LSV Asset Management Lowers Holdings in QuidelOrtho Co. (NASDAQ:QDEL)

LSV Asset Management lowered its stake in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 31.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 523,216 shares of the company's stock after selling 235,140 shares during the period. LSV Asset Management owned approximately 0.78% of QuidelOrtho worth $17,381,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. International Assets Investment Management LLC raised its position in shares of QuidelOrtho by 7,410.5% in the 4th quarter. International Assets Investment Management LLC now owns 7,886 shares of the company's stock valued at $581,000 after acquiring an additional 7,781 shares during the period. Victory Capital Management Inc. boosted its holdings in QuidelOrtho by 23.5% in the 4th quarter. Victory Capital Management Inc. now owns 21,645 shares of the company's stock valued at $1,595,000 after purchasing an additional 4,120 shares during the period. Charles Schwab Investment Management Inc. raised its stake in QuidelOrtho by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 575,473 shares of the company's stock valued at $42,412,000 after purchasing an additional 17,963 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in QuidelOrtho by 144.2% during the fourth 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 last quarter. Finally, Vanguard Personalized Indexing Management LLC boosted its stake in shares of QuidelOrtho by 190.5% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 8,705 shares of the company's stock valued at $642,000 after purchasing an additional 5,708 shares in the last quarter. Institutional investors and hedge funds own 99.00% of the company's stock.

QuidelOrtho Stock Up 1.7 %

Shares of NASDAQ QDEL traded up $0.73 on Wednesday, reaching $44.85. 958,383 shares of the company's stock traded hands, compared to its average volume of 1,049,632. The business's 50 day simple moving average is $39.58 and its two-hundred day simple moving average is $41.21. The company has a quick ratio of 0.79, a current ratio of 1.44 and a debt-to-equity ratio of 0.70. The company has a market cap of $3.00 billion, a price-to-earnings ratio of -1.70 and a beta of 0.08. QuidelOrtho Co. has a 12 month low of $29.74 and a 12 month high of $77.44.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.15. QuidelOrtho had a positive return on equity of 3.87% and a negative net margin of 65.60%. The company had revenue of $637.00 million during the quarter, compared to analyst estimates of $613.51 million. During the same quarter in the previous year, the company posted $0.26 earnings per share. QuidelOrtho's revenue was down 4.2% compared to the same quarter last year. As a group, equities research analysts forecast that QuidelOrtho Co. will post 1.77 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Carlyle Group Inc. sold 214,732 shares of the company's stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $38.97, for a total transaction of $8,368,106.04. Following the transaction, the insider now directly owns 10,113,040 shares in the company, valued at approximately $394,105,168.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 2,197,296 shares of company stock worth $80,115,160 over the last quarter. Insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on QDEL. Craig Hallum raised shares of QuidelOrtho from a "hold" rating to a "buy" rating and raised their price target for the company from $40.00 to $57.00 in a research note on Thursday, September 5th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $61.00 target price on shares of QuidelOrtho in a research report on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $57.50.

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.