QuidelOrtho Co. (NASDAQ:QDEL) Holdings Lowered by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its stake in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 73.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,103 shares of the company’s stock after selling 31,334 shares during the period. The Manufacturers Life Insurance Company’s holdings in QuidelOrtho were worth $506,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Leeward Investments LLC MA lifted its stake in QuidelOrtho by 17.1% in the 3rd quarter. Leeward Investments LLC MA now owns 229,847 shares of the company’s stock worth $10,481,000 after acquiring an additional 33,588 shares in the last quarter. Hsbc Holdings PLC lifted its stake in QuidelOrtho by 316.2% in the 2nd quarter. Hsbc Holdings PLC now owns 28,916 shares of the company’s stock worth $962,000 after acquiring an additional 21,968 shares in the last quarter. WINTON GROUP Ltd purchased a new stake in QuidelOrtho in the 2nd quarter worth about $4,669,000. Cerity Partners LLC purchased a new stake in QuidelOrtho in the 3rd quarter worth about $605,000. Finally, Maverick Capital Ltd. lifted its stake in QuidelOrtho by 27.5% in the 2nd quarter. Maverick Capital Ltd. now owns 1,728,913 shares of the company’s stock worth $57,434,000 after acquiring an additional 372,662 shares in the last quarter. 99.00% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at QuidelOrtho

In other QuidelOrtho news, CEO Brian J. Blaser bought 6,033 shares of the stock in a transaction on Wednesday, December 11th. The shares were purchased at an average price of $41.42 per share, with a total value of $249,886.86. Following the acquisition, the chief executive officer now directly owns 6,033 shares of the company’s stock, valued at $249,886.86. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $35.31, for a total value of $291,667,061.73. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

QDEL has been the subject of a number of recent research reports. Craig Hallum raised QuidelOrtho from a “hold” rating to a “buy” rating and raised their price target for the stock from $40.00 to $57.00 in a research note on Thursday, September 5th. Citigroup raised QuidelOrtho from a “neutral” rating to a “buy” rating and raised their price target for the stock from $44.00 to $50.00 in a research note on Wednesday. Jefferies Financial Group initiated coverage on QuidelOrtho in a research note on Tuesday, December 10th. They set a “hold” rating and a $43.00 price target for the company. William Blair reaffirmed a “market perform” rating on shares of QuidelOrtho in a research note on Wednesday, November 20th. Finally, UBS Group initiated coverage on QuidelOrtho in a research note on Thursday, September 19th. They set a “neutral” rating and a $50.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $53.43.

QuidelOrtho Stock Performance

Shares of NASDAQ QDEL opened at $41.35 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.81 and a current ratio of 1.38. The firm has a market cap of $2.78 billion, a price-to-earnings ratio of -1.48 and a beta of 0.11. The business’s 50-day simple moving average is $39.99 and its 200-day simple moving average is $40.04. QuidelOrtho Co. has a 52 week low of $29.74 and a 52 week high of $75.86.

QuidelOrtho (NASDAQ:QDEL) last released its earnings results on Thursday, November 7th. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.55. The firm had revenue of $727.00 million for the quarter, compared to analyst estimates of $642.16 million. QuidelOrtho had a positive return on equity of 4.24% and a negative net margin of 66.25%. The company’s revenue was down 2.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.90 EPS. As a group, equities research analysts expect that QuidelOrtho Co. will post 1.73 earnings per share 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.