Allspring Global Investments Holdings LLC Purchases 6,401 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

Allspring Global Investments Holdings LLC increased its position in QuidelOrtho Co. (NASDAQ:QDEL) by 4.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 148,923 shares of the company’s stock after buying an additional 6,401 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in QuidelOrtho were worth $10,976,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. International Assets Investment Management LLC lifted its position in QuidelOrtho by 7,410.5% in the 4th quarter. International Assets Investment Management LLC now owns 7,886 shares of the company’s stock worth $581,000 after buying an additional 7,781 shares during the last quarter. Pinnacle Associates Ltd. lifted its position in QuidelOrtho by 167.4% in the fourth quarter. Pinnacle Associates Ltd. now owns 85,375 shares of the company’s stock valued at $6,292,000 after purchasing an additional 53,446 shares during the last quarter. LGT Capital Partners LTD. lifted its position in QuidelOrtho by 69.9% in the fourth quarter. LGT Capital Partners LTD. now owns 954,466 shares of the company’s stock valued at $70,344,000 after purchasing an additional 392,790 shares during the last quarter. Hunter Perkins Capital Management LLC lifted its position in QuidelOrtho by 125.7% in the fourth quarter. Hunter Perkins Capital Management LLC now owns 11,118 shares of the company’s stock valued at $819,000 after purchasing an additional 6,193 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH lifted its position in QuidelOrtho by 21.9% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 252,251 shares of the company’s stock valued at $18,591,000 after purchasing an additional 45,332 shares during the last quarter. Institutional investors own 99.00% of the company’s stock.

Insider Buying and Selling

In other news, CFO Joseph M. Busky purchased 2,150 shares of QuidelOrtho stock in a transaction that occurred on Friday, February 23rd. The shares were bought at an average cost of $46.35 per share, with a total value of $99,652.50. Following the completion of the purchase, the chief financial officer now directly owns 2,150 shares in the company, valued at $99,652.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the company. UBS Group reiterated a “sell” rating and issued a $42.00 price objective (down previously from $70.00) on shares of QuidelOrtho in a research report on Monday, March 4th. Royal Bank of Canada lowered their price objective on QuidelOrtho from $130.00 to $81.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. Craig Hallum reiterated a “hold” rating on shares of QuidelOrtho in a research report on Wednesday, February 14th. JPMorgan Chase & Co. downgraded QuidelOrtho from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $66.00 to $37.00 in a research report on Wednesday, February 14th. Finally, Raymond James restated an “outperform” rating and set a $76.00 target price (down previously from $100.00) on shares of QuidelOrtho in a report on Wednesday, February 14th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $61.60.

QuidelOrtho Price Performance

Shares of QDEL stock opened at $40.30 on Wednesday. The stock has a market cap of $2.70 billion, a price-to-earnings ratio of -251.88 and a beta of 0.11. The business’s fifty day moving average is $47.63 and its 200 day moving average is $61.35. QuidelOrtho Co. has a twelve month low of $39.86 and a twelve month high of $95.02. The company has a quick ratio of 0.88, a current ratio of 1.57 and a debt-to-equity ratio of 0.45.

QuidelOrtho (NASDAQ:QDEL) last issued its quarterly earnings results on Tuesday, February 13th. The company reported $1.17 earnings per share for the quarter, missing the consensus estimate of $2.01 by ($0.84). The firm had revenue of $742.60 million during the quarter, compared to analysts’ expectations of $796.91 million. QuidelOrtho had a positive return on equity of 5.54% and a negative net margin of 0.34%. QuidelOrtho’s revenue for the quarter was down 14.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.74 earnings per share. Research analysts expect that QuidelOrtho Co. will post 2.36 EPS for the current fiscal year.

QuidelOrtho Profile

QuidelOrtho Corporation provides diagnostic testing 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.