Arizona PSPRS Trust Invests $438,000 in QuidelOrtho Co. (NASDAQ:QDEL)

Arizona PSPRS Trust purchased a new stake in QuidelOrtho Co. (NASDAQ:QDEL) in the third quarter, Holdings Channel reports. The firm purchased 9,600 shares of the company’s stock, valued at approximately $438,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Texas Permanent School Fund Corp lifted its holdings in shares of QuidelOrtho by 0.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 43,532 shares of the company’s stock worth $1,446,000 after buying an additional 257 shares during the period. Balanced Rock Investment Advisors LLC lifted its position in shares of QuidelOrtho by 5.1% in the 2nd quarter. Balanced Rock Investment Advisors LLC now owns 6,784 shares of the company’s stock worth $225,000 after purchasing an additional 329 shares during the period. GAMMA Investing LLC boosted its stake in shares of QuidelOrtho by 27.0% during the second quarter. GAMMA Investing LLC now owns 1,778 shares of the company’s stock valued at $59,000 after purchasing an additional 378 shares in the last quarter. Algert Global LLC increased its holdings in QuidelOrtho by 1.0% during the second quarter. Algert Global LLC now owns 46,846 shares of the company’s stock valued at $1,556,000 after buying an additional 450 shares during the period. Finally, Hunter Perkins Capital Management LLC raised its stake in QuidelOrtho by 2.9% in the third quarter. Hunter Perkins Capital Management LLC now owns 18,588 shares of the company’s stock worth $848,000 after buying an additional 530 shares in the last quarter. Institutional investors own 99.00% of the company’s stock.

QuidelOrtho Stock Performance

Shares of QDEL opened at $41.00 on Monday. The stock has a 50-day moving average of $40.88 and a two-hundred day moving average of $40.21. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.81 and a current ratio of 1.38. The stock has a market cap of $2.76 billion, a P/E ratio of -1.47 and a beta of 0.12. QuidelOrtho Co. has a one year low of $29.74 and a one year high of $75.86.

QuidelOrtho (NASDAQ:QDEL) last issued its earnings results on Thursday, November 7th. The company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.55. QuidelOrtho had a positive return on equity of 4.24% and a negative net margin of 66.25%. The firm had revenue of $727.00 million for the quarter, compared to analyst estimates of $642.16 million. During the same quarter in the prior year, the firm earned $0.90 earnings per share. QuidelOrtho’s revenue for the quarter was down 2.3% on a year-over-year basis. As a group, research analysts predict that QuidelOrtho Co. will post 1.73 EPS for the current year.

Analyst Ratings Changes

QDEL has been the subject of a number of recent research reports. UBS Group started coverage on shares of QuidelOrtho in a report on Thursday, September 19th. They issued a “neutral” rating and a $50.00 target price for the company. William Blair reaffirmed a “market perform” rating on shares of QuidelOrtho in a research report on Wednesday, November 20th. Craig Hallum raised QuidelOrtho from a “hold” rating to a “buy” rating and raised their price objective for the stock from $40.00 to $57.00 in a research report on Thursday, September 5th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $61.00 target price on shares of QuidelOrtho in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, QuidelOrtho presently has an average rating of “Hold” and a consensus price target of $58.83.

Insider Buying and Selling

In related news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of QuidelOrtho stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $35.31, for a total transaction of $291,667,061.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.00% of the stock is currently owned by corporate insiders.

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.