State of Tennessee Department of Treasury Purchases 2,793 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

State of Tennessee Department of Treasury lifted its position in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 19.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,939 shares of the company’s stock after buying an additional 2,793 shares during the quarter. State of Tennessee Department of Treasury’s holdings in QuidelOrtho were worth $755,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. increased its position in QuidelOrtho by 64.5% during the 3rd quarter. Principal Financial Group Inc. now owns 272,037 shares of the company’s stock valued at $12,405,000 after purchasing an additional 106,642 shares during the period. Moody National Bank Trust Division increased its holdings in QuidelOrtho by 126.5% during the fourth quarter. Moody National Bank Trust Division now owns 37,868 shares of the company’s stock valued at $1,687,000 after buying an additional 21,147 shares during the period. Pallas Capital Advisors LLC purchased a new position in QuidelOrtho during the fourth quarter valued at approximately $433,000. Oak Thistle LLC bought a new position in QuidelOrtho in the fourth quarter worth approximately $301,000. Finally, Merit Financial Group LLC purchased a new stake in QuidelOrtho during the fourth quarter worth $301,000. Hedge funds and other institutional investors own 99.00% of the company’s stock.

QuidelOrtho Stock Performance

Shares of QuidelOrtho stock opened at $29.12 on Friday. The firm has a market capitalization of $1.96 billion, a P/E ratio of -0.96 and a beta of 0.43. QuidelOrtho Co. has a 52 week low of $23.77 and a 52 week high of $49.45. The company has a quick ratio of 0.69, a current ratio of 1.22 and a debt-to-equity ratio of 0.71. The company has a 50 day moving average price of $32.34 and a 200 day moving average price of $38.48.

QuidelOrtho (NASDAQ:QDEL) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.63 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%. Sell-side analysts expect that QuidelOrtho Co. will post 2.3 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on QDEL. StockNews.com downgraded QuidelOrtho from a “buy” rating to a “hold” rating in a report on Saturday, February 15th. UBS Group boosted their target price on shares of QuidelOrtho from $43.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. JPMorgan Chase & Co. lowered their price target on shares of QuidelOrtho from $38.00 to $25.00 and set an “underweight” rating on the stock in a report on Monday, April 21st. Finally, Royal Bank of Canada reduced their price objective on shares of QuidelOrtho from $64.00 to $61.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $46.83.

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.