Pacer Advisors Inc. Cuts Stock Holdings in QuidelOrtho Co. (NASDAQ:QDEL)

Posted by on Sep 28th, 2023

Pacer Advisors Inc. cut its stake in shares of QuidelOrtho Co. (NASDAQ:QDEL – Free Report) by 97.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,730 shares of the company’s stock after selling 531,013 shares during the quarter. Pacer Advisors Inc.’s holdings in QuidelOrtho were worth $1,055,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in QDEL. First Horizon Advisors Inc. grew its position in QuidelOrtho by 29.8% during the fourth quarter. First Horizon Advisors Inc. now owns 553 shares of the company’s stock worth $47,000 after buying an additional 127 shares during the period. BTC Capital Management Inc. increased its stake in QuidelOrtho by 4.2% in the 2nd quarter. BTC Capital Management Inc. now owns 3,266 shares of the company’s stock valued at $270,000 after purchasing an additional 131 shares in the last quarter. Money Concepts Capital Corp increased its stake in QuidelOrtho by 66.8% in the 4th quarter. Money Concepts Capital Corp now owns 337 shares of the company’s stock valued at $29,000 after purchasing an additional 135 shares in the last quarter. Arizona State Retirement System increased its stake in QuidelOrtho by 1.3% in the 1st quarter. Arizona State Retirement System now owns 14,352 shares of the company’s stock valued at $1,279,000 after purchasing an additional 183 shares in the last quarter. Finally, Strategic Investment Advisors MI increased its stake in QuidelOrtho by 6.4% in the 1st quarter. Strategic Investment Advisors MI now owns 3,410 shares of the company’s stock valued at $304,000 after purchasing an additional 206 shares in the last quarter. Hedge funds and other institutional investors own 93.87% of the company’s stock.

QuidelOrtho Price Performance

QuidelOrtho stock opened at $71.19 on Thursday. QuidelOrtho Co. has a 1 year low of $66.88 and a 1 year high of $102.00. The firm has a 50 day moving average price of $79.09 and a 200 day moving average price of $84.19. The company has a market cap of $4.75 billion, a price-to-earnings ratio of 107.87 and a beta of 0.27. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.66.

QuidelOrtho (NASDAQ:QDEL – Get Free Report) last posted its quarterly earnings results on Tuesday, August 8th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. QuidelOrtho had a return on equity of 7.65% and a net margin of 1.43%. The firm had revenue of $665.10 million during the quarter, compared to the consensus estimate of $615.11 million. During the same quarter in the previous year, the business earned $2.11 earnings per share. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. Sell-side analysts predict that QuidelOrtho Co. will post 4.96 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. StockNews.com began coverage on QuidelOrtho in a research note on Thursday, August 17th. They issued a “hold” rating for the company. JPMorgan Chase & Co. dropped their price target on QuidelOrtho from $91.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday, August 9th. Raymond James dropped their price target on QuidelOrtho from $130.00 to $110.00 and set a “strong-buy” rating for the company in a research report on Tuesday, August 15th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $140.00 price target on shares of QuidelOrtho in a report on Tuesday, September 19th. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $119.83.

View Our Latest Stock Report on QuidelOrtho

QuidelOrtho Company Profile

(Free Report)

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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