Geode Capital Management LLC Increases Position in QuidelOrtho Co. (NASDAQ:QDEL)

Geode Capital Management LLC raised its position in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 17.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,083,461 shares of the company’s stock after buying an additional 162,758 shares during the period. Geode Capital Management LLC owned about 1.61% of QuidelOrtho worth $48,285,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Norges Bank purchased a new position in QuidelOrtho during the 4th quarter valued at about $34,171,000. Vanguard Group Inc. lifted its position in shares of QuidelOrtho by 12.6% during the fourth quarter. Vanguard Group Inc. now owns 6,817,412 shares of the company’s stock worth $303,716,000 after purchasing an additional 764,900 shares in the last quarter. Segall Bryant & Hamill LLC grew its holdings in shares of QuidelOrtho by 143.9% in the fourth quarter. Segall Bryant & Hamill LLC now owns 1,046,649 shares of the company’s stock valued at $46,628,000 after purchasing an additional 617,592 shares in the last quarter. Magnetar Financial LLC increased its stake in QuidelOrtho by 207.8% during the 4th quarter. Magnetar Financial LLC now owns 877,307 shares of the company’s stock worth $39,084,000 after buying an additional 592,307 shares during the period. Finally, American Century Companies Inc. lifted its holdings in QuidelOrtho by 72.6% during the 4th quarter. American Century Companies Inc. now owns 1,115,551 shares of the company’s stock worth $49,698,000 after buying an additional 469,132 shares in the last quarter. 99.00% of the stock is owned by institutional investors and hedge funds.

QuidelOrtho Trading Up 1.4 %

NASDAQ:QDEL opened at $27.28 on Tuesday. QuidelOrtho Co. has a 1 year low of $25.13 and a 1 year high of $49.45. The stock has a market cap of $1.84 billion, a P/E ratio of -0.90 and a beta of 0.43. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.69 and a current ratio of 1.22. The stock has a 50-day simple moving average of $36.44 and a 200-day simple moving average of $39.99.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.63 earnings per share 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%. As a group, analysts anticipate that QuidelOrtho Co. will post 2.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have commented on QDEL shares. StockNews.com downgraded shares of QuidelOrtho from a “buy” rating to a “hold” rating in a research note on Saturday, February 15th. Royal Bank of Canada lowered their target price on QuidelOrtho from $64.00 to $61.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. Finally, UBS Group increased their price target on QuidelOrtho from $43.00 to $45.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $51.20.

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.