JPMorgan Chase & Co. Sells 54,506 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

JPMorgan Chase & Co. trimmed its position in QuidelOrtho Co. (NASDAQ:QDEL) by 4.2% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 1,233,480 shares of the company’s stock after selling 54,506 shares during the period. JPMorgan Chase & Co.’s holdings in QuidelOrtho were worth $56,247,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital Performance Advisors LLP bought a new position in QuidelOrtho in the third quarter valued at about $25,000. GAMMA Investing LLC lifted its position in QuidelOrtho by 73.6% during the 3rd quarter. GAMMA Investing LLC now owns 3,086 shares of the company’s stock valued at $141,000 after purchasing an additional 1,308 shares during the period. Quest Partners LLC boosted its stake in shares of QuidelOrtho by 17,095.0% in the 2nd quarter. Quest Partners LLC now owns 3,439 shares of the company’s stock valued at $114,000 after purchasing an additional 3,419 shares during the last quarter. International Assets Investment Management LLC grew its position in shares of QuidelOrtho by 4,460.0% during the 3rd quarter. International Assets Investment Management LLC now owns 4,560 shares of the company’s stock worth $208,000 after buying an additional 4,460 shares during the period. Finally, Unison Advisors LLC bought a new stake in shares of QuidelOrtho during the third quarter worth approximately $222,000. 99.00% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at QuidelOrtho

In other QuidelOrtho news, CEO Brian J. Blaser purchased 6,033 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were purchased at an average cost of $41.42 per share, with a total value of $249,886.86. Following the transaction, the chief executive officer now directly owns 6,033 shares of the company’s stock, valued at $249,886.86. This represents a ? increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the firm’s stock in a transaction dated 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. 1.00% of the stock is owned by insiders.

QuidelOrtho Price Performance

Shares of QDEL opened at $46.66 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.81 and a current ratio of 1.38. The firm has a market capitalization of $3.14 billion, a PE ratio of -1.67 and a beta of 0.08. The stock has a 50 day simple moving average of $41.11 and a 200 day simple moving average of $40.36. QuidelOrtho Co. has a 52-week low of $29.74 and a 52-week high of $75.09.

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on QDEL. William Blair reaffirmed a “market perform” rating on shares of QuidelOrtho in a research note on Wednesday, November 20th. Jefferies Financial Group assumed coverage on QuidelOrtho in a research report on Tuesday, December 10th. They issued a “hold” rating and a $43.00 price target on the stock. Citigroup upgraded QuidelOrtho from a “neutral” rating to a “buy” rating and upped their price objective for the company from $44.00 to $50.00 in a report on Wednesday, December 11th. Finally, UBS Group began coverage on QuidelOrtho in a report on Thursday, September 19th. They set a “neutral” rating and a $50.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, QuidelOrtho has an average 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.