The Manufacturers Life Insurance Company Has $506,000 Holdings in QuidelOrtho Co. (NASDAQ:QDEL)

The Manufacturers Life Insurance Company lessened its position in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 73.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 11,103 shares of the company’s stock after selling 31,334 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in QuidelOrtho were worth $506,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. Texas Permanent School Fund Corp lifted its position in shares of QuidelOrtho by 0.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 43,532 shares of the company’s stock worth $1,446,000 after buying an additional 257 shares during the period. Balanced Rock Investment Advisors LLC lifted its position in shares of QuidelOrtho by 5.1% during the 2nd quarter. Balanced Rock Investment Advisors LLC now owns 6,784 shares of the company’s stock worth $225,000 after buying an additional 329 shares during the period. Algert Global LLC lifted its position in shares of QuidelOrtho by 1.0% during the 2nd quarter. Algert Global LLC now owns 46,846 shares of the company’s stock worth $1,556,000 after buying an additional 450 shares during the period. Hunter Perkins Capital Management LLC lifted its position in shares of QuidelOrtho by 2.9% during the 3rd quarter. Hunter Perkins Capital Management LLC now owns 18,588 shares of the company’s stock worth $848,000 after buying an additional 530 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in shares of QuidelOrtho during the 3rd quarter worth approximately $25,000. Institutional investors and hedge funds own 99.00% of the company’s stock.

QuidelOrtho Trading Down 0.6 %

Shares of QDEL opened at $41.35 on Friday. The stock has a fifty day moving average price of $39.99 and a two-hundred day moving average price of $40.04. The company has a market cap of $2.78 billion, a price-to-earnings ratio of -1.48 and a beta of 0.11. QuidelOrtho Co. has a 52-week low of $29.74 and a 52-week high of $75.86. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.81 and a current ratio of 1.38.

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

Insider Activity

In other news, CEO Brian J. Blaser bought 6,033 shares of the stock in a transaction dated Wednesday, December 11th. The stock was bought at an average cost of $41.42 per share, with a total value of $249,886.86. Following the purchase, the chief executive officer now owns 6,033 shares of the company’s stock, valued at approximately $249,886.86. This represents a ? increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Carlyle Group Inc. sold 8,260,183 shares of QuidelOrtho stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $35.31, for a total value of $291,667,061.73. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

QDEL has been the subject of several analyst reports. William Blair restated a “market perform” rating on shares of QuidelOrtho in a research report on Wednesday, November 20th. Citigroup upgraded QuidelOrtho from a “neutral” rating to a “buy” rating and raised their target price for the stock from $44.00 to $50.00 in a research report on Wednesday. Craig Hallum upgraded 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 report on Thursday, September 5th. UBS Group began 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. Finally, Jefferies Financial Group began coverage on QuidelOrtho in a research report on Tuesday, December 10th. They issued a “hold” rating and a $43.00 price objective for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $53.43.

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.