M&T Bank Corp Sells 5,456 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

M&T Bank Corp cut its holdings in QuidelOrtho Co. (NASDAQ:QDEL) by 14.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 31,802 shares of the company’s stock after selling 5,456 shares during the period. M&T Bank Corp’s holdings in QuidelOrtho were worth $2,344,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in QDEL. Cetera Trust Company N.A bought a new position in QuidelOrtho during the 4th quarter valued at about $108,000. C M Bidwell & Associates Ltd. bought a new position in QuidelOrtho during the 3rd quarter valued at about $123,000. Bfsg LLC bought a new position in QuidelOrtho during the 4th quarter valued at about $146,000. William Blair Investment Management LLC bought a new position in QuidelOrtho during the 3rd quarter valued at about $210,000. Finally, Wilbanks Smith & Thomas Asset Management LLC bought a new position in QuidelOrtho during the 4th quarter valued at about $227,000. 99.00% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on QDEL. JPMorgan Chase & Co. downgraded shares of QuidelOrtho from a “neutral” rating to an “underweight” rating and cut their price target for the company from $66.00 to $37.00 in a report on Wednesday, February 14th. William Blair restated a “market perform” rating on shares of QuidelOrtho in a research note on Wednesday, February 14th. Raymond James restated an “outperform” rating and issued a $76.00 target price (down from $100.00) on shares of QuidelOrtho in a research note on Wednesday, February 14th. UBS Group restated a “sell” rating and issued a $42.00 target price (down from $70.00) on shares of QuidelOrtho in a research note on Monday, March 4th. Finally, Craig Hallum restated a “hold” rating on shares of QuidelOrtho in a research note on Wednesday, February 14th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $61.60.

Insider Activity at QuidelOrtho

In other news, CFO Joseph M. Busky bought 2,150 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was bought at an average price of $46.35 per share, with a total value of $99,652.50. Following the completion of the transaction, the chief financial officer now directly owns 2,150 shares of the company’s stock, valued at approximately $99,652.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is currently owned by corporate insiders.

QuidelOrtho Price Performance

Shares of QDEL opened at $42.68 on Thursday. The company has a 50 day moving average price of $43.85 and a 200-day moving average price of $58.13. QuidelOrtho Co. has a fifty-two week low of $37.78 and a fifty-two week high of $90.45. The stock has a market capitalization of $2.85 billion, a PE ratio of -266.75 and a beta of 0.17. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.88 and a current ratio of 1.57.

QuidelOrtho (NASDAQ:QDEL) last announced its quarterly 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). QuidelOrtho had a positive return on equity of 5.54% and a negative net margin of 0.34%. The business had revenue of $742.60 million during the quarter, compared to analysts’ expectations of $796.91 million. During the same period in the previous year, the company posted $1.74 EPS. QuidelOrtho’s revenue for the quarter was down 14.3% on a year-over-year basis. Equities analysts predict that QuidelOrtho Co. will post 2.23 earnings per share for the current fiscal year.

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.