Zacks Investment Research Lowers Ortho Clinical Diagnostics (NASDAQ:OCDX) to Sell

Ortho Clinical Diagnostics (NASDAQ:OCDXGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Saturday, Zacks.com reports.

According to Zacks, “Ortho Clinical Diagnostics deals with in vitro and in vivo diagnostic substances. “

OCDX has been the subject of a number of other research reports. Evercore ISI raised shares of Ortho Clinical Diagnostics from an “in-line” rating to an “outperform” rating and set a $21.00 price target for the company in a report on Thursday, February 17th. Barclays cut their price objective on shares of Ortho Clinical Diagnostics from $25.00 to $20.00 in a research note on Thursday, February 17th. Finally, Morgan Stanley lowered shares of Ortho Clinical Diagnostics from an “overweight” rating to an “equal weight” rating in a research note on Thursday, February 17th. One 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, the stock currently has a consensus rating of “Hold” and an average price target of $23.24.

NASDAQ OCDX opened at $17.36 on Friday. The company has a fifty day simple moving average of $18.19 and a two-hundred day simple moving average of $18.72. The stock has a market cap of $3.86 billion, a P/E ratio of -1,734.27, a P/E/G ratio of 1.57 and a beta of 1.32. Ortho Clinical Diagnostics has a 12-month low of $16.04 and a 12-month high of $22.99. The company has a current ratio of 1.75, a quick ratio of 1.22 and a debt-to-equity ratio of 5.33.

Ortho Clinical Diagnostics (NASDAQ:OCDXGet Rating) last posted its quarterly earnings results on Wednesday, February 16th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.04. The business had revenue of $521.00 million during the quarter, compared to analysts’ expectations of $525.26 million. Ortho Clinical Diagnostics had a negative net margin of 2.66% and a positive return on equity of 42.86%. The business’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter last year, the company posted $0.17 earnings per share. As a group, sell-side analysts forecast that Ortho Clinical Diagnostics will post 0.87 earnings per share for the current year.

In related news, EVP Michael A. Schlesinger sold 88,043 shares of the firm’s stock in a transaction on Monday, April 4th. The shares were sold at an average price of $18.77, for a total transaction of $1,652,567.11. Following the sale, the executive vice president now owns 87,637 shares in the company, valued at $1,644,946.49. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

A number of hedge funds have recently added to or reduced their stakes in OCDX. Spire Wealth Management grew its position in Ortho Clinical Diagnostics by 507.2% during the first quarter. Spire Wealth Management now owns 4,700 shares of the company’s stock valued at $88,000 after buying an additional 3,926 shares during the period. Point72 Hong Kong Ltd purchased a new position in Ortho Clinical Diagnostics during the third quarter valued at $130,000. Royal Bank of Canada lifted its holdings in Ortho Clinical Diagnostics by 12.3% during the second quarter. Royal Bank of Canada now owns 8,290 shares of the company’s stock valued at $178,000 after purchasing an additional 907 shares in the last quarter. Schroder Investment Management Group purchased a new position in Ortho Clinical Diagnostics during the third quarter valued at $191,000. Finally, Centiva Capital LP purchased a new position in Ortho Clinical Diagnostics during the fourth quarter valued at $214,000.

Ortho Clinical Diagnostics Company Profile (Get Rating)

Ortho Clinical Diagnostics Holdings plc provides in-vitro diagnostics solutions to the clinical laboratory and transfusion medicine communities worldwide. The company offers automated instruments; and assays, reagents, and other consumables that are used by these instruments to generate test results.

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