QuidelOrtho Co. (NASDAQ:QDEL) Major Shareholder Carlyle Group Inc. Sells 81,110 Shares

QuidelOrtho Co. (NASDAQ:QDEL) major shareholder Carlyle Group Inc. sold 81,110 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $32.21, for a total transaction of $2,612,553.10. Following the completion of the sale, the insider now owns 11,439,641 shares of the company’s stock, valued at approximately $368,470,836.61. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Major shareholders that own 10% or more 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 Friday, June 28th, Carlyle Group Inc. sold 49,937 shares of QuidelOrtho stock. The stock was sold at an average price of $33.05, for a total transaction of $1,650,417.85.
• 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 transaction 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 transaction of $2,531,304.42.
• On Thursday, June 20th, Carlyle Group Inc. sold 67,207 shares of QuidelOrtho stock. The shares were sold at an average price of $34.89, for a total transaction of $2,344,852.23.
• On Monday, June 17th, Carlyle Group Inc. sold 99,642 shares of QuidelOrtho stock. The shares were 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 shares were 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 $31.26 on Friday. The company has a current ratio of 1.55, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68. The stock has a market cap of $2.09 billion, a P/E ratio of -1.18 and a beta of 0.07. The company has a 50-day moving average of $39.60 and a two-hundred day moving average of $50.49. QuidelOrtho Co. has a 12-month low of $30.61 and a 12-month high of $89.11.

QuidelOrtho (NASDAQ:QDEL) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). The firm had revenue of $711.00 million for the quarter, compared to analysts’ expectations of $697.33 million. QuidelOrtho had a positive return on equity of 3.96% and a negative net margin of 61.65%. As a group, research analysts predict that QuidelOrtho Co. will post 1.85 EPS for the current fiscal year.

Institutional Investors Weigh In On QuidelOrtho

Hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC grew its holdings in shares of QuidelOrtho by 1,871.8% during the first quarter. GAMMA Investing LLC now owns 1,400 shares of the company’s stock worth $67,000 after buying an additional 1,329 shares in the last quarter. Cetera Trust Company N.A purchased a new stake in shares of QuidelOrtho during the fourth quarter worth about $108,000. Headlands Technologies LLC purchased a new stake in QuidelOrtho in the first quarter valued at approximately $86,000. Bfsg LLC purchased a new stake in QuidelOrtho in the fourth quarter valued at approximately $146,000. Finally, EMC Capital Management purchased a new stake in QuidelOrtho in the first quarter valued at approximately $117,000. 99.00% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Royal Bank of Canada cut their target price on shares of QuidelOrtho from $81.00 to $68.00 and set an “outperform” rating for the company in a research report on Thursday, May 9th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, QuidelOrtho presently has a consensus rating of “Hold” and an average 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.