CIBC Asset Management Inc Grows Stake in QuidelOrtho Co. (NASDAQ:QDEL)

CIBC Asset Management Inc boosted its stake in QuidelOrtho Co. (NASDAQ:QDEL) by 14.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 6,564 shares of the company’s stock after buying an additional 816 shares during the quarter. CIBC Asset Management Inc’s holdings in QuidelOrtho were worth $292,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Capital Performance Advisors LLP acquired a new stake in shares of QuidelOrtho in the third quarter valued at about $25,000. Blue Trust Inc. grew its stake in QuidelOrtho by 188.0% during the 4th quarter. Blue Trust Inc. now owns 1,293 shares of the company’s stock valued at $58,000 after acquiring an additional 844 shares in the last quarter. Spire Wealth Management acquired a new stake in QuidelOrtho in the 4th quarter valued at about $74,000. KBC Group NV lifted its stake in QuidelOrtho by 122.9% in the 4th quarter. KBC Group NV now owns 3,437 shares of the company’s stock worth $153,000 after purchasing an additional 1,895 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of QuidelOrtho by 4,460.0% during the 3rd quarter. International Assets Investment Management LLC now owns 4,560 shares of the company’s stock worth $208,000 after purchasing an additional 4,460 shares during the last quarter. 99.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at QuidelOrtho

In other news, CEO Brian J. Blaser purchased 6,033 shares of the stock in a transaction dated Wednesday, December 11th. The stock was acquired at an average cost of $41.42 per share, for a total transaction of $249,886.86. Following the completion of the transaction, the chief executive officer now directly owns 6,033 shares in the company, valued at approximately $249,886.86. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 1.00% of the stock is owned by insiders.

QuidelOrtho Stock Performance

NASDAQ QDEL opened at $41.96 on Tuesday. The stock has a fifty day simple moving average of $43.41 and a 200-day simple moving average of $42.40. The company has a current ratio of 1.22, a quick ratio of 0.69 and a debt-to-equity ratio of 0.71. The stock has a market cap of $2.82 billion, a PE ratio of -1.39 and a beta of 0.08. QuidelOrtho Co. has a twelve month low of $29.74 and a twelve month high of $49.45.

QuidelOrtho (NASDAQ:QDEL) last announced its earnings results on Wednesday, February 12th. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.44). QuidelOrtho had a positive return on equity of 3.78% and a negative net margin of 72.84%. Equities analysts anticipate that QuidelOrtho Co. will post 2.3 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on QDEL shares. Royal Bank of Canada cut their price target on QuidelOrtho from $64.00 to $61.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. Citigroup raised QuidelOrtho from a “neutral” rating to a “buy” rating and raised their target price for the stock from $44.00 to $50.00 in a research note on Wednesday, December 11th. StockNews.com cut shares of QuidelOrtho from a “buy” rating to a “hold” rating in a research report on Saturday, February 15th. UBS Group upped their price objective on shares of QuidelOrtho from $43.00 to $45.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Finally, William Blair reaffirmed a “market perform” rating on shares of QuidelOrtho in a research note on Wednesday, November 20th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $51.20.

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.