Pinebridge Investments L.P. increased its stake in shares of QuidelOrtho Co. (NASDAQ:QDEL – Get Rating) by 14.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,675 shares of the company’s stock after acquiring an additional 994 shares during the quarter. Pinebridge Investments L.P.’s holdings in QuidelOrtho were worth $863,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Treasurer of the State of North Carolina raised its stake in QuidelOrtho by 13.7% during the first quarter. Treasurer of the State of North Carolina now owns 15,149 shares of the company’s stock valued at $1,704,000 after purchasing an additional 1,820 shares in the last quarter. Nordea Investment Management AB purchased a new stake in QuidelOrtho during the first quarter valued at $5,101,000. HighTower Advisors LLC raised its stake in QuidelOrtho by 4.3% during the fourth quarter. HighTower Advisors LLC now owns 4,541 shares of the company’s stock valued at $610,000 after purchasing an additional 187 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new stake in QuidelOrtho during the first quarter valued at $620,000. Finally, Kornitzer Capital Management Inc. KS raised its stake in QuidelOrtho by 13.8% during the first quarter. Kornitzer Capital Management Inc. KS now owns 78,100 shares of the company’s stock valued at $8,783,000 after purchasing an additional 9,495 shares in the last quarter. Institutional investors own 87.20% of the company’s stock.
QuidelOrtho Trading Down 3.4 %
NASDAQ QDEL opened at $77.36 on Wednesday. The company’s 50-day moving average price is $95.85 and its 200-day moving average price is $100.62. The company has a current ratio of 1.73, a quick ratio of 1.12 and a debt-to-equity ratio of 0.51. The stock has a market cap of $5.18 billion, a PE ratio of 3.28 and a beta of 0.03. QuidelOrtho Co. has a 12 month low of $77.32 and a 12 month high of $180.06.
Analyst Upgrades and Downgrades
Several equities research analysts have recently weighed in on QDEL shares. StockNews.com downgraded shares of QuidelOrtho from a “buy” rating to a “hold” rating in a research note on Monday, August 15th. JPMorgan Chase & Co. started coverage on shares of QuidelOrtho in a research note on Friday, June 17th. They issued a “neutral” rating on the stock. Finally, UBS Group started coverage on shares of QuidelOrtho in a research note on Wednesday, July 20th. They issued a “sell” rating and a $86.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $98.67.
QuidelOrtho Company Profile
QuidelOrtho Corporation focuses on the development and manufacture of diagnostic testing technologies across the continuum of healthcare testing needs. 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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