Parkman Healthcare Partners LLC Invests $3.42 Million in QuidelOrtho Co. (NASDAQ:QDEL)

Parkman Healthcare Partners LLC bought a new stake in QuidelOrtho Co. (NASDAQ:QDEL) during the third quarter, Holdings Channel reports. The fund bought 75,000 shares of the company’s stock, valued at approximately $3,420,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Rubric Capital Management LP grew its holdings in shares of QuidelOrtho by 15.2% during the 3rd quarter. Rubric Capital Management LP now owns 4,200,000 shares of the company’s stock worth $191,520,000 after purchasing an additional 554,410 shares during the period. Maverick Capital Ltd. grew its stake in QuidelOrtho by 27.5% during the second quarter. Maverick Capital Ltd. now owns 1,728,913 shares of the company’s stock worth $57,434,000 after buying an additional 372,662 shares during the period. FMR LLC increased its position in shares of QuidelOrtho by 28.0% in the third quarter. FMR LLC now owns 1,256,356 shares of the company’s stock worth $57,290,000 after acquiring an additional 274,633 shares in the last quarter. Private Management Group Inc. raised its stake in shares of QuidelOrtho by 2.6% in the 3rd quarter. Private Management Group Inc. now owns 626,705 shares of the company’s stock valued at $28,578,000 after acquiring an additional 16,084 shares during the period. Finally, Van Lanschot Kempen Investment Management N.V. lifted its holdings in shares of 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 acquiring an additional 52,729 shares in the last quarter. Hedge funds and other institutional investors own 99.00% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on QDEL shares. UBS Group initiated coverage on QuidelOrtho in a research report on Thursday, September 19th. They issued a “neutral” rating and a $50.00 price objective on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $61.00 target price on shares of QuidelOrtho in a report on Friday, August 16th. William Blair restated a “market perform” rating on shares of QuidelOrtho in a report on Wednesday, November 20th. Finally, Craig Hallum upgraded shares of 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 note on Thursday, September 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $58.83.

QuidelOrtho Price Performance

QDEL stock opened at $40.06 on Wednesday. The company has a market capitalization of $2.69 billion, a PE ratio of -1.44 and a beta of 0.11. The company has a quick ratio of 0.81, a current ratio of 1.38 and a debt-to-equity ratio of 0.68. The stock’s 50 day moving average is $40.70 and its two-hundred day moving average is $40.17. QuidelOrtho Co. has a 52-week low of $29.74 and a 52-week high of $75.86.

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

Insider Transactions at QuidelOrtho

In related news, 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 stock was sold at an average price of $35.31, for a total value of $291,667,061.73. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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.