Wedge Capital Management L L P NC Purchases 1,270 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

Wedge Capital Management L L P NC boosted its position in QuidelOrtho Co. (NASDAQ:QDEL) by 1.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 118,058 shares of the company’s stock after buying an additional 1,270 shares during the quarter. Wedge Capital Management L L P NC’s holdings in QuidelOrtho were worth $8,701,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Cetera Trust Company N.A bought a new position in shares of QuidelOrtho during the fourth quarter valued at $108,000. Kornitzer Capital Management Inc. KS increased its holdings in shares of QuidelOrtho by 7.7% during the fourth quarter. Kornitzer Capital Management Inc. KS now owns 143,855 shares of the company’s stock valued at $10,602,000 after acquiring an additional 10,300 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of QuidelOrtho by 154.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,178 shares of the company’s stock valued at $1,856,000 after buying an additional 15,289 shares during the last quarter. Oak Family Advisors LLC boosted its position in shares of QuidelOrtho by 61.7% during the fourth quarter. Oak Family Advisors LLC now owns 81,288 shares of the company’s stock valued at $5,991,000 after buying an additional 31,016 shares during the last quarter. Finally, Vontobel Holding Ltd. purchased a new stake in shares of QuidelOrtho during the fourth quarter valued at $299,000. 99.00% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CFO Joseph M. Busky bought 2,150 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were purchased at an average price of $46.35 per share, with a total value of $99,652.50. Following the transaction, the chief financial officer now owns 2,150 shares in the company, valued at approximately $99,652.50. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.00% of the company’s stock.

QuidelOrtho Trading Up 3.4 %

NASDAQ:QDEL opened at $40.40 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 1.57 and a debt-to-equity ratio of 0.45. QuidelOrtho Co. has a 1 year low of $37.78 and a 1 year high of $95.02. The stock’s 50 day simple moving average is $44.76 and its two-hundred day simple moving average is $60.16.

QuidelOrtho (NASDAQ:QDEL) last released its earnings results on Tuesday, February 13th. The company reported $1.17 earnings per share for the quarter, missing the consensus estimate of $2.01 by ($0.84). The company had revenue of $742.60 million for the quarter, compared to the consensus estimate of $796.91 million. QuidelOrtho had a negative net margin of 0.34% and a positive return on equity of 5.54%. The business’s revenue for the quarter was down 14.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.74 EPS. As a group, analysts anticipate that QuidelOrtho Co. will post 2.28 earnings per share for the current year.

Analyst Ratings Changes

QDEL has been the topic of several recent analyst reports. Royal Bank of Canada dropped their price objective on QuidelOrtho from $130.00 to $81.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. Craig Hallum reaffirmed a “hold” rating on shares of QuidelOrtho in a research report on Wednesday, February 14th. Raymond James reaffirmed an “outperform” rating and set a $76.00 price objective (down from $100.00) on shares of QuidelOrtho in a research report on Wednesday, February 14th. JPMorgan Chase & Co. cut QuidelOrtho from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $66.00 to $37.00 in a research report on Wednesday, February 14th. Finally, UBS Group reissued a “sell” rating and issued a $42.00 target price (down from $70.00) on shares of QuidelOrtho in a research report on Monday, March 4th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $61.60.

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.