Zacks Research Equities Analysts Reduce Earnings Estimates for QuidelOrtho Co. (NASDAQ:QDEL)

QuidelOrtho Co. (NASDAQ:QDEL) – Equities research analysts at Zacks Research dropped their Q1 2024 earnings per share (EPS) estimates for QuidelOrtho in a research note issued on Wednesday, September 13th. Zacks Research analyst D. Dey now anticipates that the company will post earnings of $1.52 per share for the quarter, down from their prior estimate of $1.53. The consensus estimate for QuidelOrtho’s current full-year earnings is $4.96 per share. Zacks Research also issued estimates for QuidelOrtho’s Q4 2024 earnings at $2.59 EPS.

A number of other brokerages have also weighed in on QDEL. Raymond James lowered their price objective on QuidelOrtho from $130.00 to $110.00 and set a “strong-buy” rating on the stock in a report on Tuesday, August 15th. JPMorgan Chase & Co. decreased their price target on QuidelOrtho from $91.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 9th. Royal Bank of Canada reissued an “outperform” rating and set a $136.00 price target on shares of QuidelOrtho in a research note on Wednesday, August 9th. Finally, StockNews.com assumed coverage on QuidelOrtho in a research note on Thursday, August 17th. They set a “hold” rating on the stock. Three investment 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $119.17.

QuidelOrtho Price Performance

Shares of QDEL opened at $75.74 on Friday. QuidelOrtho has a twelve month low of $66.88 and a twelve month high of $102.00. The stock’s 50 day moving average is $81.11 and its two-hundred day moving average is $84.98. The firm has a market capitalization of $5.06 billion, a PE ratio of 114.76 and a beta of 0.27. The company has a current ratio of 1.66, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of QDEL. First Horizon Advisors Inc. boosted its holdings in shares of QuidelOrtho by 29.8% during the fourth quarter. First Horizon Advisors Inc. now owns 553 shares of the company’s stock worth $47,000 after purchasing an additional 127 shares during the last quarter. BTC Capital Management Inc. raised its position in QuidelOrtho by 4.2% in the second quarter. BTC Capital Management Inc. now owns 3,266 shares of the company’s stock valued at $270,000 after purchasing an additional 131 shares during the period. Money Concepts Capital Corp raised its position in QuidelOrtho by 66.8% in the fourth quarter. Money Concepts Capital Corp now owns 337 shares of the company’s stock valued at $29,000 after purchasing an additional 135 shares during the period. Signet Financial Management LLC raised its position in QuidelOrtho by 1.0% in the second quarter. Signet Financial Management LLC now owns 17,876 shares of the company’s stock valued at $1,481,000 after purchasing an additional 182 shares during the period. Finally, Arizona State Retirement System raised its position in QuidelOrtho by 1.3% in the first quarter. Arizona State Retirement System now owns 14,352 shares of the company’s stock valued at $1,279,000 after purchasing an additional 183 shares during the period. 93.87% of the stock is currently owned by institutional investors and hedge funds.

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.