Focus Partners Advisor Solutions LLC Cuts Stock Holdings in QuidelOrtho Corporation $QDEL

Focus Partners Advisor Solutions LLC lowered its position in shares of QuidelOrtho Corporation (NASDAQ:QDEL) by 31.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,455 shares of the company’s stock after selling 3,419 shares during the quarter. Focus Partners Advisor Solutions LLC’s holdings in QuidelOrtho were worth $215,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. increased its position in shares of QuidelOrtho by 1.9% during the first quarter. T. Rowe Price Investment Management Inc. now owns 11,447,188 shares of the company’s stock worth $400,309,000 after purchasing an additional 208,362 shares in the last quarter. Invesco Ltd. boosted its stake in QuidelOrtho by 10.6% during the 1st quarter. Invesco Ltd. now owns 3,813,833 shares of the company’s stock worth $133,370,000 after purchasing an additional 366,387 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of QuidelOrtho by 230.3% during the first quarter. AQR Capital Management LLC now owns 2,655,576 shares of the company’s stock worth $90,130,000 after buying an additional 1,851,590 shares in the last quarter. American Century Companies Inc. raised its position in shares of QuidelOrtho by 42.4% in the first quarter. American Century Companies Inc. now owns 1,588,645 shares of the company’s stock valued at $55,555,000 after buying an additional 473,094 shares during the last quarter. Finally, Segall Bryant & Hamill LLC lifted its stake in shares of QuidelOrtho by 23.1% in the first quarter. Segall Bryant & Hamill LLC now owns 1,288,718 shares of the company’s stock worth $45,066,000 after buying an additional 242,069 shares in the last quarter. 99.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

QDEL has been the subject of several research reports. UBS Group dropped their price objective on shares of QuidelOrtho from $29.00 to $26.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. Wall Street Zen lowered QuidelOrtho from a “buy” rating to a “hold” rating in a research report on Saturday, July 26th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of QuidelOrtho in a report on Wednesday, October 8th. Citigroup reissued a “neutral” rating and set a $33.00 price target (down previously from $40.00) on shares of QuidelOrtho in a research report on Tuesday, October 7th. Finally, Zacks Research cut QuidelOrtho from a “hold” rating to a “strong sell” rating in a report on Monday, October 13th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $37.80.

QuidelOrtho Price Performance

Shares of NASDAQ QDEL opened at $26.99 on Friday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 1.12. QuidelOrtho Corporation has a fifty-two week low of $22.05 and a fifty-two week high of $49.45. The firm has a market capitalization of $1.83 billion, a PE ratio of -4.13 and a beta of 0.27. The stock’s 50-day simple moving average is $28.46 and its 200-day simple moving average is $28.41.

QuidelOrtho (NASDAQ:QDEL) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.01 by $0.11. QuidelOrtho had a negative net margin of 16.10% and a positive return on equity of 5.29%. The company had revenue of $613.90 million for the quarter, compared to analyst estimates of $612.36 million. During the same period in the prior year, the firm posted ($0.07) earnings per share. The firm’s revenue was down 3.6% on a year-over-year basis. As a group, equities research analysts forecast that QuidelOrtho Corporation will post 2.3 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.