Louisiana State Employees Retirement System Raises Holdings in QuidelOrtho Co. (NASDAQ:QDEL)

Posted by Defense World Staff on Oct 4th, 2023

Louisiana State Employees Retirement System increased its position in shares of QuidelOrtho Co. (NASDAQ:QDEL – Free Report) by 11.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,800 shares of the company’s stock after purchasing an additional 1,600 shares during the quarter. Louisiana State Employees Retirement System’s holdings in QuidelOrtho were worth $1,309,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the company. BTC Capital Management Inc. increased its position in shares of QuidelOrtho by 4.2% during the second quarter. BTC Capital Management Inc. now owns 3,266 shares of the company’s stock worth $270,000 after purchasing an additional 131 shares in the last quarter. Money Concepts Capital Corp increased its position in shares of QuidelOrtho by 66.8% during the fourth quarter. Money Concepts Capital Corp now owns 337 shares of the company’s stock worth $29,000 after purchasing an additional 135 shares in the last quarter. Signet Financial Management LLC increased its position in shares of QuidelOrtho by 1.0% during the second quarter. Signet Financial Management LLC now owns 17,876 shares of the company’s stock worth $1,481,000 after purchasing an additional 182 shares in the last quarter. Arizona State Retirement System grew its holdings 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 buying an additional 183 shares in the last quarter. Finally, Strategic Investment Advisors MI grew its holdings 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 buying an additional 206 shares in the last quarter. 93.87% of the stock is currently owned by hedge funds and other institutional investors.

QuidelOrtho Price Performance

QDEL opened at $72.98 on Wednesday. The stock’s 50-day moving average price is $78.24 and its 200 day moving average price is $83.92. QuidelOrtho Co. has a 12-month low of $66.88 and a 12-month high of $102.00. The company has a current ratio of 1.66, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The firm has a market cap of $4.87 billion, a price-to-earnings ratio of 110.58 and a beta of 0.30.

QuidelOrtho (NASDAQ:QDEL – Get Free Report) last posted its earnings results on Tuesday, August 8th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $615.11 million. During the same quarter in the prior year, the company earned $2.11 EPS. QuidelOrtho’s revenue was up 8.4% on a year-over-year basis. As a group, sell-side analysts expect that QuidelOrtho Co. will post 4.96 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Check Out Our Latest Stock Analysis on QuidelOrtho

About QuidelOrtho

(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.

Louisiana State Employees Retirement System Raises Holdings in QuidelOrtho Co. (NASDAQ:QDEL)

QuidelOrtho Price Performance

Wall Street Analysts Forecast Growth

About QuidelOrtho

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