Insider Selling: QuidelOrtho Co. (NASDAQ:QDEL) Major Shareholder Sells $1,580,519.85 in Stock

QuidelOrtho Co. (NASDAQ:QDEL) major shareholder Carlyle Group Inc. sold 50,739 shares of the company’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $31.15, for a total value of $1,580,519.85. Following the completion of the sale, the insider now owns 11,249,724 shares of the company’s stock, valued at approximately $350,428,902.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Monday, July 8th, Carlyle Group Inc. sold 59,973 shares of QuidelOrtho stock. The stock was sold at an average price of $30.39, for a total value of $1,822,579.47.
• On Wednesday, July 3rd, Carlyle Group Inc. sold 52,724 shares of QuidelOrtho stock. The stock was sold at an average price of $30.87, for a total value of $1,627,589.88.
• On Monday, July 1st, Carlyle Group Inc. sold 81,110 shares of QuidelOrtho stock. The stock was sold at an average price of $32.21, for a total value of $2,612,553.10.
• On Friday, June 28th, Carlyle Group Inc. sold 49,937 shares of QuidelOrtho stock. The stock was sold at an average price of $33.05, for a total value of $1,650,417.85.
• On Wednesday, June 26th, Carlyle Group Inc. sold 81,482 shares of QuidelOrtho stock. The stock was sold at an average price of $33.19, for a total value of $2,704,387.58.
• On Monday, June 24th, Carlyle Group Inc. sold 73,713 shares of QuidelOrtho stock. The stock was sold at an average price of $34.34, for a total value 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 value of $2,344,852.23.
• On Monday, June 17th, Carlyle Group Inc. sold 99,642 shares of QuidelOrtho stock. The stock was sold at an average price of $35.99, for a total value of $3,586,115.58.
• On Friday, June 14th, Carlyle Group Inc. sold 127,981 shares of QuidelOrtho stock. The stock was sold at an average price of $36.19, for a total value of $4,631,632.39.
• On Wednesday, June 12th, Carlyle Group Inc. sold 64,263 shares of QuidelOrtho stock. The stock was sold at an average price of $40.23, for a total value of $2,585,300.49.

QuidelOrtho Price Performance

Shares of QDEL opened at $29.96 on Thursday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.81 and a current ratio of 1.55. The firm has a market cap of $2.01 billion, a PE ratio of -1.14 and a beta of 0.07. The firm’s 50 day moving average price is $39.01 and its 200 day moving average price is $49.43. QuidelOrtho Co. has a twelve month low of $29.74 and a twelve month high of $89.11.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly 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 business had revenue of $711.00 million for the quarter, compared to the consensus estimate of $697.33 million. QuidelOrtho had a negative net margin of 61.65% and a positive return on equity of 3.96%. As a group, research analysts expect that QuidelOrtho Co. will post 1.85 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Royal Bank of Canada reduced their price objective on QuidelOrtho from $81.00 to $68.00 and set an “outperform” rating for the company in a research note on Thursday, May 9th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, QuidelOrtho currently has an average rating of “Hold” and an average price target of $59.00.

Institutional Trading of QuidelOrtho

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Comerica Bank acquired a new stake in QuidelOrtho in the 3rd quarter worth approximately $5,156,000. Wellington Management Group LLP boosted its position in QuidelOrtho by 11.2% during the third 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. Citigroup Inc. boosted its position in QuidelOrtho by 25.0% during the third quarter. Citigroup Inc. now owns 5,808 shares of the company’s stock worth $424,000 after purchasing an additional 1,161 shares during the period. Teachers Retirement System of The State of Kentucky boosted its position in QuidelOrtho by 37.4% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 32,794 shares of the company’s stock worth $2,395,000 after purchasing an additional 8,920 shares during the period. Finally, Raymond James Financial Services Advisors Inc. boosted its position in QuidelOrtho by 11.9% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 25,559 shares of the company’s stock worth $1,884,000 after purchasing an additional 2,727 shares during the period. Institutional investors and hedge funds own 99.00% of the company’s stock.

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.