QuidelOrtho Co. (NASDAQ:QDEL) Receives $51.20 Consensus Target Price from Brokerages

Shares of QuidelOrtho Co. (NASDAQ:QDEL) have earned a consensus rating of “Moderate Buy” from the six analysts that are currently covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $51.20.

Several research firms have recently weighed in on QDEL. StockNews.com downgraded QuidelOrtho from a “buy” rating to a “hold” rating in a research report on Saturday, February 15th. Royal Bank of Canada lowered their price target on QuidelOrtho from $64.00 to $61.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. Finally, UBS Group raised their target price on shares of QuidelOrtho from $43.00 to $45.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th.

QuidelOrtho Trading Up 1.9 %

Shares of QDEL opened at $26.91 on Thursday. The firm has a market cap of $1.81 billion, a P/E ratio of -0.89 and a beta of 0.43. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.22 and a quick ratio of 0.69. QuidelOrtho has a 1 year low of $25.13 and a 1 year high of $49.45. The company has a 50 day simple moving average of $36.77 and a two-hundred day simple moving average of $40.14.

QuidelOrtho (NASDAQ:QDEL) last issued its earnings results on Wednesday, February 12th. The company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate 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, equities analysts expect that QuidelOrtho will post 2.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp boosted its holdings in QuidelOrtho by 16.9% in the third quarter. State Street Corp now owns 1,907,898 shares of the company’s stock worth $87,000,000 after acquiring an additional 275,522 shares in the last quarter. Merit Financial Group LLC purchased a new position in shares of QuidelOrtho in the 4th quarter valued at approximately $301,000. Principal Financial Group Inc. boosted its stake in QuidelOrtho by 64.5% in the 3rd quarter. Principal Financial Group Inc. now owns 272,037 shares of the company’s stock worth $12,405,000 after purchasing an additional 106,642 shares in the last quarter. Geode Capital Management LLC grew its position in QuidelOrtho by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 920,703 shares of the company’s stock worth $41,996,000 after purchasing an additional 16,059 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D increased its stake in QuidelOrtho by 22.4% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 54,411 shares of the company’s stock valued at $2,424,000 after purchasing an additional 9,956 shares in the last quarter. 99.00% of the stock is currently owned by hedge funds and other institutional investors.

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.