QuidelOrtho Co. (NASDAQ:QDEL) Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS lessened its position in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 1.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 141,605 shares of the company’s stock after selling 2,250 shares during the quarter. Kornitzer Capital Management Inc. KS owned approximately 0.21% of QuidelOrtho worth $4,704,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in QDEL. Susquehanna Fundamental Investments LLC acquired a new position in QuidelOrtho during the first quarter worth about $1,178,000. Dimensional Fund Advisors LP raised its position in shares of QuidelOrtho by 144.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 908,554 shares of the company’s stock worth $66,961,000 after purchasing an additional 536,492 shares during the last quarter. Norges Bank purchased a new stake in QuidelOrtho in the 4th quarter valued at approximately $41,968,000. Vanguard Group Inc. raised its holdings in shares of QuidelOrtho by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 4,841,410 shares of the company’s stock worth $356,812,000 after acquiring an additional 44,770 shares during the last quarter. Finally, Westwood Holdings Group Inc. acquired a new stake in shares of QuidelOrtho during the fourth quarter valued at $3,691,000. 99.00% of the stock is currently owned by hedge funds and other institutional investors.

QuidelOrtho Stock Up 10.3 %

Shares of NASDAQ QDEL opened at $44.50 on Friday. The stock has a market capitalization of $2.99 billion, a PE ratio of -1.69 and a beta of 0.08. The company has a quick ratio of 0.79, a current ratio of 1.44 and a debt-to-equity ratio of 0.70. The firm has a fifty day moving average of $38.37 and a 200-day moving average of $41.27. QuidelOrtho Co. has a 52-week low of $29.74 and a 52-week high of $79.96.

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

Insiders Place Their Bets

In related news, major shareholder Carlyle Group Inc. sold 214,732 shares of QuidelOrtho stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $38.97, for a total transaction of $8,368,106.04. Following the transaction, the insider now owns 10,113,040 shares in the company, valued at approximately $394,105,168.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 2,261,559 shares of company stock worth $82,700,460 over the last ninety days. 1.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

QDEL has been the topic of a number of analyst reports. Royal Bank of Canada restated an “outperform” rating and set a $61.00 target price on shares of QuidelOrtho in a research report on Friday, August 16th. Craig Hallum raised QuidelOrtho from a “hold” rating to a “buy” rating and lifted their price objective for the company from $40.00 to $57.00 in a research report on Thursday. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $57.50.

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.