Bancorp raised its holdings in shares of QuidelOrtho by 907.3% in the 2nd quarter. Fifth Third Bancorp now owns 826 shares of the company’s stock valued at $27,000 after purchasing an additional 744 shares in the last quarter. Innealta Capital LLC bought a new stake in shares of QuidelOrtho in the 2nd quarter valued at about $102,000. GAMMA Investing LLC raised its holdings in shares of QuidelOrtho by 73.6% in the 3rd quarter. GAMMA Investing LLC now owns 3,086 shares of the company’s stock valued at $141,000 after purchasing an additional 1,308 shares in the last quarter. Finally, Quest Partners LLC raised its holdings in shares of QuidelOrtho by 17,095.0% in the 2nd quarter. Quest Partners LLC now owns 3,439 shares of the company’s stock valued at $114,000 after purchasing an additional 3,419 shares in the last quarter. Institutional investors own 99.00% of the company’s stock.

QuidelOrtho Stock Up 6.0 %

NASDAQ:QDEL opened at $43.84 on Tuesday. The company has a market cap of $2.95 billion, a PE ratio of -1.57 and a beta of 0.11. QuidelOrtho Co. has a twelve month low of $29.74 and a twelve month high of $75.86. The company has a current ratio of 1.38, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68. The company’s 50 day moving average is $39.99 and its two-hundred day moving average is $40.01.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.30 by $0.55. The business had revenue of $727.00 million for the quarter, compared to the consensus estimate of $642.16 million. QuidelOrtho had a negative net margin of 66.25% and a positive return on equity of 4.24%. The business’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.90 EPS. Analysts anticipate that QuidelOrtho Co. will post 1.73 EPS for the current year.

Insider Activity

In other news, CEO Brian J. Blaser bought 6,033 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was purchased at an average cost of $41.42 per share, for a total transaction of $249,886.86. Following the purchase, the chief executive officer now directly owns 6,033 shares in the company, valued at approximately $249,886.86. This trade represents a ? increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $35.31, for a total transaction of $291,667,061.73. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

QDEL has been the subject of several recent research reports. William Blair restated a “market perform” rating on shares of QuidelOrtho in a report on Wednesday, November 20th. Craig Hallum upgraded shares of QuidelOrtho from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $40.00 to $57.00 in a research note on Thursday, September 5th. UBS Group started coverage on shares of QuidelOrtho in a research note on Thursday, September 19th. They set a “neutral” rating and a $50.00 price objective for the company. Jefferies Financial Group started coverage on shares of QuidelOrtho in a research note on Tuesday, December 10th. They set a “hold” rating and a $43.00 price objective for the company. Finally, Citigroup upgraded shares of QuidelOrtho from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $44.00 to $50.00 in a research note on Wednesday, December 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $53.43.

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.