QuidelOrtho Co. (NASDAQ:QDEL) Major Shareholder Sells $1,650,417.85 in Stock

QuidelOrtho Co. (NASDAQ:QDEL) major shareholder Carlyle Group Inc. sold 49,937 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $33.05, for a total value of $1,650,417.85. Following the sale, the insider now directly owns 11,520,751 shares of the company’s stock, valued at $380,760,820.55. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Major shareholders that own more than 10% 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 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 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 stock was 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 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 shares were 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 Stock Performance

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

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

Institutional Trading of QuidelOrtho

Hedge funds have recently made changes to their positions in the stock. Citigroup Inc. raised its stake in QuidelOrtho by 25.0% during the 3rd quarter. Citigroup Inc. now owns 5,808 shares of the company’s stock valued at $424,000 after acquiring an additional 1,161 shares in the last quarter. Mariner LLC increased its position in shares of QuidelOrtho by 10.3% during the 3rd quarter. Mariner LLC now owns 8,505 shares of the company’s stock valued at $621,000 after purchasing an additional 797 shares during the period. Rubric Capital Management LP acquired a new position in shares of QuidelOrtho during the 3rd quarter valued at $21,651,000. Comerica Bank acquired a new position in shares of QuidelOrtho during the 3rd quarter valued at $5,156,000. Finally, Wellington Management Group LLP increased its position in shares of QuidelOrtho by 11.2% during the 3rd quarter. Wellington Management Group LLP now owns 760,632 shares of the company’s stock valued at $55,557,000 after purchasing an additional 76,866 shares during the period. Institutional investors own 99.00% of the company’s stock.

Wall Street Analyst Weigh In

QDEL has been the topic of several research reports. Royal Bank of Canada lowered their target price on QuidelOrtho from $81.00 to $68.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. UBS Group reiterated a “sell” rating and issued a $42.00 target price (down previously from $70.00) on shares of QuidelOrtho in a research note on Monday, March 4th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average 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.