Quantinno Capital Management LP Decreases Stock Position in QuidelOrtho Co. (NASDAQ:QDEL)

Quantinno Capital Management LP reduced its holdings in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 60.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 11,311 shares of the company’s stock after selling 17,281 shares during the period. Quantinno Capital Management LP’s holdings in QuidelOrtho were worth $516,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in QDEL. Texas Permanent School Fund Corp increased its stake in shares of QuidelOrtho by 0.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 43,532 shares of the company’s stock worth $1,446,000 after purchasing an additional 257 shares in the last quarter. Balanced Rock Investment Advisors LLC lifted its holdings in shares of QuidelOrtho by 5.1% during the 2nd quarter. Balanced Rock Investment Advisors LLC now owns 6,784 shares of the company’s stock worth $225,000 after acquiring an additional 329 shares during the period. Algert Global LLC lifted its holdings in shares of QuidelOrtho by 1.0% during the 2nd quarter. Algert Global LLC now owns 46,846 shares of the company’s stock worth $1,556,000 after acquiring an additional 450 shares during the period. Hunter Perkins Capital Management LLC boosted its position in shares of QuidelOrtho by 2.9% in the third quarter. Hunter Perkins Capital Management LLC now owns 18,588 shares of the company’s stock worth $848,000 after acquiring an additional 530 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in QuidelOrtho during the third quarter worth approximately $25,000. Institutional investors and hedge funds own 99.00% of the company’s stock.

Insider Buying and Selling

In related news, CEO Brian J. Blaser acquired 6,033 shares of QuidelOrtho stock in a transaction on Wednesday, December 11th. The shares were purchased at an average cost of $41.42 per share, for a total transaction of $249,886.86. Following the purchase, the chief executive officer now directly owns 6,033 shares of the company’s stock, valued at $249,886.86. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $35.31, for a total transaction of $291,667,061.73. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. William Blair reissued a “market perform” rating on shares of QuidelOrtho in a research note on Wednesday, November 20th. Citigroup upgraded QuidelOrtho from a “neutral” rating to a “buy” rating and upped their price target for the stock from $44.00 to $50.00 in a research note on Wednesday. UBS Group began coverage on QuidelOrtho in a research note on Thursday, September 19th. They issued a “neutral” rating and a $50.00 price objective on the stock. Jefferies Financial Group initiated coverage on shares of QuidelOrtho in a report on Tuesday, December 10th. They issued a “hold” rating and a $43.00 price target on the stock. Finally, Craig Hallum raised shares of QuidelOrtho from a “hold” rating to a “buy” rating and increased their price objective for the stock from $40.00 to $57.00 in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $53.43.

QuidelOrtho Stock Down 0.6 %

Shares of NASDAQ:QDEL opened at $41.35 on Friday. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of -1.48 and a beta of 0.11. The company has a 50 day moving average of $39.99 and a two-hundred day moving average of $40.04. QuidelOrtho Co. has a 52-week low of $29.74 and a 52-week high of $75.86. The company has a quick ratio of 0.81, a current ratio of 1.38 and a debt-to-equity ratio of 0.68.

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