Carlyle Group Inc. Sells 49,937 Shares of QuidelOrtho Co. (NASDAQ:QDEL) Stock

QuidelOrtho Co. (NASDAQ:QDEL) major shareholder Carlyle Group Inc. sold 49,937 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $33.05, for a total transaction of $1,650,417.85. Following the completion of the transaction, the insider now owns 11,520,751 shares of the company’s stock, valued at approximately $380,760,820.55. The sale was disclosed in a filing with the SEC, which is available at this link. Major shareholders that own at least 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, July 1st, Carlyle Group Inc. sold 81,110 shares of QuidelOrtho stock. The shares were sold at an average price of $32.21, for a total transaction of $2,612,553.10.
• On Wednesday, June 26th, Carlyle Group Inc. sold 81,482 shares of QuidelOrtho stock. The stock was sold at an average price of $33.19, for a total value of $2,704,387.58.
• 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 value 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 value 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 transaction 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 transaction 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 transaction of $2,585,300.49.

QuidelOrtho Stock Performance

Shares of QDEL opened at $31.01 on Thursday. The stock has a market capitalization of $2.08 billion, a P/E ratio of -1.18 and a beta of 0.07. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.81 and a current ratio of 1.55. QuidelOrtho Co. has a 1 year low of $30.61 and a 1 year high of $89.11. The company’s fifty day moving average is $39.94 and its two-hundred day moving average is $50.90.

QuidelOrtho (NASDAQ:QDEL) last issued 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 negative net margin of 61.65% and a positive return on equity of 3.96%. On average, sell-side analysts predict that QuidelOrtho Co. will post 1.85 earnings per share for the current year.

Hedge Funds Weigh In On QuidelOrtho

Large investors have recently modified their holdings of the business. GAMMA Investing LLC grew its holdings in QuidelOrtho by 27.0% during the second quarter. GAMMA Investing LLC now owns 1,778 shares of the company’s stock worth $59,000 after acquiring an additional 378 shares during the period. Headlands Technologies LLC purchased a new stake in shares of QuidelOrtho during the 1st quarter worth $86,000. Cetera Trust Company N.A acquired a new position in shares of QuidelOrtho during the 4th quarter worth $108,000. EMC Capital Management purchased a new position in shares of QuidelOrtho in the 1st quarter valued at about $117,000. Finally, CWM LLC increased its holdings in shares of QuidelOrtho by 1,536.0% in the 1st quarter. CWM LLC now owns 2,814 shares of the company’s stock valued at $135,000 after purchasing an additional 2,642 shares in the last quarter. 99.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada lowered their price target on QuidelOrtho from $81.00 to $68.00 and set an “outperform” rating on the stock in a report 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $59.00.

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.