Costello Asset Management INC Grows Stock Position in QXO, Inc. $QXO

Key Points

• Costello Asset Management INC increased its stake in QXO, Inc. by 532.5% during the second quarter, owning a total of 127,770 shares valued at approximately $2.75 million.
• Research analysts have issued predominantly positive ratings for QXO, with a consensus rating of "Moderate Buy" and an average price target of $33.08.
• As of the latest reports, 58.68% of QXO's stock is owned by hedge funds and institutional investors, indicating strong institutional interest in the company.

Costello Asset Management INC raised its holdings in QXO, Inc. (NYSE:QXO - Free Report) by 532.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 127,770 shares of the company's stock after buying an additional 107,570 shares during the quarter. QXO comprises 1.0% of Costello Asset Management INC's holdings, making the stock its 25th largest position. Costello Asset Management INC's holdings in QXO were worth $2,752,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Blair William & Co. IL raised its stake in QXO by 260.9% in the second quarter. Blair William & Co. IL now owns 72,106 shares of the company's stock valued at $1,553,000 after buying an additional 52,124 shares during the last quarter. Maryland State Retirement & Pension System purchased a new stake in QXO in the second quarter valued at about $583,000. KLP Kapitalforvaltning AS raised its stake in QXO by 53.3% in the second quarter. KLP Kapitalforvaltning AS now owns 101,300 shares of the company's stock valued at $2,182,000 after buying an additional 35,200 shares during the last quarter. Valeo Financial Advisors LLC purchased a new stake in QXO in the second quarter valued at about $266,000. Finally, Brown Miller Wealth Management LLC purchased a new position in shares of QXO in the second quarter worth about $592,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Citigroup assumed coverage on QXO in a research note on Wednesday, July 16th. They issued a "buy" rating and a $33.00 price objective for the company. Raymond James Financial assumed coverage on QXO in a research note on Friday, September 5th. They issued an "outperform" rating and a $28.00 price objective for the company. Morgan Stanley assumed coverage on QXO in a research note on Tuesday, September 2nd. They issued an "overweight" rating and a $35.00 price objective for the company. Truist Financial reduced their price objective on QXO from $30.00 to $28.00 and set a "buy" rating for the company in a research note on Thursday. Finally, Robert W. Baird assumed coverage on QXO in a research note on Thursday, June 12th. They issued an "outperform" rating and a $32.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $33.08.

QXO Stock Down 0.9%

QXO stock opened at $19.71 on Friday. The firm has a market cap of $13.28 billion, a price-to-earnings ratio of -93.87, a price-to-earnings-growth ratio of 2.67 and a beta of 2.25. QXO, Inc. has a 52 week low of $11.85 and a 52 week high of $24.69. The business's 50-day moving average price is $20.20 and its 200 day moving average price is $18.42. The company has a quick ratio of 2.15, a current ratio of 3.00 and a debt-to-equity ratio of 0.38.

QXO Company Profile

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.

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