JPMorgan Chase & Co. Acquires 779,472 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

JPMorgan Chase & Co. grew its holdings in shares of QuidelOrtho Co. (NASDAQ:QDELGet Rating) by 878.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 868,201 shares of the company’s stock after purchasing an additional 779,472 shares during the quarter. JPMorgan Chase & Co.’s holdings in QuidelOrtho were worth $84,372,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of QDEL. State of New Jersey Common Pension Fund D raised its stake in QuidelOrtho by 5.9% in the first quarter. State of New Jersey Common Pension Fund D now owns 24,514 shares of the company’s stock valued at $2,757,000 after purchasing an additional 1,366 shares in the last quarter. Shell Asset Management Co. raised its stake in QuidelOrtho by 19.0% in the first quarter. Shell Asset Management Co. now owns 4,577 shares of the company’s stock valued at $515,000 after purchasing an additional 730 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of QuidelOrtho by 15.7% during the first quarter. Envestnet Asset Management Inc. now owns 27,209 shares of the company’s stock worth $3,060,000 after acquiring an additional 3,687 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of QuidelOrtho by 354.8% during the first quarter. Victory Capital Management Inc. now owns 30,138 shares of the company’s stock worth $3,032,000 after acquiring an additional 23,511 shares in the last quarter. Finally, ClariVest Asset Management LLC raised its stake in shares of QuidelOrtho by 143.9% during the first quarter. ClariVest Asset Management LLC now owns 18,300 shares of the company’s stock worth $2,059,000 after acquiring an additional 10,798 shares in the last quarter. 87.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on QDEL. JPMorgan Chase & Co. cut their target price on shares of QuidelOrtho from $100.00 to $93.00 and set a “neutral” rating on the stock in a report on Thursday, November 3rd. Citigroup began coverage on shares of QuidelOrtho in a report on Monday, September 19th. They issued a “neutral” rating and a $90.00 target price on the stock. StockNews.com began coverage on shares of QuidelOrtho in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Finally, UBS Group upgraded shares of QuidelOrtho from a “sell” rating to a “neutral” rating and set a $86.00 target price on the stock in a report on Friday, October 14th. Four analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $99.75.

QuidelOrtho Stock Performance

NASDAQ:QDEL opened at $88.15 on Thursday. The stock has a market cap of $5.82 billion, a P/E ratio of 4.69 and a beta of 0.28. The firm’s fifty day simple moving average is $81.03 and its 200 day simple moving average is $89.95. QuidelOrtho Co. has a twelve month low of $66.88 and a twelve month high of $180.06. The company has a quick ratio of 1.04, a current ratio of 1.66 and a debt-to-equity ratio of 0.52.

QuidelOrtho Profile

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QuidelOrtho Corporation focuses on the development and manufacture of diagnostic testing technologies across the continuum of healthcare testing needs. 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.

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Institutional Ownership by Quarter for QuidelOrtho (NASDAQ:QDEL)

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