Parkman Healthcare Partners LLC Has $7.82 Million Holdings in QuidelOrtho Co. (NASDAQ:QDEL)

Parkman Healthcare Partners LLC raised its stake in QuidelOrtho Co. (NASDAQ:QDEL) by 133.9% in the fourth quarter, Holdings Channel reports. The fund owned 175,415 shares of the company’s stock after purchasing an additional 100,415 shares during the quarter. Parkman Healthcare Partners LLC’s holdings in QuidelOrtho were worth $7,815,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Sterling Capital Management LLC lifted its stake in QuidelOrtho by 75.3% in the 4th quarter. Sterling Capital Management LLC now owns 3,726 shares of the company’s stock valued at $166,000 after purchasing an additional 1,601 shares during the last quarter. Merit Financial Group LLC bought a new position in shares of QuidelOrtho in the 4th quarter valued at $301,000. Principal Financial Group Inc. boosted its holdings in shares of 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 acquiring an additional 106,642 shares in the last quarter. State of New Jersey Common Pension Fund D grew its position in QuidelOrtho by 22.4% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 54,411 shares of the company’s stock worth $2,424,000 after acquiring an additional 9,956 shares during the last quarter. Finally, Moody National Bank Trust Division grew its position in QuidelOrtho by 126.5% during the 4th quarter. Moody National Bank Trust Division now owns 37,868 shares of the company’s stock worth $1,687,000 after acquiring an additional 21,147 shares during the last quarter. 99.00% of the stock is currently owned by institutional investors and hedge funds.

QuidelOrtho Stock Performance

Shares of QuidelOrtho stock opened at $35.51 on Wednesday. The business has a 50-day moving average price of $31.36 and a two-hundred day moving average price of $38.13. QuidelOrtho Co. has a 1-year low of $23.77 and a 1-year high of $49.45. The company has a current ratio of 1.22, a quick ratio of 0.69 and a debt-to-equity ratio of 0.71. The company has a market cap of $2.40 billion, a P/E ratio of -1.17 and a beta of 0.13.

QuidelOrtho (NASDAQ:QDEL) last released its earnings results on Wednesday, May 7th. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.61 by $0.13. QuidelOrtho had a positive return on equity of 3.78% and a negative net margin of 72.84%. The business had revenue of $692.80 million during the quarter, compared to analysts’ expectations of $694.97 million. During the same quarter last year, the firm posted $0.44 earnings per share. The firm’s revenue was down 2.6% on a year-over-year basis. As a group, analysts anticipate that QuidelOrtho Co. will post 2.3 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on QDEL shares. UBS Group dropped their target price on QuidelOrtho from $45.00 to $29.00 and set a “neutral” rating for the company in a research report on Thursday, May 8th. StockNews.com lowered shares of QuidelOrtho from a “buy” rating to a “hold” rating in a report on Saturday, February 15th. Royal Bank of Canada reduced their target price on shares of QuidelOrtho from $64.00 to $61.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th. Jefferies Financial Group upgraded shares of QuidelOrtho from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a research report on Thursday, May 8th. Finally, JPMorgan Chase & Co. dropped their price target on shares of QuidelOrtho from $38.00 to $25.00 and set an “underweight” rating for the company in a research note on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $44.33.

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.