Private Management Group Inc. Sells 11,241 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

Private Management Group Inc. trimmed its position in QuidelOrtho Co. (NASDAQ:QDEL) by 1.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 615,464 shares of the company’s stock after selling 11,241 shares during the period. Private Management Group Inc.’s holdings in QuidelOrtho were worth $27,419,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of QDEL. Rubric Capital Management LP raised its stake in QuidelOrtho by 15.2% in the third quarter. Rubric Capital Management LP now owns 4,200,000 shares of the company’s stock valued at $191,520,000 after buying an additional 554,410 shares during the last quarter. State Street Corp boosted its stake in QuidelOrtho by 16.9% in the 3rd quarter. State Street Corp now owns 1,907,898 shares of the company’s stock worth $87,000,000 after purchasing an additional 275,522 shares in the last quarter. FMR LLC grew its position in QuidelOrtho by 28.0% during the 3rd quarter. FMR LLC now owns 1,256,356 shares of the company’s stock worth $57,290,000 after purchasing an additional 274,633 shares during the last quarter. Geode Capital Management LLC increased its stake in QuidelOrtho by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 920,703 shares of the company’s stock valued at $41,996,000 after purchasing an additional 16,059 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in shares of QuidelOrtho in the third quarter worth $34,320,000. 99.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on QDEL shares. Jefferies Financial Group started coverage on QuidelOrtho in a research note on Tuesday, December 10th. They set a “hold” rating and a $43.00 price target on the stock. William Blair restated a “market perform” rating on shares of QuidelOrtho in a research report on Wednesday, November 20th. Finally, Citigroup raised QuidelOrtho from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $44.00 to $50.00 in a research note on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $53.43.

QuidelOrtho Stock Up 2.9 %

NASDAQ:QDEL opened at $43.97 on Thursday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.38 and a quick ratio of 0.81. QuidelOrtho Co. has a 1-year low of $29.74 and a 1-year high of $69.83. The firm has a 50-day moving average of $43.10 and a two-hundred day moving average of $42.18.

QuidelOrtho (NASDAQ:QDEL) last released its earnings results on Thursday, November 7th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.55. The company had revenue of $727.00 million during the quarter, compared to the consensus estimate of $642.16 million. QuidelOrtho had a negative net margin of 66.25% and a positive return on equity of 4.24%. The company’s revenue was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.90 EPS. As a group, equities analysts anticipate that QuidelOrtho Co. will post 1.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Brian J. Blaser acquired 6,033 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was purchased at an average cost of $41.42 per share, for a total transaction of $249,886.86. Following the purchase, the chief executive officer now directly owns 6,033 shares in the company, valued at $249,886.86. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $35.31, for a total transaction of $291,667,061.73. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

QuidelOrtho Profile

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.