Bank of New York Mellon Corp Has $14.54 Million Stock Position in QuidelOrtho Corporation (NASDAQ:QDEL)

Bank of New York Mellon Corp lowered its position in QuidelOrtho Corporation (NASDAQ:QDEL) by 6.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 415,764 shares of the company’s stock after selling 27,979 shares during the period. Bank of New York Mellon Corp owned 0.62% of QuidelOrtho worth $14,539,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. boosted its position in shares of QuidelOrtho by 19.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 11,238,826 shares of the company’s stock valued at $500,690,000 after buying an additional 1,840,667 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of QuidelOrtho by 12.6% during the fourth quarter. Vanguard Group Inc. now owns 6,817,412 shares of the company’s stock valued at $303,716,000 after buying an additional 764,900 shares during the last quarter. Invesco Ltd. boosted its position in shares of QuidelOrtho by 71.7% during the fourth quarter. Invesco Ltd. now owns 3,447,446 shares of the company’s stock valued at $153,584,000 after buying an additional 1,439,293 shares during the last quarter. ArrowMark Colorado Holdings LLC boosted its position in shares of QuidelOrtho by 5.4% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 1,977,697 shares of the company’s stock valued at $88,106,000 after buying an additional 100,522 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in QuidelOrtho by 14.0% during the fourth quarter. JPMorgan Chase & Co. now owns 1,406,654 shares of the company’s stock worth $62,666,000 after acquiring an additional 173,174 shares during the period. Institutional investors own 99.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on QDEL shares. Wall Street Zen raised QuidelOrtho from a “hold” rating to a “buy” rating in a research report on Friday, June 6th. Jefferies Financial Group upgraded QuidelOrtho from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research report on Thursday, May 8th. JPMorgan Chase & Co. reduced their target price on QuidelOrtho from $38.00 to $25.00 and set an “underweight” rating for the company in a research report on Monday, April 21st. Finally, UBS Group dropped their price target on QuidelOrtho from $45.00 to $29.00 and set a “neutral” rating for the company in a research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $44.33.

QuidelOrtho Stock Down 4.6%

QDEL stock opened at $25.45 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.66 and a current ratio of 1.20. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of -5.12 and a beta of 0.07. The business’s 50 day moving average price is $30.12 and its two-hundred day moving average price is $34.50. QuidelOrtho Corporation has a fifty-two week low of $23.77 and a fifty-two week high of $49.45.

QuidelOrtho (NASDAQ:QDEL) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.13. QuidelOrtho had a positive return on equity of 4.71% and a negative net margin of 12.07%. The company had revenue of $692.80 million for the quarter, compared to the consensus estimate of $694.97 million. During the same quarter in the prior year, the business posted $0.44 EPS. The firm’s quarterly revenue was down 2.6% compared to the same quarter last year. As a group, analysts forecast that QuidelOrtho Corporation will post 2.3 earnings per share 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.