The Manufacturers Life Insurance Company Sells 31,334 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

The Manufacturers Life Insurance Company lowered its position in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 73.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,103 shares of the company's stock after selling 31,334 shares during the period. The Manufacturers Life Insurance Company's holdings in QuidelOrtho were worth $506,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Cerity Partners LLC bought a new stake in QuidelOrtho during the third quarter valued at about $605,000. Segall Bryant & Hamill LLC bought a new stake in QuidelOrtho during the third quarter valued at about $19,565,000. Phocas Financial Corp. bought a new stake in QuidelOrtho during the third quarter valued at about $3,592,000. Quest Partners LLC grew its holdings in QuidelOrtho by 89.6% during the third quarter. Quest Partners LLC now owns 6,522 shares of the company's stock valued at $297,000 after purchasing an additional 3,083 shares during the period. Finally, Thrivent Financial for Lutherans grew its holdings in QuidelOrtho by 279.2% during the third quarter. Thrivent Financial for Lutherans now owns 45,407 shares of the company's stock valued at $2,071,000 after purchasing an additional 33,432 shares during the period. Institutional investors own 99.00% of the company's stock.

QuidelOrtho Stock Down 0.6 %

Shares of NASDAQ:QDEL traded down $0.25 during mid-day trading on Friday, reaching $41.35. The stock had a trading volume of 570,652 shares, compared to its average volume of 1,178,346. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.38 and a quick ratio of 0.81. QuidelOrtho Co. has a 1 year low of $29.74 and a 1 year high of $75.86. The business's 50 day moving average price is $39.99 and its 200 day moving average price is $40.04.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted 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 company had revenue of $727.00 million for the quarter, compared to the consensus estimate of $642.16 million. QuidelOrtho had a positive return on equity of 4.24% and a negative net margin of 66.25%. The firm's revenue for the quarter was down 2.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.90 earnings per share. Sell-side analysts expect that QuidelOrtho Co. will post 1.73 EPS for the current fiscal year.

Insider Buying and Selling

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the business's stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $35.31, for a total transaction of $291,667,061.73. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Brian J. Blaser acquired 6,033 shares of QuidelOrtho stock in a transaction on Wednesday, December 11th. The shares were bought at an average cost of $41.42 per share, for a total transaction of $249,886.86. Following the completion of the purchase, the chief executive officer now directly owns 6,033 shares of the company's stock, valued at $249,886.86. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on QDEL. Citigroup raised QuidelOrtho from a "neutral" rating to a "buy" rating and boosted their price target for the company from $44.00 to $50.00 in a report on Wednesday. UBS Group began coverage on QuidelOrtho in a report on Thursday, September 19th. They set a "neutral" rating and a $50.00 price target for the company. Craig Hallum raised 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 report on Thursday, September 5th. Jefferies Financial Group assumed coverage on QuidelOrtho in a research report on Tuesday, December 10th. They issued a "hold" rating and a $43.00 price objective on the stock. Finally, William Blair restated a "market perform" rating on shares of QuidelOrtho in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $53.43.

QuidelOrtho Company 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.