On September 2, 2023, American Century Companies Inc., a leading institutional investor, announced a decrease in its stake in QuidelOrtho Co. (NASDAQ:QDEL) by 21.9% during the first quarter of the year. This information was revealed in the company’s most recent Form 13F filing with the Securities and Exchange Commission. As a result of this decrease, American Century Companies Inc. now owns approximately 212,165 shares of QuidelOrtho Co., down from their previous holding of 271,717 shares.
At the end of the most recent quarter, the value of American Century Companies Inc.’s stake in QuidelOrtho Co. amounted to $18,687,000. With this reduction in ownership, American Century Companies Inc.’s stake in QuidelOrtho Co. now represents around 0.32% of the company’s total shares outstanding.
QuidelOrtho (NASDAQ:QDEL), on the other hand, recently released its quarterly earnings results for the period ending August 8th. The company reported earnings per share (EPS) of $0.26 for the quarter, surpassing analysts’ consensus estimate by $0.03 per share. QuidelOrtho’s revenue for the quarter reached $665.10 million, exceeding analysts’ expectations of $615.11 million.
The solid financial performance can be attributed to QuidelOrtho’s strategic focus on developing and manufacturing diagnostic testing technologies and solutions to meet evolving market demands. The company operates through various business units, including Labs, Transfusion Medicine, Point-of-Care, and Molecular Diagnostics.
Under its Labs business unit, QuidelOrtho provides clinical chemistry laboratory instruments and tests that enable healthcare professionals to measure target chemicals present in bodily fluids for health evaluation and patient management purposes. Additionally, they offer immunoassay laboratory instruments and tests that help in detecting proteins related to diseases, antibodies indicative of immune response, or markers for organ function and overall health.
Furthermore, QuidelOrtho’s Labs business unit offers a wide range of testing products designed to detect and monitor disease progression across different therapeutic areas, addressing the multi-faceted needs of healthcare practitioners and patients. The company also specializes in providing diagnostic solutions tailored to specific medical needs.
By consistently delivering innovative products and solutions, QuidelOrtho has demonstrated its commitment to meeting the growing demand for accurate and efficient diagnostic testing technologies. This dedication is reflected in their financial performance, with an 8.4% increase in revenue during the most recent quarter compared to the same period last year.
Looking ahead, research analysts anticipate that QuidelOrtho Co. will post earnings per share of $4.97 for the current fiscal year. With its solid financial performance and ongoing commitment to advancing diagnostic testing technologies, QuidelOrtho is well-positioned to continue thriving in the healthcare industry. Investors are expected to closely monitor future developments within the company as it continues its quest for innovation and growth.
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QuidelOrtho Attracts Prominent Investors and Analyst Interest with Potential for Growth
In the ever-evolving world of investments, it is not uncommon for large investors to make changes to their positions in various stocks. One notable example of this is seen with QuidelOrtho, a company that has recently caught the attention of several prominent investors.
T. Rowe Price Investment Management Inc., a well-known investment management firm, has increased its position in shares of QuidelOrtho by 2.5% during the fourth quarter. This move has allowed T. Rowe Price Investment Management Inc. to now own an impressive 6,506,473 shares of the company’s stock, which amounts to a value of $557,410,000. What’s even more intriguing is that they acquired an additional 160,782 shares in just the last quarter.
Another major investor that has seen potential in QuidelOrtho is ArrowMark Colorado Holdings LLC. They too have increased their position in shares of QuidelOrtho by a substantial 13.7% during the fourth quarter. As a result, ArrowMark Colorado Holdings LLC now holds 2,928,892 shares of the company’s stock worth $250,918,000 – a noteworthy addition of 352,574 shares during the last quarter alone.
Senvest Management LLC has also expressed confidence in QuidelOrtho through its decision to grow its position by 11.6% during the same fourth-quarter period. With an enlarged holding now encompassing 2,798,149 shares valued at $239,717,000 – including an additional 290,941 acquired over the last quarter – Senvest Management LLC clearly sees potential in this company.
State Street Corp joins these esteemed investors with its decision to raise its holdings in QuidelOrtho by 6.3% during the third quarter; State Street Corp now owns an impressive 1,487,o58 shares worth $106295000 after acquiring an additional 88,167 shares in just the last quarter.
Additionally, Alyeska Investment Group L.P. has demonstrated its confidence by making a new stake in QuidelOrtho during the fourth quarter, with an investment of about $92,264,000. This kind of investment clearly showcases their belief in the potential of this company.
It is fascinating to note that institutional investors collectively own 93.87% of QuidelOrtho’s stock. This overwhelming presence highlights the trust and confidence placed in this promising company within the investment community.
With all these significant developments taking place within QuidelOrtho, it comes as no surprise that there has been recent interest from analysts as well. JPMorgan Chase & Co., for instance, released a research report on QuidelOrtho where they lowered their price target on the stock from $91.00 to $85.00 and assigned a “neutral” rating. Similarly, Raymond James decreased their target price from $130.00 to $110.00 while assigning a “strong-buy” rating on the stock.
Royal Bank of Canada also weighed in with their support for QuidelOrtho, reaffirming an “outperform” rating and setting a target price of $136.00 on the stock. Finally, StockNews.com began covering QuidelOrtho and issued a “hold” rating on the stock.
Overall, it appears that analysts are cautiously optimistic about QuidelOrtho’s future prospects; three have rated it as a hold while two have labeled it as a buy and one analyst even considers it a strong buy. According to data from Bloomberg.com, the stock currently has an average rating of “Moderate Buy” with a consensus target price of $119.17.
Indeed, with such influential investors taking notice and analysts carefully scrutinizing its potential, there is certainly something noteworthy happening within QuidelOrtho. As the stock opens at $82.36 and with a market capitalization of $5.50 billion, it will be interesting to see how these recent developments impact its future trajectory.
Sources:
1. https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=239149659
2.https://www.reuters.com/markets/us/lyra-therapeutics-inc-price-consensus-chart-685508
3.https://finance.yahoo.com/quote/QDEL/
4. https://www.marketwatch.com/investing/stock/qdel
