Charles Schwab Investment Management Inc. Decreases Stock Position in QXO, Inc. $QXO

Key Points

• Charles Schwab Investment Management Inc. reduced its holdings in QXO, Inc. by 2.5%, now owning 1,506,186 shares worth approximately $20.39 million.
• Multiple institutional investors modified their positions in QXO during the 1st quarter, with a notable 57.4% increase from First Horizon Advisors.
• Brokerages have given QXO a consensus rating of "Buy" and a target price of approximately $32.25, following several upgrades and new coverage reports.

Charles Schwab Investment Management Inc. decreased its holdings in QXO, Inc. (NASDAQ:QXO - Free Report) by 2.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,506,186 shares of the company's stock after selling 38,038 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.34% of QXO worth $20,394,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Barclays PLC purchased a new stake in QXO in the 4th quarter valued at about $1,168,000. Deutsche Bank AG purchased a new stake in QXO in the 4th quarter valued at about $255,000. Northern Trust Corp grew its holdings in QXO by 46.9% in the 4th quarter. Northern Trust Corp now owns 731,610 shares of the company's stock valued at $11,633,000 after buying an additional 233,538 shares during the period. Wells Fargo & Company MN grew its holdings in shares of QXO by 277.5% during the 4th quarter. Wells Fargo & Company MN now owns 29,159 shares of the company's stock worth $464,000 after purchasing an additional 21,435 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of QXO during the 4th quarter worth about $1,235,000. Hedge funds and other institutional investors own 58.68% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. William Blair assumed coverage on QXO in a report on Wednesday, June 18th. They set an "outperform" rating for the company. Truist Financial assumed coverage on QXO in a report on Tuesday, July 1st. They set a "buy" rating and a $30.00 target price for the company. Robert W. Baird assumed coverage on QXO in a report on Thursday, June 12th. They set an "outperform" rating and a $32.00 target price for the company. Stephens assumed coverage on QXO in a report on Wednesday, August 13th. They set an "overweight" rating and a $29.00 target price for the company. Finally, Oppenheimer assumed coverage on QXO in a report on Wednesday, June 11th. They set an "outperform" rating and a $27.00 target price for the company. Three investment analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $34.22.

QXO Price Performance

NASDAQ QXO traded down $0.02 on Wednesday, reaching $20.91. The company had a trading volume of 6,894,176 shares, compared to its average volume of 5,946,712. The firm has a market capitalization of $14.08 billion, a PE ratio of -2.29, a P/E/G ratio of 4.09 and a beta of 2.34. QXO, Inc. has a 1 year low of $11.85 and a 1 year high of $24.69. The firm has a 50-day moving average of $21.10 and a 200-day moving average of $16.85.

About QXO

QXO, Inc operates as a business application, technology, and consulting company in North America. The company provides solutions for accounting and business management, financial reporting, enterprise resource planning, human capital management, warehouse management systems, customer relationship management, and business intelligence.