Oracle Investment Management Inc. Decreases Position in QuidelOrtho Co. (NASDAQ:QDEL)

Oracle Investment Management Inc. cut its stake in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 24.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 118,291 shares of the company’s stock after selling 38,910 shares during the quarter. QuidelOrtho makes up approximately 3.7% of Oracle Investment Management Inc.’s holdings, making the stock its 6th biggest position. Oracle Investment Management Inc. owned about 0.18% of QuidelOrtho worth $3,930,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in QDEL. Vanguard Group Inc. lifted its position in shares of QuidelOrtho by 0.8% in the first quarter. Vanguard Group Inc. now owns 4,879,143 shares of the company’s stock valued at $233,906,000 after acquiring an additional 37,733 shares in the last quarter. Rubric Capital Management LP lifted its holdings in QuidelOrtho by 51.9% in the 2nd quarter. Rubric Capital Management LP now owns 3,645,590 shares of the company’s stock worth $121,106,000 after purchasing an additional 1,245,590 shares in the last quarter. Private Management Group Inc. boosted its stake in QuidelOrtho by 33.4% in the 2nd quarter. Private Management Group Inc. now owns 610,621 shares of the company’s stock worth $20,285,000 after purchasing an additional 152,769 shares during the period. Van Lanschot Kempen Investment Management N.V. grew its holdings in 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 buying an additional 52,729 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of QuidelOrtho during the fourth quarter valued at approximately $41,968,000. 99.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

QDEL has been the subject of a number of research reports. UBS Group started coverage on shares of QuidelOrtho in a research report on Thursday, September 19th. They set a “neutral” rating and a $50.00 target price for the company. Craig Hallum raised shares of QuidelOrtho from a “hold” rating to a “buy” rating and increased their price objective 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 issued a $61.00 target price on shares of QuidelOrtho in a report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, QuidelOrtho currently has a consensus rating of “Hold” and an average target price of $58.83.

Insider Buying and Selling

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 49,937 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $33.05, for a total transaction of $1,650,417.85. Following the transaction, the insider now owns 11,520,751 shares in the company, valued at $380,760,820.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 1,828,753 shares of company stock worth $67,021,255 over the last three months. 1.00% of the stock is owned by insiders.

QuidelOrtho Stock Down 1.5 %

Shares of NASDAQ QDEL opened at $44.74 on Tuesday. The company has a current ratio of 1.44, a quick ratio of 0.79 and a debt-to-equity ratio of 0.70. QuidelOrtho Co. has a 12-month low of $29.74 and a 12-month high of $75.86. The firm’s 50-day moving average price is $41.92 and its 200-day moving average price is $41.23. The stock has a market capitalization of $3.00 billion, a price-to-earnings ratio of -1.70 and a beta of 0.08.

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