QuidelOrtho Co. (NASDAQ:QDEL) Major Shareholder Carlyle Group Inc. Sells 49,937 Shares

QuidelOrtho Co. (NASDAQ:QDEL) major shareholder Carlyle Group Inc. sold 49,937 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $33.05, for a total transaction of $1,650,417.85. Following the completion of the sale, the insider now directly owns 11,520,751 shares of the company’s stock, valued at approximately $380,760,820.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Carlyle Group Inc. also recently made the following trade(s):

• On Wednesday, June 26th, Carlyle Group Inc. sold 81,482 shares of QuidelOrtho stock. The shares were sold at an average price of $33.19, for a total transaction of $2,704,387.58.
• On Monday, June 24th, Carlyle Group Inc. sold 73,713 shares of QuidelOrtho stock. The shares were sold at an average price of $34.34, for a total transaction of $2,531,304.42.
• On Thursday, June 20th, Carlyle Group Inc. sold 67,207 shares of QuidelOrtho stock. The shares were sold at an average price of $34.89, for a total transaction of $2,344,852.23.
• On Monday, June 17th, Carlyle Group Inc. sold 99,642 shares of QuidelOrtho stock. The shares were sold at an average price of $35.99, for a total transaction of $3,586,115.58.
• On Friday, June 14th, Carlyle Group Inc. sold 127,981 shares of QuidelOrtho stock. The shares were sold at an average price of $36.19, for a total transaction of $4,631,632.39.
• On Wednesday, June 12th, Carlyle Group Inc. sold 64,263 shares of QuidelOrtho stock. The shares were sold at an average price of $40.23, for a total transaction of $2,585,300.49.

QuidelOrtho Trading Down 4.8 %

Shares of QDEL stock traded down $1.59 on Monday, hitting $31.63. The stock had a trading volume of 1,032,169 shares, compared to its average volume of 982,148. QuidelOrtho Co. has a twelve month low of $31.61 and a twelve month high of $89.11. The firm has a market cap of $2.12 billion, a P/E ratio of -1.20 and a beta of 0.07. The company has a current ratio of 1.55, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68. The company has a fifty day moving average price of $40.46 and a two-hundred day moving average price of $51.60.

QuidelOrtho (NASDAQ:QDEL) last announced its earnings results on Wednesday, May 8th. The company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). The company had revenue of $711.00 million during the quarter, compared to analyst estimates of $697.33 million. QuidelOrtho had a positive return on equity of 3.96% and a negative net margin of 61.65%. As a group, analysts forecast that QuidelOrtho Co. will post 1.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On QuidelOrtho

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Pinnacle Associates Ltd. boosted its stake in QuidelOrtho by 167.4% in the 4th quarter. Pinnacle Associates Ltd. now owns 85,375 shares of the company’s stock worth $6,292,000 after purchasing an additional 53,446 shares during the period. Dimensional Fund Advisors LP boosted its stake in QuidelOrtho by 144.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 908,554 shares of the company’s stock worth $66,961,000 after purchasing an additional 536,492 shares during the period. Wellington Management Group LLP boosted its stake in QuidelOrtho by 11.2% in the 3rd quarter. Wellington Management Group LLP now owns 760,632 shares of the company’s stock worth $55,557,000 after purchasing an additional 76,866 shares during the period. Comerica Bank acquired a new position in QuidelOrtho in the 3rd quarter worth $5,156,000. Finally, Citigroup Inc. lifted its position in QuidelOrtho by 25.0% during the 3rd quarter. Citigroup Inc. now owns 5,808 shares of the company’s stock worth $424,000 after buying an additional 1,161 shares in the last quarter. 99.00% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on QDEL shares. Royal Bank of Canada reduced their price objective on shares of QuidelOrtho from $81.00 to $68.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. UBS Group reissued a “sell” rating and set a $42.00 price target (down from $70.00) on shares of QuidelOrtho in a research report on Monday, March 4th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, QuidelOrtho presently has an average rating of “Hold” and a consensus price target of $59.00.

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.