Fifth Third Bancorp Has $27,000 Stock Holdings in QuidelOrtho Co. (NASDAQ:QDEL)

Fifth Third Bancorp increased its position in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 907.3% in the second quarter, Holdings Channel.com reports. The institutional investor owned 826 shares of the company’s stock after buying an additional 744 shares during the period. Fifth Third Bancorp’s holdings in QuidelOrtho were worth $27,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in QDEL. GAMMA Investing LLC boosted its holdings in QuidelOrtho by 27.0% in the second quarter. GAMMA Investing LLC now owns 1,778 shares of the company’s stock worth $59,000 after acquiring an additional 378 shares in the last quarter. Headlands Technologies LLC purchased a new position in QuidelOrtho in the first quarter valued at approximately $86,000. EMC Capital Management purchased a new stake in shares of QuidelOrtho during the 1st quarter valued at approximately $117,000. CWM LLC grew its position in shares of QuidelOrtho by 1,536.0% in the first quarter. CWM LLC now owns 2,814 shares of the company’s stock valued at $135,000 after purchasing an additional 2,642 shares in the last quarter. Finally, Bfsg LLC lifted its holdings in shares of QuidelOrtho by 101.5% in the first quarter. Bfsg LLC now owns 3,980 shares of the company’s stock worth $191,000 after buying an additional 2,005 shares in the last quarter. 99.00% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, major shareholder Carlyle Group Inc. sold 64,263 shares of QuidelOrtho stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $40.23, for a total transaction of $2,585,300.49. Following the completion of the transaction, the insider now directly owns 12,395,920 shares in the company, valued at $498,687,861.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 2,261,559 shares of company stock worth $82,700,460. Corporate insiders own 1.00% of the company’s stock.

QuidelOrtho Stock Down 0.6 %

Shares of NASDAQ QDEL opened at $44.33 on Wednesday. The firm’s fifty day moving average is $37.43 and its 200 day moving average is $41.66. QuidelOrtho Co. has a 52 week low of $29.74 and a 52 week high of $84.60. The company has a market cap of $2.97 billion, a price-to-earnings ratio of -1.68 and a beta of 0.07. The company has a quick ratio of 0.79, a current ratio of 1.44 and a debt-to-equity ratio of 0.70.

QuidelOrtho (NASDAQ:QDEL) last posted its earnings results on Wednesday, July 31st. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.15. QuidelOrtho had a positive return on equity of 3.87% and a negative net margin of 65.60%. The firm had revenue of $637.00 million for the quarter, compared to analysts’ expectations of $613.51 million. During the same period in the previous year, the firm earned $0.26 earnings per share. The business’s revenue was down 4.2% compared to the same quarter last year. On average, equities research analysts expect that QuidelOrtho Co. will post 1.77 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Royal Bank of Canada restated an “outperform” rating and issued a $61.00 price objective on shares of QuidelOrtho in a research report on Friday, August 16th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $57.60.

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.