QuidelOrtho (NASDAQ:QDEL) Receives “Outperform” Rating from Royal Bank of Canada

QuidelOrtho (NASDAQ:QDEL)‘s stock had its “outperform” rating restated by equities researchers at Royal Bank of Canada in a research report issued on Tuesday, Benzinga reports. They presently have a $140.00 price target on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 84.94% from the company’s current price.

Several other research firms have also weighed in on QDEL. StockNews.com initiated coverage on QuidelOrtho in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Raymond James dropped their price target on QuidelOrtho from $130.00 to $110.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, August 15th. Finally, JPMorgan Chase & Co. cut their price target on QuidelOrtho from $91.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, August 9th. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $119.83.

QuidelOrtho Trading Up 0.9 %

Shares of QuidelOrtho stock traded up $0.66 during trading on Tuesday, hitting $75.70. The company’s stock had a trading volume of 18,792 shares, compared to its average volume of 458,522. The stock has a market cap of $5.06 billion, a price-to-earnings ratio of 114.70 and a beta of 0.27. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.66 and a quick ratio of 0.97. QuidelOrtho has a 52 week low of $66.88 and a 52 week high of $102.00. The stock has a 50-day moving average price of $80.91 and a two-hundred day moving average price of $84.87.

QuidelOrtho (NASDAQ:QDEL) last released its earnings results on Tuesday, August 8th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. The business had revenue of $665.10 million during the quarter, compared to the consensus estimate of $615.11 million. QuidelOrtho had a net margin of 1.43% and a return on equity of 7.65%. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.11 EPS. Equities research analysts anticipate that QuidelOrtho will post 4.96 EPS for the current fiscal year.

Institutional Investors Weigh In On QuidelOrtho

Hedge funds and other institutional investors have recently modified their holdings of the company. T. Rowe Price Investment Management Inc. raised its holdings in QuidelOrtho by 2.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,506,473 shares of the company’s stock worth $557,410,000 after buying an additional 160,782 shares during the last quarter. ArrowMark Colorado Holdings LLC lifted its position in QuidelOrtho by 12.1% in the 1st quarter. ArrowMark Colorado Holdings LLC now owns 3,282,454 shares of the company’s stock valued at $292,434,000 after acquiring an additional 353,562 shares in the last quarter. Senvest Management LLC boosted its stake in QuidelOrtho by 4.1% during the 2nd quarter. Senvest Management LLC now owns 3,095,278 shares of the company’s stock valued at $256,475,000 after purchasing an additional 120,957 shares during the last quarter. State Street Corp increased its holdings in QuidelOrtho by 0.9% during the 2nd quarter. State Street Corp now owns 1,554,116 shares of the company’s stock worth $128,774,000 after purchasing an additional 14,591 shares in the last quarter. Finally, Neuberger Berman Group LLC raised its stake in shares of QuidelOrtho by 25,343.0% in the first quarter. Neuberger Berman Group LLC now owns 1,152,061 shares of the company’s stock worth $102,637,000 after purchasing an additional 1,147,533 shares during the last quarter. Institutional investors own 93.87% of the company’s stock.

About QuidelOrtho

QuidelOrtho Corporation focuses on the development and manufacture of diagnostic testing technologies and 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.