Zacks Research Weighs in on QuidelOrtho Co.’s Q3 2023 Earnings (NASDAQ:QDEL)

QuidelOrtho Co. (NASDAQ:QDEL) – Zacks Research dropped their Q3 2023 earnings estimates for QuidelOrtho in a research note issued to investors on Wednesday, September 13th. Zacks Research analyst D. Dey now anticipates that the company will post earnings of $0.50 per share for the quarter, down from their prior estimate of $0.53. The consensus estimate for QuidelOrtho’s current full-year earnings is $4.97 per share. Zacks Research also issued estimates for QuidelOrtho’s Q4 2023 earnings at $2.40 EPS, FY2023 earnings at $4.94 EPS, Q3 2024 earnings at $0.61 EPS and FY2024 earnings at $5.23 EPS.

Several other equities research analysts also recently issued reports on QDEL. Royal Bank of Canada reiterated an “outperform” rating and set a $136.00 price objective on shares of QuidelOrtho in a research note on Wednesday, August 9th. StockNews.com initiated coverage on shares of QuidelOrtho in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Raymond James dropped their target price on shares of QuidelOrtho from $130.00 to $110.00 and set a “strong-buy” rating on the stock in a report on Tuesday, August 15th. Finally, JPMorgan Chase & Co. lowered their price target on shares of QuidelOrtho from $91.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday, August 9th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $119.17.

QuidelOrtho Price Performance

QDEL opened at $76.37 on Thursday. The company has a quick ratio of 0.97, a current ratio of 1.66 and a debt-to-equity ratio of 0.46. QuidelOrtho has a 52-week low of $66.88 and a 52-week high of $102.00. The company has a 50 day moving average of $81.27 and a two-hundred day moving average of $85.06. The company has a market cap of $5.10 billion, a P/E ratio of 115.71 and a beta of 0.27.

QuidelOrtho (NASDAQ:QDEL) last posted its quarterly earnings data on Tuesday, August 8th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. QuidelOrtho had a net margin of 1.43% and a return on equity of 7.65%. The business had revenue of $665.10 million during the quarter, compared to analyst estimates of $615.11 million. During the same quarter in the previous year, the business posted $2.11 earnings per share. The company’s revenue was up 8.4% on a year-over-year basis.

Hedge Funds Weigh In On QuidelOrtho

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wedge Capital Management L L P NC raised its holdings in shares of QuidelOrtho by 2.5% in the first quarter. Wedge Capital Management L L P NC now owns 156,955 shares of the company’s stock valued at $13,983,000 after buying an additional 3,811 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of QuidelOrtho by 29.8% in the 4th quarter. First Horizon Advisors Inc. now owns 553 shares of the company’s stock valued at $47,000 after buying an additional 127 shares during the last quarter. New York State Teachers Retirement System lifted its holdings in QuidelOrtho by 0.6% during the 1st quarter. New York State Teachers Retirement System now owns 65,169 shares of the company’s stock valued at $5,806,000 after purchasing an additional 400 shares during the last quarter. American Century Companies Inc. lifted its holdings in QuidelOrtho by 22.2% during the 4th quarter. American Century Companies Inc. now owns 271,717 shares of the company’s stock valued at $23,278,000 after purchasing an additional 49,359 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in QuidelOrtho by 4.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 31,902 shares of the company’s stock valued at $2,733,000 after purchasing an additional 1,306 shares during the last quarter. Institutional investors and hedge funds own 93.87% of the company’s stock.

About QuidelOrtho

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.