QuidelOrtho Co. (NASDAQ:QDEL) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its holdings in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 51.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 72,044 shares of the company’s stock after selling 76,879 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.11% of QuidelOrtho worth $3,454,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Pinnacle Associates Ltd. increased its holdings in shares of QuidelOrtho by 167.4% during the fourth quarter. Pinnacle Associates Ltd. now owns 85,375 shares of the company’s stock valued at $6,292,000 after purchasing an additional 53,446 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of QuidelOrtho by 144.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 908,554 shares of the company’s stock worth $66,961,000 after acquiring an additional 536,492 shares during the period. Wellington Management Group LLP increased its stake in shares of QuidelOrtho by 11.2% during the third quarter. Wellington Management Group LLP now owns 760,632 shares of the company’s stock valued at $55,557,000 after acquiring an additional 76,866 shares during the period. Comerica Bank bought a new stake in shares of QuidelOrtho in the 3rd quarter worth approximately $5,156,000. Finally, Citigroup Inc. boosted its holdings in QuidelOrtho by 25.0% during the third quarter. Citigroup Inc. now owns 5,808 shares of the company’s stock worth $424,000 after buying an additional 1,161 shares in the last quarter. Institutional investors own 99.00% of the company’s stock.

Insider Activity

In related news, major shareholder Carlyle Group Inc. sold 49,937 shares of the company’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 completion of the sale, the insider now directly owns 11,520,751 shares of the company’s stock, valued at approximately $380,760,820.55. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 564,225 shares of company stock valued at $20,034,011 over the last 90 days. 1.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

QDEL has been the subject of a number of recent research reports. UBS Group reiterated a “sell” rating and set a $42.00 price objective (down previously from $70.00) on shares of QuidelOrtho in a research report on Monday, March 4th. Royal Bank of Canada lowered their price target on QuidelOrtho from $81.00 to $68.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, QuidelOrtho currently has a consensus rating of “Hold” and a consensus price target of $59.00.

QuidelOrtho Stock Down 0.7 %

QDEL stock traded down $0.21 during trading hours on Tuesday, hitting $31.42. The company’s stock had a trading volume of 142,484 shares, compared to its average volume of 975,484. The company has a market capitalization of $2.10 billion, a PE ratio of -1.20 and a beta of 0.07. The stock has a 50 day moving average price of $40.31 and a two-hundred day moving average price of $51.32. The company has a quick ratio of 0.81, a current ratio of 1.55 and a debt-to-equity ratio of 0.68. QuidelOrtho Co. has a 12 month low of $30.87 and a 12 month high of $89.11.

QuidelOrtho (NASDAQ:QDEL) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). QuidelOrtho had a negative net margin of 61.65% and a positive return on equity of 3.96%. The company had revenue of $711.00 million for the quarter, compared to analyst estimates of $697.33 million. On average, equities research analysts expect that QuidelOrtho Co. will post 1.85 earnings per share for the current year.

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.