QuidelOrtho Co. (NASDAQ:QDEL) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. lowered its stake in QuidelOrtho Co. (NASDAQ:QDEL) by 45.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,768 shares of the company’s stock after selling 3,126 shares during the period. Federated Hermes Inc.’s holdings in QuidelOrtho were worth $278,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Burgundy Asset Management Ltd. increased its stake in QuidelOrtho by 69.1% in the 3rd quarter. Burgundy Asset Management Ltd. now owns 1,350,032 shares of the company’s stock valued at $98,606,000 after buying an additional 551,524 shares during the period. LSV Asset Management increased its stake in shares of QuidelOrtho by 217.4% during the third quarter. LSV Asset Management now owns 737,395 shares of the company’s stock worth $53,859,000 after acquiring an additional 505,050 shares during the period. Clearbridge Investments LLC raised its holdings in QuidelOrtho by 4,035.8% during the third quarter. Clearbridge Investments LLC now owns 451,542 shares of the company’s stock worth $32,981,000 after purchasing an additional 440,624 shares in the last quarter. LGT Capital Partners LTD. lifted its position in QuidelOrtho by 69.9% in the fourth quarter. LGT Capital Partners LTD. now owns 954,466 shares of the company’s stock valued at $70,344,000 after purchasing an additional 392,790 shares during the period. Finally, Rubric Capital Management LP purchased a new stake in QuidelOrtho in the 3rd quarter valued at approximately $21,651,000. Hedge funds and other institutional investors own 99.00% of the company’s stock.

QuidelOrtho Price Performance

Shares of NASDAQ QDEL opened at $42.50 on Monday. The company has a current ratio of 1.57, a quick ratio of 0.88 and a debt-to-equity ratio of 0.45. The company’s 50-day moving average price is $44.01 and its 200 day moving average price is $58.57. QuidelOrtho Co. has a 52 week low of $37.78 and a 52 week high of $94.86. The stock has a market cap of $2.84 billion, a price-to-earnings ratio of -265.63 and a beta of 0.17.

QuidelOrtho (NASDAQ:QDEL) last announced its quarterly earnings results on Tuesday, February 13th. The company reported $1.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.01 by ($0.84). QuidelOrtho had a negative net margin of 0.34% and a positive return on equity of 5.54%. The business had revenue of $742.60 million during the quarter, compared to analysts’ expectations of $796.91 million. During the same period last year, the company earned $1.74 EPS. The firm’s revenue for the quarter was down 14.3% on a year-over-year basis. As a group, research analysts forecast that QuidelOrtho Co. will post 2.23 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently commented on QDEL shares. Raymond James reissued an “outperform” rating and issued a $76.00 price target (down from $100.00) on shares of QuidelOrtho in a report on Wednesday, February 14th. William Blair restated a “market perform” rating on shares of QuidelOrtho in a research report on Wednesday, February 14th. 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. UBS Group reiterated a “sell” rating and issued a $42.00 price objective (down previously from $70.00) on shares of QuidelOrtho in a research note on Monday, March 4th. Finally, Royal Bank of Canada lowered their target price on shares of QuidelOrtho from $130.00 to $81.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, QuidelOrtho presently has an average rating of “Hold” and a consensus target price of $61.60.

Insider Activity at QuidelOrtho

In other news, CFO Joseph M. Busky bought 2,150 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was purchased at an average price of $46.35 per share, with a total value of $99,652.50. Following the purchase, the chief financial officer now owns 2,150 shares of the company’s stock, valued at approximately $99,652.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

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.