Private Management Group Inc. Boosts Stock Position in QuidelOrtho Co. (NASDAQ:QDEL)

Private Management Group Inc. grew its stake in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 117.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 197,344 shares of the company’s stock after acquiring an additional 106,709 shares during the period. Private Management Group Inc. owned 0.30% of QuidelOrtho worth $14,544,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in QDEL. Senvest Management LLC raised its position in shares of QuidelOrtho by 7.6% in the third quarter. Senvest Management LLC now owns 3,330,278 shares of the company’s stock worth $243,244,000 after buying an additional 235,000 shares in the last quarter. Burgundy Asset Management Ltd. raised its position in shares of QuidelOrtho by 69.1% in the third quarter. Burgundy Asset Management Ltd. now owns 1,350,032 shares of the company’s stock worth $98,606,000 after buying an additional 551,524 shares in the last quarter. LGT Capital Partners LTD. raised its position in shares of QuidelOrtho by 69.9% in the fourth quarter. LGT Capital Partners LTD. now owns 954,466 shares of the company’s stock worth $70,344,000 after buying an additional 392,790 shares in the last quarter. Wellington Management Group LLP raised its position in shares of QuidelOrtho by 11.2% in the third quarter. Wellington Management Group LLP now owns 760,632 shares of the company’s stock worth $55,557,000 after buying an additional 76,866 shares in the last quarter. Finally, LSV Asset Management raised its position in shares of QuidelOrtho by 217.4% in the third quarter. LSV Asset Management now owns 737,395 shares of the company’s stock worth $53,859,000 after buying an additional 505,050 shares in the last quarter. Hedge funds and other institutional investors own 99.00% of the company’s stock.

QuidelOrtho Trading Up 3.4 %

Shares of NASDAQ:QDEL traded up $1.32 on Tuesday, reaching $40.40. 1,192,796 shares of the company traded hands, compared to its average volume of 1,010,845. The business’s 50-day simple moving average is $44.76 and its 200 day simple moving average is $60.16. QuidelOrtho Co. has a 52 week low of $37.78 and a 52 week high of $95.02. The stock has a market capitalization of $2.70 billion, a P/E ratio of -252.50 and a beta of 0.11. The company has a current ratio of 1.57, a quick ratio of 0.88 and a debt-to-equity ratio of 0.45.

QuidelOrtho (NASDAQ:QDEL) last announced its quarterly earnings data on Tuesday, February 13th. The company reported $1.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.84). QuidelOrtho had a negative net margin of 0.34% and a positive return on equity of 5.54%. The company had revenue of $742.60 million for the quarter, compared to the consensus estimate of $796.91 million. During the same period last year, the business posted $1.74 earnings per share. The firm’s quarterly revenue was down 14.3% compared to the same quarter last year. As a group, equities analysts anticipate that QuidelOrtho Co. will post 2.28 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

QDEL has been the topic of a number of recent analyst reports. Craig Hallum reiterated a “hold” rating on shares of QuidelOrtho in a research report on Wednesday, February 14th. JPMorgan Chase & Co. downgraded QuidelOrtho from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $66.00 to $37.00 in a research report on Wednesday, February 14th. Royal Bank of Canada lowered their price target on QuidelOrtho from $130.00 to $81.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. William Blair restated a “market perform” rating on shares of QuidelOrtho in a research report on Wednesday, February 14th. Finally, UBS Group restated a “sell” rating and set a $42.00 price target (down previously from $70.00) on shares of QuidelOrtho in a research report on Monday, March 4th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, QuidelOrtho presently has an average rating of “Hold” and a consensus price target of $61.60.

Insider Activity

In other QuidelOrtho news, CFO Joseph M. Busky bought 2,150 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were bought at an average cost of $46.35 per share, with a total value of $99,652.50. Following the completion of the purchase, the chief financial officer now directly owns 2,150 shares of the company’s stock, valued at $99,652.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.00% of the company’s stock.

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.