Wellington Management Group LLP Lowers Position in QuidelOrtho Co. (NASDAQ:QDEL)

Wellington Management Group LLP cut its holdings in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 17.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 628,410 shares of the company’s stock after selling 132,222 shares during the period. Wellington Management Group LLP’s holdings in QuidelOrtho were worth $46,314,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of QDEL. Cetera Trust Company N.A purchased a new stake in shares of QuidelOrtho in the fourth quarter valued at approximately $108,000. Bfsg LLC acquired a new stake in QuidelOrtho in the 4th quarter valued at $146,000. Wilbanks Smith & Thomas Asset Management LLC purchased a new stake in QuidelOrtho in the 4th quarter worth $227,000. Perigon Wealth Management LLC acquired a new position in QuidelOrtho during the fourth quarter worth $232,000. Finally, Isthmus Partners LLC purchased a new position in QuidelOrtho during the fourth quarter valued at $270,000. Institutional investors and hedge funds own 99.00% of the company’s stock.

QuidelOrtho Trading Up 1.1 %

QDEL opened at $35.21 on Monday. The firm has a market capitalization of $2.36 billion, a price-to-earnings ratio of -1.33 and a beta of 0.13. The company’s 50 day simple moving average is $41.07 and its two-hundred day simple moving average is $52.78. QuidelOrtho Co. has a 1-year low of $34.28 and a 1-year high of $89.11. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.55 and a quick ratio of 0.81.

QuidelOrtho (NASDAQ:QDEL) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). The company had revenue of $711.00 million for the quarter, compared to analysts’ expectations of $697.33 million. QuidelOrtho had a positive return on equity of 3.96% and a negative net margin of 61.65%. Analysts expect that QuidelOrtho Co. will post 1.85 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on QDEL. UBS Group reaffirmed a “sell” rating and issued a $42.00 price target (down from $70.00) on shares of QuidelOrtho in a research note on Monday, March 4th. Royal Bank of Canada lowered their price target on QuidelOrtho from $81.00 to $68.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, QuidelOrtho has a consensus rating of “Hold” and a consensus price target of $59.00.

Insider Activity at QuidelOrtho

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 64,263 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $40.23, for a total transaction of $2,585,300.49. Following the completion of the sale, the insider now owns 12,395,920 shares of the company’s stock, valued at $498,687,861.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders sold 291,886 shares of company stock valued at $10,803,048. 1.00% of the stock is owned by company insiders.

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.