Wellington Management Group LLP Sells 132,222 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

Wellington Management Group LLP lowered its stake in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 17.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 628,410 shares of the company’s stock after selling 132,222 shares during the quarter. Wellington Management Group LLP owned 0.94% of QuidelOrtho worth $46,314,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Cetera Trust Company N.A bought a new stake in shares of QuidelOrtho in the 4th quarter worth $108,000. Bfsg LLC purchased a new stake in QuidelOrtho in the 4th quarter valued at about $146,000. Wilbanks Smith & Thomas Asset Management LLC bought a new position in shares of QuidelOrtho during the 4th quarter worth approximately $227,000. Perigon Wealth Management LLC purchased a new position in shares of QuidelOrtho in the 4th quarter worth approximately $232,000. Finally, Isthmus Partners LLC bought a new position in shares of QuidelOrtho in the fourth quarter valued at approximately $270,000. 99.00% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at QuidelOrtho

In related news, major shareholder Carlyle Group Inc. sold 127,981 shares of QuidelOrtho stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $36.19, for a total value of $4,631,632.39. Following the completion of the transaction, the insider now directly owns 12,123,705 shares in the company, valued at approximately $438,756,883.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last ninety days, insiders have sold 291,886 shares of company stock worth $10,803,048. 1.00% of the stock is owned by corporate insiders.

QuidelOrtho Stock Performance

Shares of QDEL opened at $35.21 on Monday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.55 and a quick ratio of 0.81. The firm has a market cap of $2.36 billion, a PE ratio of -1.33 and a beta of 0.13. QuidelOrtho Co. has a 1 year low of $34.28 and a 1 year high of $89.11. The stock’s fifty day moving average price is $41.07 and its two-hundred day moving average price is $52.78.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings data on Wednesday, May 8th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.06). The business had revenue of $711.00 million for 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, equities research analysts forecast that QuidelOrtho Co. will post 1.85 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on QDEL shares. Royal Bank of Canada cut their price objective on QuidelOrtho from $81.00 to $68.00 and set an “outperform” rating on the stock in a research report on Thursday, May 9th. UBS Group reissued a “sell” rating and issued a $42.00 price target (down from $70.00) on shares of QuidelOrtho in a report on Monday, March 4th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, QuidelOrtho has an average rating of “Hold” and an average target price of $59.00.

QuidelOrtho 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.