Bridgewater Associates LP Sells 18,159 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

Bridgewater Associates LP lessened its stake in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 45.3% during the 3rd quarter, Holdings Channel reports. The fund owned 21,948 shares of the company’s stock after selling 18,159 shares during the period. Bridgewater Associates LP’s holdings in QuidelOrtho were worth $1,001,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Texas Permanent School Fund Corp boosted its position in QuidelOrtho by 0.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 43,532 shares of the company’s stock valued at $1,446,000 after acquiring an additional 257 shares in the last quarter. Balanced Rock Investment Advisors LLC boosted its position in shares of QuidelOrtho by 5.1% in the 2nd quarter. Balanced Rock Investment Advisors LLC now owns 6,784 shares of the company’s stock worth $225,000 after purchasing an additional 329 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of QuidelOrtho by 27.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,778 shares of the company’s stock worth $59,000 after purchasing an additional 378 shares in the last quarter. Algert Global LLC boosted its position in shares of QuidelOrtho by 1.0% in the 2nd quarter. Algert Global LLC now owns 46,846 shares of the company’s stock worth $1,556,000 after purchasing an additional 450 shares in the last quarter. Finally, Hunter Perkins Capital Management LLC boosted its position in shares of QuidelOrtho by 2.9% in the 3rd quarter. Hunter Perkins Capital Management LLC now owns 18,588 shares of the company’s stock worth $848,000 after purchasing an additional 530 shares in the last quarter. Institutional investors own 99.00% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. UBS Group assumed coverage on QuidelOrtho in a research report on Thursday, September 19th. They issued a “neutral” rating and a $50.00 price objective for the company. William Blair reissued a “market perform” rating on shares of QuidelOrtho in a research report on Wednesday, November 20th. Craig Hallum raised QuidelOrtho from a “hold” rating to a “buy” rating and raised their price objective for the stock from $40.00 to $57.00 in a research report on Thursday, September 5th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $61.00 price objective on shares of QuidelOrtho in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, QuidelOrtho currently has a consensus rating of “Hold” and an average target price of $58.83.

Insider Buying and Selling at QuidelOrtho

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of QuidelOrtho 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.00% of the company’s stock.

QuidelOrtho Stock Performance

Shares of QDEL stock opened at $41.00 on Monday. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of -1.47 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 fifty day moving average of $40.88 and a 200 day moving average of $40.21. QuidelOrtho Co. has a 1 year low of $29.74 and a 1 year high of $75.86.

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

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.