Parkman Healthcare Partners LLC Invests $3.42 Million in QuidelOrtho Co. (NASDAQ:QDEL)

Parkman Healthcare Partners LLC acquired a new position in QuidelOrtho Co. (NASDAQ:QDEL) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 75,000 shares of the company’s stock, valued at approximately $3,420,000. Parkman Healthcare Partners LLC owned about 0.11% of QuidelOrtho at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Capital Performance Advisors LLP acquired a new position in QuidelOrtho in the 3rd quarter valued at $25,000. Fifth Third Bancorp boosted its position in QuidelOrtho by 907.3% during the second quarter. Fifth Third Bancorp now owns 826 shares of the company’s stock worth $27,000 after acquiring an additional 744 shares during the last quarter. GAMMA Investing LLC grew its stake in QuidelOrtho by 27.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,778 shares of the company’s stock valued at $59,000 after acquiring an additional 378 shares in the last quarter. Innealta Capital LLC acquired a new stake in QuidelOrtho in the 2nd quarter valued at about $102,000. Finally, Quest Partners LLC lifted its stake in QuidelOrtho by 17,095.0% in the 2nd quarter. Quest Partners LLC now owns 3,439 shares of the company’s stock worth $114,000 after purchasing an additional 3,419 shares in the last quarter. 99.00% of the stock is currently owned by hedge funds and other institutional investors.

QuidelOrtho Price Performance

QuidelOrtho stock opened at $40.06 on Wednesday. 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 simple moving average of $40.70 and a 200-day simple moving average of $40.17. QuidelOrtho Co. has a 12 month low of $29.74 and a 12 month high of $75.86. The stock has a market capitalization of $2.69 billion, a PE ratio of -1.44 and a beta of 0.11.

QuidelOrtho (NASDAQ:QDEL) last released its earnings results on Thursday, November 7th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.55. The company had revenue of $727.00 million for 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 firm’s quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.90 EPS. Equities analysts predict that QuidelOrtho Co. will post 1.73 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $61.00 price target on shares of QuidelOrtho in a report on Friday, August 16th. Craig Hallum raised shares of QuidelOrtho from a “hold” rating to a “buy” rating and increased their price target for the company from $40.00 to $57.00 in a research note on Thursday, September 5th. William Blair reaffirmed a “market perform” rating on shares of QuidelOrtho in a research report on Wednesday, November 20th. Finally, UBS Group began coverage on QuidelOrtho in a research note on Thursday, September 19th. They set a “neutral” rating and a $50.00 target price for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $58.83.

Insider Activity at QuidelOrtho

In related news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the business’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 transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 1.00% of the company’s stock.

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.