Wedmont Private Capital Takes $232,000 Position in QuidelOrtho Co. (NASDAQ:QDEL)

Wedmont Private Capital acquired a new stake in shares of QuidelOrtho Co. (NASDAQ:QDEL) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 5,333 shares of the company’s stock, valued at approximately $232,000.

Other hedge funds also recently made changes to their positions in the company. Fifth Third Bancorp increased its stake in shares of QuidelOrtho by 907.3% in the second quarter. Fifth Third Bancorp now owns 826 shares of the company’s stock worth $27,000 after buying an additional 744 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of QuidelOrtho by 27.0% in the second quarter. GAMMA Investing LLC now owns 1,778 shares of the company’s stock worth $59,000 after buying an additional 378 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of QuidelOrtho in the first quarter worth $86,000. Innealta Capital LLC bought a new stake in shares of QuidelOrtho in the second quarter worth $102,000. Finally, Quest Partners LLC increased its stake in shares of QuidelOrtho by 17,095.0% in the second quarter. Quest Partners LLC now owns 3,439 shares of the company’s stock worth $114,000 after buying an additional 3,419 shares during the last quarter. Hedge funds and other institutional investors own 99.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on QDEL shares. UBS Group started coverage on shares of QuidelOrtho in a research note on Thursday, September 19th. They issued a “neutral” rating and a $50.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $61.00 price objective on shares of QuidelOrtho in a report on Friday, August 16th. Finally, Craig Hallum raised shares of QuidelOrtho from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $40.00 to $57.00 in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, QuidelOrtho has an average rating of “Hold” and a consensus target price of $58.83.

Insider Activity

In other news, major shareholder Carlyle Group Inc. sold 69,637 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $34.81, for a total transaction of $2,424,063.97. Following the completion of the transaction, the insider now owns 10,730,064 shares of the company’s stock, valued at approximately $373,513,527.84. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders sold 1,277,958 shares of company stock valued at $49,483,150. 1.00% of the stock is currently owned by company insiders.

QuidelOrtho Stock Performance

Shares of QDEL opened at $41.05 on Monday. QuidelOrtho Co. has a 1 year low of $29.74 and a 1 year high of $75.86. The company has a market cap of $2.75 billion, a price-to-earnings ratio of -1.56 and a beta of 0.09. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.79 and a current ratio of 1.44. The firm has a fifty day moving average of $43.62 and a 200-day moving average of $40.90.

QuidelOrtho (NASDAQ:QDEL) last announced its quarterly earnings results on Wednesday, July 31st. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.15. QuidelOrtho had a negative net margin of 65.60% and a positive return on equity of 3.87%. The company had revenue of $637.00 million during the quarter, compared to the consensus estimate of $613.51 million. During the same quarter in the previous year, the company posted $0.26 earnings per share. The company’s revenue for the quarter was down 4.2% compared to the same quarter last year. As a group, equities analysts anticipate that QuidelOrtho Co. will post 1.77 earnings per share for the current year.

QuidelOrtho Company Profile

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.