QuidelOrtho Co. (NASDAQ:QDEL) Shares Sold by MetLife Investment Management LLC

MetLife Investment Management LLC reduced its stake in QuidelOrtho Co. (NASDAQ:QDEL) by 96.4% in the third quarter, HoldingsChannel.com reports. The fund owned 944 shares of the company’s stock after selling 25,230 shares during the quarter. MetLife Investment Management LLC’s holdings in QuidelOrtho were worth $43,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Rubric Capital Management LP raised its holdings in shares of QuidelOrtho by 15.2% during the third quarter. Rubric Capital Management LP now owns 4,200,000 shares of the company’s stock valued at $191,520,000 after buying an additional 554,410 shares during the last quarter. Maverick Capital Ltd. raised its holdings in shares of QuidelOrtho by 27.5% during the second quarter. Maverick Capital Ltd. now owns 1,728,913 shares of the company’s stock valued at $57,434,000 after buying an additional 372,662 shares during the last quarter. FMR LLC raised its holdings in shares of QuidelOrtho by 28.0% during the third quarter. FMR LLC now owns 1,256,356 shares of the company’s stock valued at $57,290,000 after buying an additional 274,633 shares during the last quarter. Private Management Group Inc. raised its holdings in shares of QuidelOrtho by 2.6% during the third quarter. Private Management Group Inc. now owns 626,705 shares of the company’s stock valued at $28,578,000 after buying an additional 16,084 shares during the last quarter. Finally, Van Lanschot Kempen Investment Management N.V. raised its holdings in shares of QuidelOrtho by 9.8% during the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 593,157 shares of the company’s stock valued at $19,705,000 after buying an additional 52,729 shares during the last quarter. Institutional investors own 99.00% of the company’s stock.

Insider Buying and Selling at QuidelOrtho

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of QuidelOrtho stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $35.31, for a total transaction of $291,667,061.73. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.00% of the stock is owned by corporate insiders.

QuidelOrtho Price Performance

NASDAQ QDEL opened at $38.50 on Wednesday. The stock has a market capitalization of $2.59 billion, a P/E ratio of -1.38 and a beta of 0.11. QuidelOrtho Co. has a 1 year low of $29.74 and a 1 year high of $75.86. The business’s fifty day moving average is $40.14 and its two-hundred day moving average is $40.05. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.81 and a current ratio of 1.38.

QuidelOrtho (NASDAQ:QDEL) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.55. The company had revenue of $727.00 million for the quarter, compared to analysts’ expectations of $642.16 million. QuidelOrtho had a positive return on equity of 4.24% and a negative net margin of 66.25%. The firm’s revenue was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 earnings per share. On average, research analysts forecast that QuidelOrtho Co. will post 1.73 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on QDEL shares. Jefferies Financial Group started coverage on QuidelOrtho in a report on Tuesday. They set a “hold” rating and a $43.00 price target on the stock. William Blair reissued a “market perform” rating on shares of QuidelOrtho in a report on Wednesday, November 20th. Craig Hallum raised QuidelOrtho from a “hold” rating to a “buy” rating and boosted their target price for the stock from $40.00 to $57.00 in a report on Thursday, September 5th. Royal Bank of Canada reissued an “outperform” rating and set a $61.00 target price on shares of QuidelOrtho in a report on Friday, August 16th. Finally, UBS Group started coverage on QuidelOrtho in a report on Thursday, September 19th. They set a “neutral” rating and a $50.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, QuidelOrtho has a consensus rating of “Hold” and a consensus target price of $56.57.

QuidelOrtho 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.