Signet Financial Management LLC Cuts Stock Position in QuidelOrtho Co. (NASDAQ:QDEL)

Signet Financial Management LLC lessened its holdings in QuidelOrtho Co. (NASDAQ:QDEL) by 24.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,309 shares of the company’s stock after selling 4,333 shares during the period. Signet Financial Management LLC’s holdings in QuidelOrtho were worth $981,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in QDEL. Burgundy Asset Management Ltd. increased its stake in QuidelOrtho by 69.1% during the 3rd quarter. Burgundy Asset Management Ltd. now owns 1,350,032 shares of the company’s stock worth $98,606,000 after buying an additional 551,524 shares during the period. Norges Bank purchased a new stake in QuidelOrtho during the 4th quarter worth $44,749,000. LSV Asset Management increased its position in shares of QuidelOrtho by 217.4% in the 3rd quarter. LSV Asset Management now owns 737,395 shares of the company’s stock worth $53,859,000 after purchasing an additional 505,050 shares during the last quarter. Clearbridge Investments LLC increased its position in shares of QuidelOrtho by 4,035.8% in the 3rd quarter. Clearbridge Investments LLC now owns 451,542 shares of the company’s stock worth $32,981,000 after purchasing an additional 440,624 shares during the last quarter. Finally, LGT Capital Partners LTD. increased its position in shares of QuidelOrtho by 69.9% in the 4th quarter. LGT Capital Partners LTD. now owns 954,466 shares of the company’s stock worth $70,344,000 after purchasing an additional 392,790 shares during the last quarter. Hedge funds and other institutional investors own 99.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Royal Bank of Canada dropped their target price on shares of QuidelOrtho from $130.00 to $81.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. Craig Hallum reissued a “hold” rating on shares of QuidelOrtho in a research report on Wednesday, February 14th. UBS Group reissued a “sell” rating and issued a $42.00 target price (down previously from $70.00) on shares of QuidelOrtho in a research report on Monday, March 4th. JPMorgan Chase & Co. downgraded shares of QuidelOrtho from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $66.00 to $37.00 in a research report on Wednesday, February 14th. Finally, William Blair reaffirmed a “market perform” rating on shares of QuidelOrtho in a report on Wednesday, February 14th. 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $61.60.

Insider Buying and Selling at QuidelOrtho

In other news, CFO Joseph M. Busky bought 2,150 shares of QuidelOrtho stock in a transaction on Friday, February 23rd. The stock was purchased at an average cost of $46.35 per share, with a total value of $99,652.50. Following the purchase, the chief financial officer now directly owns 2,150 shares of the company’s stock, valued at approximately $99,652.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.00% of the stock is currently owned by company insiders.

QuidelOrtho Price Performance

NASDAQ QDEL opened at $40.30 on Wednesday. QuidelOrtho Co. has a one year low of $39.86 and a one year high of $95.02. The company has a 50-day simple moving average of $47.63 and a 200-day simple moving average of $61.35. The company has a quick ratio of 0.88, a current ratio of 1.57 and a debt-to-equity ratio of 0.45.

QuidelOrtho (NASDAQ:QDEL) last posted its earnings results on Tuesday, February 13th. The company reported $1.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.84). The firm had revenue of $742.60 million for the quarter, compared to analyst estimates of $796.91 million. QuidelOrtho had a negative net margin of 0.34% and a positive return on equity of 5.54%. The company’s revenue for the quarter was down 14.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.74 earnings per share. Equities analysts forecast that QuidelOrtho Co. will post 2.36 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.