QuidelOrtho Co. (NASDAQ:QDEL) is Carlyle Group Inc.’s Largest Position

Carlyle Group Inc. trimmed its position in QuidelOrtho Co. (NASDAQ:QDEL) by 7.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,520,751 shares of the company’s stock after selling 939,432 shares during the period. QuidelOrtho comprises about 36.3% of Carlyle Group Inc.’s investment portfolio, making the stock its largest position. Carlyle Group Inc. owned about 17.20% of QuidelOrtho worth $382,719,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Rubric Capital Management LP lifted its position in QuidelOrtho by 230.6% during the fourth quarter. Rubric Capital Management LP now owns 980,063 shares of the company’s stock worth $72,231,000 after buying an additional 683,637 shares during the period. Norges Bank purchased a new position in shares of QuidelOrtho during the 4th quarter worth about $41,968,000. Dimensional Fund Advisors LP boosted its position in shares of QuidelOrtho by 144.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 908,554 shares of the company’s stock worth $66,961,000 after acquiring an additional 536,492 shares during the last quarter. Invenomic Capital Management LP purchased a new stake in QuidelOrtho in the fourth quarter valued at approximately $37,144,000. Finally, Thompson Siegel & Walmsley LLC acquired a new position in QuidelOrtho during the second quarter worth approximately $8,896,000. 99.00% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, major shareholder Carlyle Group Inc. sold 78,180 shares of QuidelOrtho stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $39.94, for a total transaction of $3,122,509.20. Following the sale, the insider now owns 8,441,022 shares in the company, valued at $337,134,418.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 1,969,673 shares of company stock worth $71,897,412 in the last 90 days. 1.00% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have recently issued reports on QDEL shares. Royal Bank of Canada reissued an “outperform” rating and set a $61.00 price objective on shares of QuidelOrtho in a research note on Friday, August 16th. 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 research report on Thursday, September 5th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, QuidelOrtho presently has a consensus rating of “Hold” and an average price target of $57.50.

QuidelOrtho Stock Performance

NASDAQ:QDEL opened at $45.47 on Monday. The firm’s fifty day simple moving average is $40.14 and its 200 day simple moving average is $41.16. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.79 and a current ratio of 1.44. QuidelOrtho Co. has a twelve month low of $29.74 and a twelve month high of $77.44.

QuidelOrtho (NASDAQ:QDEL) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $613.51 million. During the same quarter in the previous year, the firm posted $0.26 earnings per share. The firm’s quarterly revenue was down 4.2% on a year-over-year basis. As a group, research analysts expect that QuidelOrtho Co. will post 1.77 earnings per share for the current year.

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.