QuidelOrtho Co. (NASDAQ:QDEL) Major Shareholder Carlyle Group Inc. Sells 81,482 Shares

QuidelOrtho Co. (NASDAQ:QDEL) major shareholder Carlyle Group Inc. sold 81,482 shares of the stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $33.19, for a total transaction of $2,704,387.58. Following the completion of the sale, the insider now directly owns 11,617,068 shares in the company, valued at $385,570,486.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• 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 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 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 shares were sold at an average price of $40.23, for a total value of $2,585,300.49.

QuidelOrtho Stock Performance

Shares of QDEL stock traded down $0.23 during trading hours on Thursday, hitting $33.53. 637,666 shares of the company’s stock were exchanged, compared to its average volume of 981,999. The company has a current ratio of 1.55, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68. QuidelOrtho Co. has a 12-month low of $32.47 and a 12-month high of $89.11. The business’s 50 day simple moving average is $40.67 and its 200-day simple moving average is $52.19.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Royal Bank of Canada lowered their target price 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 reaffirmed a “sell” rating and set a $42.00 price objective (down from $70.00) on shares of QuidelOrtho in a report on Monday, March 4th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $59.00.

Hedge Funds Weigh In On QuidelOrtho

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Citigroup Inc. boosted its stake in shares of QuidelOrtho by 25.0% during the third quarter. Citigroup Inc. now owns 5,808 shares of the company’s stock valued at $424,000 after purchasing an additional 1,161 shares during the period. Mariner LLC grew its holdings in QuidelOrtho by 10.3% in the 3rd quarter. Mariner LLC now owns 8,505 shares of the company’s stock worth $621,000 after acquiring an additional 797 shares during the last quarter. Deerfield Management Company L.P. Series C purchased a new position in shares of QuidelOrtho in the third quarter valued at about $10,956,000. Rubric Capital Management LP bought a new position in shares of QuidelOrtho during the third quarter valued at about $21,651,000. Finally, Comerica Bank purchased a new stake in shares of QuidelOrtho during the third quarter worth about $5,156,000. 99.00% of the stock is currently owned by institutional investors.

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.