Perigon Wealth Management LLC Acquires Shares of 3,149 QuidelOrtho Co. (NASDAQ:QDEL)

Perigon Wealth Management LLC acquired a new stake in QuidelOrtho Co. (NASDAQ:QDEL) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 3,149 shares of the company’s stock, valued at approximately $232,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Money Concepts Capital Corp lifted its stake 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 buying an additional 135 shares during the last quarter. Global Retirement Partners LLC raised its stake in shares of QuidelOrtho by 109.0% during the third quarter. Global Retirement Partners LLC now owns 347 shares of the company’s stock worth $26,000 after purchasing an additional 181 shares during the last quarter. Eagle Bay Advisors LLC raised its stake in shares of QuidelOrtho by 174.2% during the second quarter. Eagle Bay Advisors LLC now owns 351 shares of the company’s stock worth $34,000 after purchasing an additional 223 shares during the last quarter. First Horizon Advisors Inc. raised its stake in shares of QuidelOrtho by 48.6% during the first quarter. First Horizon Advisors Inc. now owns 822 shares of the company’s stock worth $73,000 after purchasing an additional 269 shares during the last quarter. Finally, Covestor Ltd raised its stake in shares of QuidelOrtho by 104.6% during the first quarter. Covestor Ltd now owns 1,207 shares of the company’s stock worth $136,000 after purchasing an additional 617 shares during the last quarter. Hedge funds and other institutional investors own 99.00% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on QDEL. Raymond James restated an “outperform” rating and set a $76.00 price target (down previously from $100.00) on shares of QuidelOrtho in a research note on Wednesday, February 14th. William Blair reiterated a “market perform” rating on shares of QuidelOrtho in a research report on Wednesday, February 14th. 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. Craig Hallum reiterated a “hold” rating on shares of QuidelOrtho in a research report on Wednesday, February 14th. Finally, Royal Bank of Canada cut 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. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $61.60.

Insider Buying and Selling at QuidelOrtho

In related news, CFO Joseph M. Busky acquired 2,150 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was purchased at an average price of $46.35 per share, for a total transaction of $99,652.50. Following the transaction, the chief financial officer now owns 2,150 shares in the company, valued at approximately $99,652.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.00% of the stock is owned by corporate insiders.

QuidelOrtho Stock Performance

QuidelOrtho stock opened at $38.71 on Thursday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.57 and a quick ratio of 0.88. QuidelOrtho Co. has a fifty-two week low of $38.67 and a fifty-two week high of $95.02. The stock’s fifty day moving average is $47.05 and its two-hundred day moving average is $61.19.

QuidelOrtho (NASDAQ:QDEL) last posted its 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 analyst estimates of $796.91 million. QuidelOrtho had a negative net margin of 0.34% and a positive return on equity of 5.54%. The firm’s revenue for the quarter was down 14.3% on a year-over-year basis. During the same period last year, the company posted $1.74 EPS. Sell-side analysts forecast that QuidelOrtho Co. will post 2.36 EPS for the current fiscal year.

QuidelOrtho Company 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.