Private Management Group Inc. Buys 16,084 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

Private Management Group Inc. grew its stake in QuidelOrtho Co. (NASDAQ:QDEL) by 2.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 626,705 shares of the company’s stock after buying an additional 16,084 shares during the period. Private Management Group Inc.’s holdings in QuidelOrtho were worth $28,578,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of QuidelOrtho by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 4,879,143 shares of the company’s stock worth $233,906,000 after purchasing an additional 37,733 shares in the last quarter. Rubric Capital Management LP raised its stake in shares of QuidelOrtho by 51.9% in the 2nd quarter. Rubric Capital Management LP now owns 3,645,590 shares of the company’s stock valued at $121,106,000 after buying an additional 1,245,590 shares in the last quarter. Maverick Capital Ltd. lifted its holdings in shares of QuidelOrtho by 27.5% during the 2nd quarter. Maverick Capital Ltd. now owns 1,728,913 shares of the company’s stock worth $57,434,000 after acquiring an additional 372,662 shares during the period. Van Lanschot Kempen Investment Management N.V. boosted its position in shares of QuidelOrtho by 9.8% during the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 593,157 shares of the company’s stock valued at $19,705,000 after acquiring an additional 52,729 shares in the last quarter. Finally, TD Asset Management Inc increased its stake in QuidelOrtho by 4.9% in the second quarter. TD Asset Management Inc now owns 562,356 shares of the company’s stock valued at $18,681,000 after acquiring an additional 26,364 shares during the period. 99.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at QuidelOrtho

In related news, major shareholder Carlyle Group Inc. sold 78,180 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $39.94, for a total value of $3,122,509.20. Following the completion of the sale, the insider now owns 8,441,022 shares in the company, valued at approximately $337,134,418.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 1.00% of the company’s stock.

QuidelOrtho Trading Up 2.8 %

Shares of NASDAQ QDEL traded up $1.05 during trading on Friday, reaching $39.10. The company had a trading volume of 418,992 shares, compared to its average volume of 526,722. QuidelOrtho Co. has a 52 week low of $29.74 and a 52 week high of $75.86. The company has a current ratio of 1.44, a quick ratio of 0.79 and a debt-to-equity ratio of 0.70. The business’s 50 day moving average price is $42.62 and its 200-day moving average price is $40.42.

QuidelOrtho (NASDAQ:QDEL) last issued 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 positive return on equity of 3.87% and a negative net margin of 65.60%. The business had revenue of $637.00 million for the quarter, compared to analyst estimates of $613.51 million. During the same quarter in the prior year, the firm posted $0.26 earnings per share. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. As a group, research analysts forecast that QuidelOrtho Co. will post 1.72 EPS for the current year.

Analyst Ratings Changes

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

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.