Private Management Group Inc. Has $28.58 Million Holdings in QuidelOrtho Co. (NASDAQ:QDEL)

Private Management Group Inc. lifted its position in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 2.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 626,705 shares of the company's stock after purchasing an additional 16,084 shares during the quarter. Private Management Group Inc. owned 0.93% of QuidelOrtho worth $28,578,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of QDEL. Pinnacle Associates Ltd. acquired a new position in QuidelOrtho in the third quarter worth about $3,893,000. New York State Teachers Retirement System raised its holdings in shares of QuidelOrtho by 8.8% in the 3rd quarter. New York State Teachers Retirement System now owns 54,300 shares of the company's stock worth $2,476,000 after buying an additional 4,392 shares in the last quarter. State of Alaska Department of Revenue lifted its position in shares of QuidelOrtho by 517.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 32,996 shares of the company's stock worth $1,504,000 after buying an additional 27,652 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in QuidelOrtho by 128.2% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,612 shares of the company's stock valued at $712,000 after buying an additional 8,772 shares in the last quarter. Finally, Louisiana State Employees Retirement System grew its position in QuidelOrtho by 100.0% in the third quarter. Louisiana State Employees Retirement System now owns 28,000 shares of the company's stock valued at $1,277,000 after acquiring an additional 14,000 shares during the period. 99.00% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on QDEL shares. UBS Group initiated coverage on QuidelOrtho in a report on Thursday, September 19th. They set a "neutral" rating and a $50.00 price objective for the company. Craig Hallum upgraded shares of QuidelOrtho from a "hold" rating to a "buy" rating and boosted their price target for the company from $40.00 to $57.00 in a research report on Thursday, September 5th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $61.00 price objective on shares of QuidelOrtho in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $58.83.

QuidelOrtho Price Performance

NASDAQ QDEL traded up $1.05 on Friday, hitting $39.10. 418,992 shares of the company were exchanged, compared to its average volume of 526,722. QuidelOrtho Co. has a 1-year low of $29.74 and a 1-year high of $75.86. The firm has a 50 day moving average of $42.62 and a two-hundred day moving average of $40.42. The company has a current ratio of 1.44, a quick ratio of 0.79 and a debt-to-equity ratio of 0.70. The company has a market cap of $2.63 billion, a P/E ratio of -1.41 and a beta of 0.12.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.15. QuidelOrtho had a negative net margin of 65.60% and a positive return on equity of 3.87%. The business had revenue of $637.00 million for the quarter, compared to analysts' expectations of $613.51 million. During the same period in the prior year, the firm earned $0.26 earnings per share. QuidelOrtho's revenue was down 4.2% compared to the same quarter last year. On average, equities analysts predict that QuidelOrtho Co. will post 1.72 EPS for the current year.

Insider Buying and Selling at QuidelOrtho

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 78,180 shares of the business's stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $39.94, for a total transaction of $3,122,509.20. Following the completion of the sale, the insider now directly owns 8,441,022 shares of the company's stock, valued at approximately $337,134,418.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.00% of the company's stock.

QuidelOrtho Profile

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.