Massachusetts Financial Services Co. MA Sells 172,536 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

Massachusetts Financial Services Co. MA lowered its position in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 33.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 341,060 shares of the company’s stock after selling 172,536 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.51% of QuidelOrtho worth $15,552,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in QDEL. Vanguard Group Inc. raised its holdings in QuidelOrtho by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 4,879,143 shares of the company’s stock worth $233,906,000 after purchasing an additional 37,733 shares during the last quarter. Rubric Capital Management LP boosted its stake in shares of QuidelOrtho by 51.9% in the 2nd quarter. Rubric Capital Management LP now owns 3,645,590 shares of the company’s stock valued at $121,106,000 after purchasing an additional 1,245,590 shares during the last quarter. Maverick Capital Ltd. grew its position in shares of QuidelOrtho by 27.5% during the 2nd 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. Private Management Group Inc. raised its stake in shares of QuidelOrtho by 2.6% during the third quarter. Private Management Group Inc. now owns 626,705 shares of the company’s stock worth $28,578,000 after buying an additional 16,084 shares during the last quarter. Finally, Van Lanschot Kempen Investment Management N.V. lifted its holdings in QuidelOrtho by 9.8% in the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 593,157 shares of the company’s stock valued at $19,705,000 after buying an additional 52,729 shares during the period. Institutional investors and hedge funds own 99.00% of the company’s stock.

QuidelOrtho Stock Up 2.5 %

Shares of QuidelOrtho stock opened at $41.16 on Tuesday. The company has a market capitalization of $2.77 billion, a P/E ratio of -1.48 and a beta of 0.12. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.38 and a quick ratio of 0.81. The business has a 50-day moving average of $41.38 and a two-hundred day moving average of $40.29. QuidelOrtho Co. has a 1 year low of $29.74 and a 1 year high of $75.86.

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on QDEL. Royal Bank of Canada reiterated 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 increased their target price for the company from $40.00 to $57.00 in a research note on Thursday, September 5th. William Blair restated a “market perform” rating on shares of QuidelOrtho in a report on Wednesday, November 20th. Finally, UBS Group assumed coverage on QuidelOrtho in a research note on Thursday, September 19th. They issued a “neutral” rating and a $50.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $58.83.

Insider Buying and Selling

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $35.31, for a total transaction of $291,667,061.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.00% of the stock is currently owned by company insiders.

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.