California Public Employees Retirement System Acquires 2,103 Shares of Quidel Co. (QDEL)
California Public Employees Retirement System raised its holdings in Quidel Co. (NASDAQ:QDEL) by 3.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 58,103 shares of the company’s stock after buying an additional 2,103 shares during the period. California Public Employees Retirement System owned about 0.17% of Quidel worth $2,548,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in QDEL. Acrospire Investment Management LLC lifted its stake in shares of Quidel by 42.2% in the second quarter. Acrospire Investment Management LLC now owns 3,678 shares of the company’s stock valued at $100,000 after buying an additional 1,091 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of Quidel by 4.0% in the second quarter. Legal & General Group Plc now owns 7,209 shares of the company’s stock valued at $197,000 after buying an additional 278 shares in the last quarter. Great West Life Assurance Co. Can lifted its stake in shares of Quidel by 162.7% in the third quarter. Great West Life Assurance Co. Can now owns 4,642 shares of the company’s stock valued at $204,000 after buying an additional 2,875 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Quidel in the third quarter valued at $205,000. Finally, Russell Investments Group Ltd. bought a new position in shares of Quidel in the second quarter valued at $209,000. 92.71% of the stock is currently owned by hedge funds and other institutional investors.
In related news, SVP Robert Joseph Bujarski sold 110,704 shares of the firm’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $39.78, for a total transaction of $4,403,805.12. Following the completion of the sale, the senior vice president now owns 79,797 shares in the company, valued at $3,174,324.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Douglas C. Bryant sold 12,000 shares of the firm’s stock in a transaction dated Friday, December 28th. The stock was sold at an average price of $44.12, for a total transaction of $529,440.00. Following the sale, the chief executive officer now owns 286,493 shares of the company’s stock, valued at approximately $12,640,071.16. The disclosure for this sale can be found here. Insiders have sold 385,790 shares of company stock valued at $15,760,155 in the last 90 days. 22.00% of the stock is currently owned by corporate insiders.
Quidel (NASDAQ:QDEL) last announced its earnings results on Wednesday, November 1st. The company reported ($0.16) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.21). Quidel had a negative net margin of 2.33% and a negative return on equity of 2.36%. The firm had revenue of $50.89 million during the quarter, compared to analysts’ expectations of $50.47 million. During the same quarter in the prior year, the company earned $0.10 EPS. The business’s revenue for the quarter was up 3.1% on a year-over-year basis. sell-side analysts expect that Quidel Co. will post -0.23 EPS for the current year.
QDEL has been the subject of several analyst reports. Canaccord Genuity reiterated a “buy” rating and issued a $48.00 target price (up previously from $42.00) on shares of Quidel in a report on Tuesday, September 19th. Barclays reiterated a “buy” rating and issued a $45.00 target price (up previously from $39.00) on shares of Quidel in a report on Tuesday, September 19th. Raymond James Financial reiterated a “buy” rating and issued a $47.00 target price (up previously from $41.00) on shares of Quidel in a report on Tuesday, September 19th. Piper Jaffray Companies reiterated a “buy” rating and issued a $50.00 target price on shares of Quidel in a report on Friday, November 3rd. Finally, Zacks Investment Research upgraded shares of Quidel from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Friday, October 13th. One equities research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. Quidel currently has a consensus rating of “Buy” and a consensus target price of $50.00.
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Quidel Corporation is engaged in the development, manufacturing and marketing of diagnostic testing solutions. These diagnostic testing solutions are separated into four product categories: immunoassays, molecular assays, virology and specialty products. The Company sells its products directly to end users and distributors, in each case, for professional use in physician offices, hospitals, clinical laboratories, reference laboratories, universities, retail clinics, pharmacies and wellness screening centers.
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