Massachusetts Financial Services Co. MA Sells 172,536 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

Massachusetts Financial Services Co. MA lessened its stake in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 33.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 341,060 shares of the company's stock after selling 172,536 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.51% of QuidelOrtho worth $15,552,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in QuidelOrtho by 0.8% during the first quarter. Vanguard Group Inc. now owns 4,879,143 shares of the company's stock valued at $233,906,000 after purchasing an additional 37,733 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in QuidelOrtho by 4.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 39,854 shares of the company's stock worth $1,911,000 after acquiring an additional 1,648 shares in the last quarter. Silvercrest Asset Management Group LLC grew its position in QuidelOrtho by 15.9% in the first quarter. Silvercrest Asset Management Group LLC now owns 216,349 shares of the company's stock worth $10,372,000 after acquiring an additional 29,721 shares in the last quarter. Tidal Investments LLC bought a new stake in QuidelOrtho during the first quarter worth approximately $582,000. Finally, EMC Capital Management purchased a new stake in QuidelOrtho during the first quarter valued at approximately $117,000. Institutional investors own 99.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on QDEL shares. Craig Hallum raised QuidelOrtho from a "hold" rating to a "buy" rating and boosted their target price for the company from $40.00 to $57.00 in a research report on Thursday, September 5th. UBS Group initiated coverage on shares of QuidelOrtho in a research report on Thursday, September 19th. They set a "neutral" rating and a $50.00 price objective on the stock. William Blair restated a "market perform" rating on shares of QuidelOrtho in a report on Wednesday, November 20th. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $61.00 price target on shares of QuidelOrtho in a report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $58.83.

Insider Buying and Selling at QuidelOrtho

In other news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the company's stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $35.31, for a total value of $291,667,061.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.00% of the stock is currently owned by corporate insiders.

QuidelOrtho Trading Down 0.4 %

Shares of NASDAQ QDEL traded down $0.18 during mid-day trading on Tuesday, reaching $40.98. The company had a trading volume of 962,118 shares, compared to its average volume of 999,156. The stock has a market cap of $2.76 billion, a price-to-earnings ratio of -1.47 and a beta of 0.12. QuidelOrtho Co. has a 52 week low of $29.74 and a 52 week high of $75.86. The business's 50-day moving average is $41.18 and its 200-day moving average is $40.26. The company has a current ratio of 1.38, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported $0.85 EPS for the quarter, topping analysts' consensus estimates of $0.30 by $0.55. The business had revenue of $727.00 million for 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 for the quarter was down 2.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.90 EPS. Equities analysts expect that QuidelOrtho Co. will post 1.73 earnings per share for the current year.

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.