Should You Add QuidelOrtho (QDEL) to Your Portfolio?
ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Value Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed the Russell 2000 value Index in the second quarter. On an absolute basis, the strategy gained all 11 sectors it invested in during the quarter. IT and industrial sectors were the leading contributors while the utility sector detracted. Overall stock selection improved performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Small Cap Value Strategy highlighted stocks like QuidelOrtho Corporation (NASDAQ:QDEL) in the second quarter 2023 investor letter. Headquartered in San Diego, California, QuidelOrtho Corporation (NASDAQ:QDEL) is a diagnostic testing technologies manufacturer. On September 20, 2023, QuidelOrtho Corporation (NASDAQ:QDEL) stock closed at $73.45 per share. One-month return of QuidelOrtho Corporation (NASDAQ:QDEL) was -6.23%, and its shares lost 0.15% of their value over the last 52 weeks. QuidelOrtho Corporation (NASDAQ:QDEL) has a market capitalization of $4.906 billion.
ClearBridge Small Cap Value Strategy made the following comment about QuidelOrtho Corporation (NASDAQ:QDEL) in its Q2 2023 investor letter:
"We initiated a position in QuidelOrtho Corporation (NASDAQ:QDEL), in the health care sector, which develops and manufactures diagnostic testing technologies and solutions. The current stock price discounts very modest long-term growth and no margin improvement. We believe that the combination of Quidel and Ortho results in a company that can produce steady growth over time via cross-selling opportunities, menu expansion across various platforms, and the introduction of a new molecular testing platform. Margins will expand over time as testing revenue grows and synergies are captured. In the near to medium term, however, we expect some noise in results due to fluctuations in revenues related to COVID-19 testing."
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QuidelOrtho Corporation (NASDAQ:QDEL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held QuidelOrtho Corporation (NASDAQ:QDEL) at the end of second quarter which was 28 in the previous quarter.
We discussed QuidelOrtho Corporation (NASDAQ:QDEL) in another article and shared the list of high growth low PE stocks. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
