QuidelOrtho Co. (NASDAQ:QDEL) Major Shareholder Carlyle Group Inc. Sells 8,260,183 Shares of Stock

QuidelOrtho Co. (NASDAQ:QDEL) major shareholder Carlyle Group Inc. sold 8,260,183 shares of the firm’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 document filed with the SEC, which is accessible through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

QuidelOrtho Stock Up 3.2 %

NASDAQ:QDEL traded up $1.21 on Friday, hitting $39.10. The stock had a trading volume of 397,567 shares, compared to its average volume of 979,961. The company has a market cap of $2.63 billion, a PE ratio of -1.36 and a beta of 0.12. The business’s fifty day moving average is $41.49 and its 200 day moving average is $40.36. The company has a quick ratio of 0.81, a current ratio of 1.38 and a debt-to-equity ratio of 0.68. QuidelOrtho Co. has a 52 week low of $29.74 and a 52 week high of $75.86.

QuidelOrtho (NASDAQ:QDEL) last posted its earnings results on Thursday, November 7th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.30 by $0.55. The firm had revenue of $727.00 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.90 EPS. On average, equities research analysts expect that QuidelOrtho Co. will post 1.73 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

QDEL has been the subject of a number of recent research reports. Craig Hallum upgraded shares of QuidelOrtho from a “hold” rating to a “buy” rating and increased their price objective for the stock from $40.00 to $57.00 in a research note on Thursday, September 5th. William Blair restated a “market perform” rating on shares of QuidelOrtho in a research note on Wednesday. UBS Group initiated coverage on QuidelOrtho in a research note on Thursday, September 19th. They issued a “neutral” rating and a $50.00 price target for the company. Finally, Royal Bank of Canada restated an “outperform” rating and set a $61.00 target price on shares of QuidelOrtho in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $58.83.

Institutional Investors Weigh In On QuidelOrtho

Hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC boosted its position in shares of QuidelOrtho by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 920,703 shares of the company’s stock valued at $41,996,000 after acquiring an additional 16,059 shares during the last quarter. M&T Bank Corp lifted its stake in QuidelOrtho by 33.4% in the third quarter. M&T Bank Corp now owns 38,356 shares of the company’s stock worth $1,749,000 after purchasing an additional 9,607 shares during the last quarter. State Street Corp boosted its holdings in QuidelOrtho by 16.9% during the 3rd quarter. State Street Corp now owns 1,907,898 shares of the company’s stock valued at $87,000,000 after acquiring an additional 275,522 shares during the period. Systematic Financial Management LP grew its holdings in shares of QuidelOrtho by 6.9% in the third quarter. Systematic Financial Management LP now owns 151,034 shares of the company’s stock worth $6,887,000 after purchasing an additional 9,793 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in shares of QuidelOrtho in the third quarter valued at about $34,320,000. Institutional investors own 99.00% of the company’s stock.

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.