QuidelOrtho Co. (NASDAQ:QDEL) Shares Acquired by M&T Bank Corp

M&T Bank Corp boosted its holdings in QuidelOrtho Co. (NASDAQ:QDEL) by 33.4% during the 3rd quarter, Holdings Channel reports. The fund owned 38,356 shares of the company’s stock after acquiring an additional 9,607 shares during the quarter. M&T Bank Corp’s holdings in QuidelOrtho were worth $1,749,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the business. Rubric Capital Management LP grew its stake in shares of QuidelOrtho by 51.9% in the second quarter. Rubric Capital Management LP now owns 3,645,590 shares of the company’s stock worth $121,106,000 after purchasing an additional 1,245,590 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in QuidelOrtho in the third quarter worth about $34,320,000. Segall Bryant & Hamill LLC bought a new position in QuidelOrtho in the 3rd quarter valued at about $19,565,000. Beaconlight Capital LLC acquired a new position in QuidelOrtho during the 3rd quarter valued at about $18,152,000. Finally, Maverick Capital Ltd. raised its position in shares of QuidelOrtho by 27.5% during the 2nd quarter. Maverick Capital Ltd. now owns 1,728,913 shares of the company’s stock worth $57,434,000 after buying an additional 372,662 shares in the last quarter. Institutional investors own 99.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. William Blair reiterated a “market perform” rating on shares of QuidelOrtho in a research note on Wednesday, November 20th. Craig Hallum raised 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 began coverage on QuidelOrtho in a research note on Thursday, September 19th. They set a “neutral” rating and a $50.00 target price for the company. Jefferies Financial Group assumed coverage on shares of QuidelOrtho in a research report on Tuesday, December 10th. They issued a “hold” rating and a $43.00 price target on the stock. Finally, Citigroup upgraded shares of QuidelOrtho from a “neutral” rating to a “buy” rating and raised their price objective for the company from $44.00 to $50.00 in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $53.43.

Insiders Place Their Bets

In related news, CEO Brian J. Blaser purchased 6,033 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was acquired at an average cost of $41.42 per share, for a total transaction of $249,886.86. Following the completion of the acquisition, the chief executive officer now owns 6,033 shares in the company, valued at $249,886.86. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the business’s stock in a transaction that occurred 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. Corporate insiders own 1.00% of the company’s stock.

QuidelOrtho Trading Down 0.6 %

Shares of NASDAQ QDEL opened at $41.35 on Friday. The company has a quick ratio of 0.81, a current ratio of 1.38 and a debt-to-equity ratio of 0.68. QuidelOrtho Co. has a 12 month low of $29.74 and a 12 month high of $75.86. The company has a market cap of $2.78 billion, a price-to-earnings ratio of -1.48 and a beta of 0.11. The business has a fifty day simple moving average of $39.99 and a 200-day simple moving average of $40.04.

QuidelOrtho (NASDAQ:QDEL) last announced its earnings results on Thursday, November 7th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.30 by $0.55. QuidelOrtho had a negative net margin of 66.25% and a positive return on equity of 4.24%. The company had revenue of $727.00 million during the quarter, compared to analysts’ expectations of $642.16 million. During the same period last year, the company posted $0.90 earnings per share. The business’s revenue for the quarter was down 2.3% on a year-over-year basis. Sell-side analysts predict that QuidelOrtho Co. will post 1.73 EPS 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.