Quantinno Capital Management LP Trims Stock Position in QuidelOrtho Co. (NASDAQ:QDEL)

Quantinno Capital Management LP lowered its holdings in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 60.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,311 shares of the company's stock after selling 17,281 shares during the quarter. Quantinno Capital Management LP's holdings in QuidelOrtho were worth $516,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Point72 Asset Management L.P. acquired a new position in shares of QuidelOrtho during the third quarter valued at approximately $34,320,000. Parkman Healthcare Partners LLC acquired a new position in shares of QuidelOrtho during the third quarter valued at approximately $3,420,000. Clearline Capital LP raised its holdings in shares of QuidelOrtho by 2.1% during the third quarter. Clearline Capital LP now owns 313,000 shares of the company's stock valued at $14,273,000 after acquiring an additional 6,300 shares during the last quarter. Arizona PSPRS Trust acquired a new position in shares of QuidelOrtho during the third quarter valued at approximately $438,000. Finally, Captrust Financial Advisors acquired a new position in shares of QuidelOrtho during the third quarter valued at approximately $238,000. Institutional investors and hedge funds own 99.00% of the company's stock.

Insider Activity

In related news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the business's stock in a transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian J. Blaser bought 6,033 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were bought at an average cost of $41.42 per share, with a total value of $249,886.86. Following the completion of the purchase, the chief executive officer now directly owns 6,033 shares in the company, valued at $249,886.86. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

QDEL has been the subject of several recent research reports. UBS Group initiated coverage on QuidelOrtho in a report on Thursday, September 19th. They issued a "neutral" rating and a $50.00 price target for the company. Citigroup raised QuidelOrtho from a "neutral" rating to a "buy" rating and increased their price target for the company from $44.00 to $50.00 in a report on Wednesday. William Blair reaffirmed a "market perform" rating on shares of QuidelOrtho in a report on Wednesday, November 20th. Jefferies Financial Group initiated coverage on QuidelOrtho in a report on Tuesday, December 10th. They issued a "hold" rating and a $43.00 price target for the company. Finally, Craig Hallum raised QuidelOrtho from a "hold" rating to a "buy" rating and increased their price target for the company from $40.00 to $57.00 in a report on Thursday, September 5th. One research 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 MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $53.43.

QuidelOrtho Trading Down 0.6 %

NASDAQ:QDEL traded down $0.25 on Friday, reaching $41.35. The company's stock had a trading volume of 570,652 shares, compared to its average volume of 989,454. QuidelOrtho Co. has a 12-month low of $29.74 and a 12-month high of $75.86. The company has a quick ratio of 0.81, a current ratio of 1.38 and a debt-to-equity ratio of 0.68. The firm has a market cap of $2.78 billion, a price-to-earnings ratio of -1.48 and a beta of 0.11. The stock has a 50 day moving average price of $39.99 and a 200 day moving average price of $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, beating analysts' consensus estimates of $0.30 by $0.55. QuidelOrtho had a positive return on equity of 4.24% and a negative net margin of 66.25%. The company had revenue of $727.00 million for the quarter, compared to the consensus estimate of $642.16 million. During the same quarter in the previous year, the business earned $0.90 earnings per share. The company's revenue for the quarter was down 2.3% on a year-over-year basis. On average, equities analysts anticipate that QuidelOrtho Co. will post 1.73 EPS for the current fiscal year.

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.