Baird Financial Group Inc. Raises Position in QuidelOrtho Co. (NASDAQ:QDEL)

Posted by on Jun 12th, 2023

Baird Financial Group Inc. raised its position in QuidelOrtho Co. (NASDAQ:QDEL – Get Rating) by 0.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 82,043 shares of the company’s stock after buying an additional 609 shares during the quarter. Baird Financial Group Inc. owned about 0.12% of QuidelOrtho worth $7,029,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Quadrant Capital Group LLC lifted its holdings in QuidelOrtho by 252.3% during the 3rd quarter. Quadrant Capital Group LLC now owns 377 shares of the company’s stock worth $27,000 after purchasing an additional 270 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in QuidelOrtho by 59.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 426 shares of the company’s stock worth $30,000 after purchasing an additional 158 shares in the last quarter. Eagle Bay Advisors LLC lifted its holdings in QuidelOrtho by 174.2% during the 2nd quarter. Eagle Bay Advisors LLC now owns 351 shares of the company’s stock worth $34,000 after purchasing an additional 223 shares in the last quarter. Belpointe Asset Management LLC purchased a new stake in QuidelOrtho during the 4th quarter worth about $53,000. Finally, EverSource Wealth Advisors LLC purchased a new stake in shares of QuidelOrtho in the 4th quarter valued at about $58,000. Hedge funds and other institutional investors own 95.21% of the company’s stock.

QuidelOrtho Stock Down 1.8 %

Shares of QDEL stock traded down $1.49 on Monday, reaching $83.25. 120,535 shares of the stock were exchanged, compared to its average volume of 424,447. The company has a current ratio of 1.65, a quick ratio of 1.07 and a debt-to-equity ratio of 0.48. The business’s 50 day moving average price is $88.42 and its 200 day moving average price is $87.60. The company has a market capitalization of $5.55 billion, a price-to-earnings ratio of 46.24 and a beta of 0.29. QuidelOrtho Co. has a twelve month low of $66.88 and a twelve month high of $108.35.

QuidelOrtho (NASDAQ:QDEL – Get Rating) last posted its quarterly earnings results on Wednesday, May 3rd. The company reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.41. The firm had revenue of $846.10 million during the quarter, compared to analysts’ expectations of $845.00 million. QuidelOrtho had a net margin of 3.78% and a return on equity of 10.25%. As a group, sell-side analysts expect that QuidelOrtho Co. will post 5.18 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on QDEL. Raymond James decreased their price objective on QuidelOrtho from $136.00 to $130.00 and set a “strong-buy” rating on the stock in a report on Thursday, February 16th. StockNews.com started coverage on QuidelOrtho in a report on Thursday, May 18th. They set a “hold” rating on the stock. Finally, Royal Bank of Canada raised their price target on QuidelOrtho from $125.00 to $136.00 and gave the stock an “outperform” rating in a research report on Thursday, February 16th. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $123.83.

About QuidelOrtho

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QuidelOrtho Corporation focuses on the development and manufacture of diagnostic testing technologies and 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.

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Institutional Ownership by Quarter for QuidelOrtho (NASDAQ:QDEL)

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