Carlyle Group Inc. Sells 81,482 Shares of QuidelOrtho Co. (NASDAQ:QDEL) Stock

QuidelOrtho Co. (NASDAQ:QDEL) major shareholder Carlyle Group Inc. sold 81,482 shares of QuidelOrtho stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $33.19, for a total transaction of $2,704,387.58. Following the completion of the transaction, the insider now owns 11,617,068 shares of the company’s stock, valued at approximately $385,570,486.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Carlyle Group Inc. also recently made the following trade(s):

• On Monday, June 24th, Carlyle Group Inc. sold 73,713 shares of QuidelOrtho stock. The shares were sold at an average price of $34.34, for a total transaction of $2,531,304.42.
• On Thursday, June 20th, Carlyle Group Inc. sold 67,207 shares of QuidelOrtho stock. The stock was sold at an average price of $34.89, for a total transaction of $2,344,852.23.
• On Monday, June 17th, Carlyle Group Inc. sold 99,642 shares of QuidelOrtho stock. The stock was sold at an average price of $35.99, for a total value of $3,586,115.58.
• On Friday, June 14th, Carlyle Group Inc. sold 127,981 shares of QuidelOrtho stock. The shares were sold at an average price of $36.19, for a total value of $4,631,632.39.
• On Wednesday, June 12th, Carlyle Group Inc. sold 64,263 shares of QuidelOrtho stock. The stock was sold at an average price of $40.23, for a total value of $2,585,300.49.

QuidelOrtho Price Performance

QDEL stock opened at $33.22 on Friday. The business has a 50 day simple moving average of $40.46 and a 200-day simple moving average of $51.83. The company has a market capitalization of $2.22 billion, a P/E ratio of -1.26 and a beta of 0.13. QuidelOrtho Co. has a twelve month low of $32.47 and a twelve month high of $89.11. The company has a current ratio of 1.55, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68.

QuidelOrtho (NASDAQ:QDEL) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). The business had revenue of $711.00 million for the quarter, compared to analyst estimates of $697.33 million. QuidelOrtho had a positive return on equity of 3.96% and a negative net margin of 61.65%. As a group, equities analysts anticipate that QuidelOrtho Co. will post 1.85 EPS for the current year.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. UBS Group reissued a “sell” rating and set a $42.00 price objective (down previously from $70.00) on shares of QuidelOrtho in a report on Monday, March 4th. Royal Bank of Canada cut their price target on shares of QuidelOrtho from $81.00 to $68.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. Two 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’s stock. Based on data from MarketBeat.com, QuidelOrtho presently has an average rating of “Hold” and a consensus price target of $59.00.

Hedge Funds Weigh In On QuidelOrtho

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Rubric Capital Management LP lifted its position in QuidelOrtho by 230.6% during the 4th quarter. Rubric Capital Management LP now owns 980,063 shares of the company’s stock worth $72,231,000 after acquiring an additional 683,637 shares during the period. Norges Bank purchased a new position in QuidelOrtho in the 4th quarter valued at $41,968,000. Dimensional Fund Advisors LP increased its stake in QuidelOrtho by 144.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 908,554 shares of the company’s stock valued at $66,961,000 after buying an additional 536,492 shares during the period. Invenomic Capital Management LP purchased a new position in QuidelOrtho during the 4th quarter worth $37,144,000. Finally, LGT Capital Partners LTD. lifted its stake in shares of QuidelOrtho by 69.9% in the 4th quarter. LGT Capital Partners LTD. now owns 954,466 shares of the company’s stock worth $70,344,000 after acquiring an additional 392,790 shares during the period. Hedge funds and other 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.