Wedge Capital Management L L P NC Has $8.70 Million Position in QuidelOrtho Co. (NASDAQ:QDEL)

Wedge Capital Management L L P NC grew its stake in QuidelOrtho Co. (NASDAQ:QDEL) by 1.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 118,058 shares of the company’s stock after purchasing an additional 1,270 shares during the period. Wedge Capital Management L L P NC owned about 0.18% of QuidelOrtho worth $8,701,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Pinnacle Associates Ltd. boosted its stake in shares of QuidelOrtho by 167.4% in the 4th quarter. Pinnacle Associates Ltd. now owns 85,375 shares of the company’s stock valued at $6,292,000 after purchasing an additional 53,446 shares in the last quarter. Wellington Management Group LLP boosted its position in QuidelOrtho by 11.2% during the 3rd quarter. Wellington Management Group LLP now owns 760,632 shares of the company’s stock worth $55,557,000 after buying an additional 76,866 shares during the period. Comerica Bank acquired a new stake in QuidelOrtho during the 3rd quarter worth approximately $5,156,000. Citigroup Inc. boosted its position in QuidelOrtho by 25.0% during the 3rd quarter. Citigroup Inc. now owns 5,808 shares of the company’s stock worth $424,000 after buying an additional 1,161 shares during the period. Finally, Raymond James Financial Services Advisors Inc. boosted its position in QuidelOrtho by 11.9% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 25,559 shares of the company’s stock worth $1,884,000 after buying an additional 2,727 shares during the period. 99.00% of the stock is currently owned by institutional investors and hedge funds.

QuidelOrtho Trading Up 3.4 %

NASDAQ:QDEL opened at $40.40 on Wednesday. The company has a fifty day moving average of $44.76 and a 200-day moving average of $60.16. The company has a current ratio of 1.57, a quick ratio of 0.88 and a debt-to-equity ratio of 0.45. QuidelOrtho Co. has a twelve month low of $37.78 and a twelve month high of $95.02.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings data on Tuesday, February 13th. The company reported $1.17 earnings per share for the quarter, missing the consensus estimate of $2.01 by ($0.84). The company had revenue of $742.60 million during the quarter, compared to the consensus estimate of $796.91 million. QuidelOrtho had a negative net margin of 0.34% and a positive return on equity of 5.54%. The business’s revenue was down 14.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.74 EPS. On average, analysts predict that QuidelOrtho Co. will post 2.28 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Insider Activity

In other QuidelOrtho news, CFO Joseph M. Busky purchased 2,150 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was acquired at an average price of $46.35 per share, for a total transaction 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.00% of the stock is currently owned by company insiders.

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.