Arizona State Retirement System Purchases 3,107 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

Arizona State Retirement System raised its stake in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 19.0% during the fourth quarter, HoldingsChannel reports. The firm owned 19,498 shares of the company’s stock after purchasing an additional 3,107 shares during the quarter. Arizona State Retirement System’s holdings in QuidelOrtho were worth $869,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the stock. Proficio Capital Partners LLC acquired a new position in QuidelOrtho during the 4th quarter valued at approximately $871,000. M&T Bank Corp increased its stake in QuidelOrtho by 6.7% during the 4th quarter. M&T Bank Corp now owns 40,944 shares of the company’s stock valued at $1,824,000 after purchasing an additional 2,588 shares in the last quarter. Victory Capital Management Inc. increased its stake in QuidelOrtho by 36.3% during the 4th quarter. Victory Capital Management Inc. now owns 31,897 shares of the company’s stock valued at $1,421,000 after purchasing an additional 8,493 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in QuidelOrtho by 20.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 881,535 shares of the company’s stock valued at $39,272,000 after purchasing an additional 148,735 shares in the last quarter. Finally, Mutual of America Capital Management LLC increased its stake in QuidelOrtho by 14.8% during the 4th quarter. Mutual of America Capital Management LLC now owns 9,985 shares of the company’s stock valued at $445,000 after purchasing an additional 1,289 shares in the last quarter. Institutional investors and hedge funds own 99.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on QDEL. StockNews.com lowered shares of QuidelOrtho from a “buy” rating to a “hold” rating in a research note on Saturday, February 15th. UBS Group upped their price objective on shares of QuidelOrtho from $43.00 to $45.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Royal Bank of Canada dropped their price objective on shares of QuidelOrtho from $64.00 to $61.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th. William Blair reaffirmed a “market perform” rating on shares of QuidelOrtho in a report on Wednesday, November 20th. Finally, Jefferies Financial Group started coverage on shares of QuidelOrtho in a report on Tuesday, December 10th. They issued a “hold” rating and a $43.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $51.20.

QuidelOrtho Stock Performance

Shares of NASDAQ QDEL opened at $35.60 on Friday. The company’s fifty day moving average price is $42.10 and its 200 day moving average price is $42.02. QuidelOrtho Co. has a 1 year low of $29.74 and a 1 year high of $49.45. The company has a market capitalization of $2.40 billion, a PE ratio of -1.18 and a beta of 0.10. 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 announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.44). QuidelOrtho had a positive return on equity of 3.78% and a negative net margin of 72.84%. On average, research analysts predict that QuidelOrtho Co. will post 2.3 earnings per share for the current year.

About QuidelOrtho

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.