Private Management Group Inc. Purchases 106,709 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

Private Management Group Inc. grew its position in QuidelOrtho Co. (NASDAQ:QDEL) by 117.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 197,344 shares of the company’s stock after purchasing an additional 106,709 shares during the quarter. Private Management Group Inc.’s holdings in QuidelOrtho were worth $14,544,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of QDEL. Burgundy Asset Management Ltd. grew its holdings in 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 purchasing an additional 551,524 shares during the last quarter. LSV Asset Management lifted its stake in shares of QuidelOrtho by 217.4% during 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 during the period. Clearbridge Investments LLC lifted its stake in shares of QuidelOrtho by 4,035.8% during the third quarter. Clearbridge Investments LLC now owns 451,542 shares of the company’s stock worth $32,981,000 after buying an additional 440,624 shares during the period. LGT Capital Partners LTD. lifted its stake in shares of QuidelOrtho by 69.9% during 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 during the period. Finally, Rubric Capital Management LP acquired a new stake in shares of QuidelOrtho during the third quarter worth $21,651,000. 99.00% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at QuidelOrtho

In other news, CFO Joseph M. Busky acquired 2,150 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was bought at an average price of $46.35 per share, with a total value of $99,652.50. Following the completion of the acquisition, the chief financial officer now owns 2,150 shares of the company’s stock, valued at $99,652.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is owned by corporate insiders.

QuidelOrtho Stock Performance

NASDAQ QDEL traded up $1.32 on Tuesday, reaching $40.40. 1,192,796 shares of the company’s stock traded hands, compared to its average volume of 1,010,845. The firm has a market cap of $2.70 billion, a price-to-earnings ratio of -252.50 and a beta of 0.11. The stock has a 50 day moving average price of $44.76 and a 200-day moving average price of $60.16. QuidelOrtho Co. has a fifty-two week low of $37.78 and a fifty-two week high of $95.02. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.88 and a current ratio of 1.57.

QuidelOrtho (NASDAQ:QDEL) last posted its earnings results 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 business had revenue of $742.60 million for the quarter, compared to analyst estimates of $796.91 million. During the same quarter in the prior year, the firm earned $1.74 earnings per share. The company’s revenue for the quarter was down 14.3% on a year-over-year basis. Equities research analysts predict that QuidelOrtho Co. will post 2.28 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Royal Bank of Canada lowered their price objective on shares of QuidelOrtho from $130.00 to $81.00 and set an “outperform” rating for the company in a research note on Wednesday, February 14th. JPMorgan Chase & Co. downgraded shares of QuidelOrtho from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $66.00 to $37.00 in a research note on Wednesday, February 14th. UBS Group reiterated a “sell” rating and set a $42.00 price objective (down from $70.00) on shares of QuidelOrtho in a research note on Monday, March 4th. Raymond James reiterated an “outperform” rating and set a $76.00 price objective (down from $100.00) on shares of QuidelOrtho in a research note on Wednesday, February 14th. Finally, Craig Hallum restated a “hold” rating on shares of QuidelOrtho in a research report on Wednesday, February 14th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $61.60.

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.