Massachusetts Financial Services Co. MA Has $17.06 Million Stock Position in QuidelOrtho Co. (NASDAQ:QDEL)

Massachusetts Financial Services Co. MA cut its position in QuidelOrtho Co. (NASDAQ:QDEL) by 33.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 513,596 shares of the company’s stock after selling 253,381 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.77% of QuidelOrtho worth $17,062,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Rubric Capital Management LP grew its position in shares of QuidelOrtho by 230.6% in the fourth quarter. Rubric Capital Management LP now owns 980,063 shares of the company’s stock valued at $72,231,000 after purchasing an additional 683,637 shares during the last quarter. Norges Bank bought a new stake in QuidelOrtho during the 4th quarter valued at approximately $41,968,000. Dimensional Fund Advisors LP grew its holdings in QuidelOrtho by 144.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 908,554 shares of the company’s stock valued at $66,961,000 after buying an additional 536,492 shares during the last quarter. Invenomic Capital Management LP bought a new position in QuidelOrtho in the 4th quarter worth approximately $37,144,000. Finally, Thompson Siegel & Walmsley LLC acquired a new position in shares of QuidelOrtho during the second quarter worth approximately $8,896,000. Institutional investors own 99.00% of the company’s stock.

Analyst Upgrades and Downgrades

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

QuidelOrtho Trading Down 1.8 %

Shares of QDEL stock opened at $45.40 on Friday. The firm has a fifty day moving average of $41.66 and a 200-day moving average of $41.25. The stock has a market cap of $3.04 billion, a price-to-earnings ratio of -1.72 and a beta of 0.08. QuidelOrtho Co. has a 52-week low of $29.74 and a 52-week high of $75.86. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.79 and a current ratio of 1.44.

QuidelOrtho (NASDAQ:QDEL) last announced its quarterly earnings results on Wednesday, July 31st. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.15. QuidelOrtho had a negative net margin of 65.60% and a positive return on equity of 3.87%. The firm had revenue of $637.00 million during the quarter, compared to analysts’ expectations of $613.51 million. During the same quarter last year, the company earned $0.26 earnings per share. The company’s revenue for the quarter was down 4.2% compared to the same quarter last year. On average, equities research analysts forecast that QuidelOrtho Co. will post 1.77 earnings per share for the current fiscal year.

Insider Buying and Selling at QuidelOrtho

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 81,482 shares of QuidelOrtho stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $33.19, for a total transaction of $2,704,387.58. Following the completion of the transaction, the insider now directly owns 11,617,068 shares of the company’s stock, valued at $385,570,486.92. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 1,902,466 shares of company stock worth $69,552,560 over the last three months. Company insiders own 1.00% of the company’s stock.

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.