Zurcher Kantonalbank Zurich Cantonalbank Increases Holdings in QuidelOrtho Co. (NASDAQ:QDEL)

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 154.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,178 shares of the company’s stock after buying an additional 15,289 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in QuidelOrtho were worth $1,856,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Global Retirement Partners LLC raised its position in shares of QuidelOrtho by 109.0% during the 3rd quarter. Global Retirement Partners LLC now owns 347 shares of the company’s stock valued at $26,000 after buying an additional 181 shares in the last quarter. Arizona State Retirement System grew its holdings in QuidelOrtho by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 14,229 shares of the company’s stock valued at $1,039,000 after purchasing an additional 200 shares during the last quarter. Orion Portfolio Solutions LLC grew its holdings in QuidelOrtho by 3.2% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 9,768 shares of the company’s stock valued at $713,000 after purchasing an additional 305 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in QuidelOrtho by 2.9% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 22,832 shares of the company’s stock valued at $1,668,000 after purchasing an additional 651 shares during the last quarter. Finally, Mariner LLC grew its holdings in QuidelOrtho by 10.3% during the 3rd quarter. Mariner LLC now owns 8,505 shares of the company’s stock valued at $621,000 after purchasing an additional 797 shares during the last quarter. 99.00% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other QuidelOrtho news, CFO Joseph M. Busky acquired 2,150 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were purchased at an average cost of $46.35 per share, for a total transaction of $99,652.50. Following the completion of the purchase, the chief financial officer now owns 2,150 shares in the company, valued at $99,652.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.00% of the company’s stock.

QuidelOrtho Price Performance

Shares of QDEL stock opened at $40.82 on Thursday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.88 and a current ratio of 1.57. The company’s 50-day simple moving average is $44.67 and its two-hundred day simple moving average is $60.03. QuidelOrtho Co. has a one year low of $37.78 and a one year high of $95.02.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings data on Tuesday, February 13th. The company reported $1.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.84). QuidelOrtho had a negative net margin of 0.34% and a positive return on equity of 5.54%. The business had revenue of $742.60 million for the quarter, compared to the consensus estimate of $796.91 million. During the same quarter in the prior year, the business posted $1.74 earnings per share. QuidelOrtho’s revenue for the quarter was down 14.3% on a year-over-year basis. On average, sell-side analysts anticipate that QuidelOrtho Co. will post 2.28 EPS for the current year.

Analyst Ratings Changes

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

About QuidelOrtho

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.