Burkehill Global Management LP Buys Shares of 200,000 QuidelOrtho Co. (NASDAQ:QDEL)

Burkehill Global Management LP purchased a new position in QuidelOrtho Co. (NASDAQ:QDEL) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 200,000 shares of the company’s stock, valued at approximately $8,910,000. Burkehill Global Management LP owned approximately 0.30% of QuidelOrtho at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of QDEL. Cerity Partners LLC bought a new stake in QuidelOrtho during the 3rd quarter worth approximately $605,000. State Street Corp boosted its holdings in shares of QuidelOrtho by 16.9% in the third quarter. State Street Corp now owns 1,907,898 shares of the company’s stock valued at $87,000,000 after buying an additional 275,522 shares during the period. FMR LLC increased its position in shares of QuidelOrtho by 28.0% during the third quarter. FMR LLC now owns 1,256,356 shares of the company’s stock worth $57,290,000 after acquiring an additional 274,633 shares in the last quarter. Merit Financial Group LLC acquired a new stake in shares of QuidelOrtho during the fourth quarter worth $301,000. Finally, Principal Financial Group Inc. lifted its position in QuidelOrtho by 64.5% in the 3rd quarter. Principal Financial Group Inc. now owns 272,037 shares of the company’s stock valued at $12,405,000 after acquiring an additional 106,642 shares in the last quarter. Institutional investors and hedge funds own 99.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. UBS Group increased their target price on QuidelOrtho from $43.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Citigroup upgraded QuidelOrtho from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $44.00 to $50.00 in a report on Wednesday, December 11th. Jefferies Financial Group initiated coverage on QuidelOrtho in a research report on Tuesday, December 10th. They issued a “hold” rating and a $43.00 target price on the stock. William Blair reaffirmed a “market perform” rating on shares of QuidelOrtho in a research report on Wednesday, November 20th. Finally, Royal Bank of Canada lowered their price objective on shares of QuidelOrtho from $64.00 to $61.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $51.20.

QuidelOrtho Stock Performance

QDEL opened at $36.87 on Thursday. The business’s 50-day simple moving average is $42.29 and its 200 day simple moving average is $42.07. QuidelOrtho Co. has a 52-week low of $29.74 and a 52-week high of $49.45. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.69 and a current ratio of 1.22. The firm has a market capitalization of $2.49 billion, a PE ratio of -1.22 and a beta of 0.10.

QuidelOrtho (NASDAQ:QDEL) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.44). QuidelOrtho had a positive return on equity of 3.78% and a negative net margin of 72.84%. As a group, sell-side analysts expect that QuidelOrtho Co. will post 2.3 earnings per share for the current fiscal year.

About QuidelOrtho

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.