CIBC Asset Management Inc Invests $262,000 in QuidelOrtho Co. (NASDAQ:QDEL)

CIBC Asset Management Inc acquired a new stake in shares of QuidelOrtho Co. (NASDAQ:QDEL) in the third quarter, HoldingsChannel reports. The fund acquired 5,748 shares of the company’s stock, valued at approximately $262,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Capital Performance Advisors LLP bought a new stake in shares of QuidelOrtho in the 3rd quarter worth approximately $25,000. Fifth Third Bancorp raised its holdings in QuidelOrtho by 907.3% during the second quarter. Fifth Third Bancorp now owns 826 shares of the company’s stock valued at $27,000 after buying an additional 744 shares in the last quarter. GAMMA Investing LLC boosted its position in QuidelOrtho by 27.0% during the second quarter. GAMMA Investing LLC now owns 1,778 shares of the company’s stock worth $59,000 after purchasing an additional 378 shares during the period. EMC Capital Management bought a new position in QuidelOrtho in the 1st quarter worth $117,000. Finally, Innealta Capital LLC acquired a new stake in QuidelOrtho in the 2nd quarter valued at approximately $102,000. Institutional investors and hedge funds own 99.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Royal Bank of Canada restated an “outperform” rating and set a $61.00 price target on shares of QuidelOrtho in a research note on Friday, August 16th. William Blair restated a “market perform” rating on shares of QuidelOrtho in a report on Wednesday. Craig Hallum upgraded QuidelOrtho from a “hold” rating to a “buy” rating and increased their price objective for the company from $40.00 to $57.00 in a research report on Thursday, September 5th. Finally, UBS Group started coverage on shares of QuidelOrtho in a research note on Thursday, September 19th. They issued a “neutral” rating and a $50.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $58.83.

Insider Buying and Selling at QuidelOrtho

In other news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $35.31, for a total transaction of $291,667,061.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.00% of the company’s stock.

QuidelOrtho Stock Up 5.9 %

QuidelOrtho stock opened at $40.14 on Friday. The company has a 50 day moving average of $41.49 and a 200-day moving average of $40.36. QuidelOrtho Co. has a twelve month low of $29.74 and a twelve month high of $75.86. The stock has a market capitalization of $2.70 billion, a PE ratio of -1.36 and a beta of 0.12. The company has a quick ratio of 0.81, a current ratio of 1.38 and a debt-to-equity ratio of 0.68.

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