Principal Financial Group Inc. Sells 1,521 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

Posted by Defense World Staff on May 23rd, 2023

Principal Financial Group Inc. lessened its stake in shares of QuidelOrtho Co. (NASDAQ:QDEL – Get Rating) by 0.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 209,389 shares of the company’s stock after selling 1,521 shares during the quarter. Principal Financial Group Inc. owned 0.32% of QuidelOrtho worth $17,938,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Point72 Asset Management L.P. grew its holdings in shares of QuidelOrtho by 497.4% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,082,874 shares of the company’s stock worth $77,404,000 after purchasing an additional 901,624 shares during the last quarter. Balyasny Asset Management LLC raised its holdings in shares of QuidelOrtho by 172.3% in the third quarter. Balyasny Asset Management LLC now owns 1,228,307 shares of the company’s stock valued at $87,799,000 after buying an additional 777,187 shares during the last quarter. Stonepine Capital Management LLC lifted its position in shares of QuidelOrtho by 318.8% during the third quarter. Stonepine Capital Management LLC now owns 501,633 shares of the company’s stock worth $35,857,000 after purchasing an additional 381,846 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in QuidelOrtho in the first quarter worth about $34,321,000. Finally, LGT Capital Partners LTD. raised its holdings in QuidelOrtho by 94.8% during the 4th quarter. LGT Capital Partners LTD. now owns 625,386 shares of the company’s stock worth $53,577,000 after purchasing an additional 304,280 shares during the last quarter. 95.21% of the stock is currently owned by institutional investors and hedge funds.

QuidelOrtho Stock Performance

QDEL opened at $89.25 on Tuesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.65 and a quick ratio of 1.07. The company has a market capitalization of $5.95 billion, a price-to-earnings ratio of 49.04 and a beta of 0.29. The business’s 50-day moving average price is $88.51 and its two-hundred day moving average price is $87.96. QuidelOrtho Co. has a 1 year low of $66.88 and a 1 year high of $108.35.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on QDEL shares. StockNews.com began coverage on shares of QuidelOrtho in a research report on Thursday, May 18th. They set a “hold” rating for the company. Raymond James decreased their price objective on QuidelOrtho from $136.00 to $130.00 and set a “strong-buy” rating for the company in a research note on Thursday, February 16th. Finally, Royal Bank of Canada lifted their price objective on shares of QuidelOrtho from $125.00 to $136.00 and gave the stock an “outperform” rating in a research note on Thursday, February 16th. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, QuidelOrtho currently has an average rating of “Moderate Buy” and a consensus price target of $123.83.

QuidelOrtho Company Profile

(Get Rating)

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.