QuidelOrtho Co. (NASDAQ:QDEL) Stake Lessened by Nuveen Asset Management LLC

Nuveen Asset Management LLC lessened its stake in QuidelOrtho Co. (NASDAQ:QDEL – Get Rating) by 59.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 143,556 shares of the company’s stock after selling 209,326 shares during the period. Nuveen Asset Management LLC owned about 0.22% of QuidelOrtho worth $10,261,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in QDEL. Carlyle Group Inc. bought a new stake in QuidelOrtho during the second quarter valued at $1,210,881,000. Price T Rowe Associates Inc. MD increased its stake in QuidelOrtho by 24.0% during the second quarter. Price T Rowe Associates Inc. MD now owns 7,645,281 shares of the company’s stock valued at $742,968,000 after purchasing an additional 1,477,985 shares during the last quarter. JPMorgan Chase & Co. increased its stake in QuidelOrtho by 878.5% during the second quarter. JPMorgan Chase & Co. now owns 868,201 shares of the company’s stock valued at $84,372,000 after purchasing an additional 779,472 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in QuidelOrtho by 258.1% during the second quarter. Massachusetts Financial Services Co. MA now owns 719,200 shares of the company’s stock valued at $69,891,000 after purchasing an additional 518,378 shares during the last quarter. Finally, Lazard Asset Management LLC increased its stake in QuidelOrtho by 934.5% during the second quarter. Lazard Asset Management LLC now owns 514,322 shares of the company’s stock valued at $49,981,000 after purchasing an additional 464,604 shares during the last quarter. Institutional investors own 95.21% of the company’s stock.

QuidelOrtho Stock Performance

QDEL stock opened at $86.36 on Friday. The company has a market capitalization of $5.74 billion, a P/E ratio of 6.96 and a beta of 0.25. The company has a 50-day simple moving average of $87.26 and a 200 day simple moving average of $84.51. QuidelOrtho Co. has a fifty-two week low of $66.88 and a fifty-two week high of $120.61. The company has a quick ratio of 1.04, a current ratio of 1.56 and a debt-to-equity ratio of 0.49.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Raymond James lowered their target price on shares of QuidelOrtho from $136.00 to $130.00 and set a “strong-buy” rating for the company in a research note on Thursday, February 16th. Citigroup raised shares of QuidelOrtho from a “neutral” rating to a “buy” rating and boosted their price target for the company from $90.00 to $125.00 in a report on Monday, December 12th. Royal Bank of Canada boosted their price target on shares of QuidelOrtho from $125.00 to $136.00 and gave the company an “outperform” rating in a report on Thursday, February 16th. Finally, Craig Hallum reduced their price target on shares of QuidelOrtho to $173.00 in a report on Wednesday, December 14th. 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’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $123.83.

QuidelOrtho Profile

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QuidelOrtho Corp. operates as a vitro diagnostics company. It is focused on developing and manufacturing diagnostic products. The company was founded on May 27, 2022 and is headquartered in San Diego, CA.