QuidelOrtho Co. (NASDAQ:QDEL) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lowered its stake in QuidelOrtho Co. (NASDAQ:QDEL) by 11.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,622 shares of the company’s stock after selling 590 shares during the quarter. PNC Financial Services Group Inc.’s holdings in QuidelOrtho were worth $341,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Citigroup Inc. boosted its holdings in shares of QuidelOrtho by 25.0% in the third quarter. Citigroup Inc. now owns 5,808 shares of the company’s stock valued at $424,000 after acquiring an additional 1,161 shares in the last quarter. Mariner LLC lifted its position in QuidelOrtho by 10.3% in the third quarter. Mariner LLC now owns 8,505 shares of the company’s stock worth $621,000 after purchasing an additional 797 shares during the period. Rubric Capital Management LP bought a new position in QuidelOrtho during the 3rd quarter valued at $21,651,000. Comerica Bank acquired a new position in shares of QuidelOrtho during the 3rd quarter valued at $5,156,000. Finally, Wellington Management Group LLP raised its stake in shares of QuidelOrtho by 11.2% in the 3rd quarter. Wellington Management Group LLP now owns 760,632 shares of the company’s stock worth $55,557,000 after buying an additional 76,866 shares in the last quarter. Institutional investors own 99.00% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Carlyle Group Inc. sold 127,981 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $36.19, for a total value of $4,631,632.39. Following the completion of the sale, the insider now owns 12,123,705 shares of the company’s stock, valued at $438,756,883.95. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last three months, insiders have sold 514,288 shares of company stock worth $18,383,593. Corporate insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

QDEL has been the subject of several research reports. UBS Group reaffirmed a “sell” rating and set a $42.00 target price (down previously from $70.00) on shares of QuidelOrtho in a research note on Monday, March 4th. Royal Bank of Canada lowered their price objective 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 investment analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $59.00.

QuidelOrtho Trading Down 0.9 %

Shares of QDEL opened at $33.22 on Friday. The business’s 50-day moving average price is $40.46 and its 200 day moving average price is $51.74. The company has a current ratio of 1.55, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68. The stock 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 1-year low of $32.47 and a 1-year high of $89.11.

QuidelOrtho (NASDAQ:QDEL) last released its earnings results on Wednesday, May 8th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.06). The firm had revenue of $711.00 million during 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 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.