Primecap Management Co. CA Sells 12,090 Shares of WEX Inc. (NYSE:WEX)

Key Points

• Primecap Management Co. CA reduced its stake in WEX Inc. by 3.8%, selling 12,090 shares in the first quarter, now holding 303,190 shares valued at approximately $47.6 million.
• WEX stock has experienced a one-year trading range between $110.45 and $217.47, currently trading at $171.82 with a market cap of $5.89 billion.
• Analysts have varying outlooks on WEX, with target prices ranging from $135 to $198, giving it an average rating of "Hold."

Primecap Management Co. CA lessened its holdings in WEX Inc. (NYSE:WEX - Free Report) by 3.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 303,190 shares of the business services provider's stock after selling 12,090 shares during the quarter. Primecap Management Co. CA owned 0.89% of WEX worth $47,607,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. raised its holdings in WEX by 1.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 59,053 shares of the business services provider's stock valued at $9,272,000 after buying an additional 578 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of WEX by 27,871.3% during the first quarter. GAMMA Investing LLC now owns 69,089 shares of the business services provider's stock valued at $10,848,000 after acquiring an additional 68,842 shares during the last quarter. LPL Financial LLC boosted its holdings in shares of WEX by 13.2% during the fourth quarter. LPL Financial LLC now owns 29,408 shares of the business services provider's stock worth $5,283,000 after purchasing an additional 3,439 shares during the period. Cerity Partners LLC grew its stake in shares of WEX by 88.5% in the first quarter. Cerity Partners LLC now owns 10,002 shares of the business services provider's stock worth $1,571,000 after purchasing an additional 4,695 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its stake in shares of WEX by 161.5% in the first quarter. Farther Finance Advisors LLC now owns 272 shares of the business services provider's stock worth $44,000 after purchasing an additional 168 shares during the last quarter. 97.47% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on the company. Deutsche Bank Aktiengesellschaft started coverage on WEX in a research report on Thursday, July 17th. They issued a "hold" rating and a $150.00 price objective on the stock. Mizuho lifted their price target on shares of WEX from $150.00 to $185.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Morgan Stanley upped their price objective on shares of WEX from $142.00 to $170.00 and gave the stock an "equal weight" rating in a report on Friday, July 25th. Wells Fargo & Company dropped their target price on shares of WEX from $160.00 to $140.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. Finally, Jefferies Financial Group boosted their price target on shares of WEX from $130.00 to $135.00 and gave the company a "hold" rating in a research report on Tuesday, May 27th. Twelve analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $181.50.

WEX Stock Down 0.8%

WEX traded down $1.44 during midday trading on Friday, reaching $168.38. The company's stock had a trading volume of 348,993 shares, compared to its average volume of 505,234. WEX Inc. has a 1 year low of $110.45 and a 1 year high of $217.47. The stock's 50-day moving average is $152.39 and its 200-day moving average is $148.52. The firm has a market capitalization of $5.77 billion, a price-to-earnings ratio of 21.29, a PEG ratio of 1.59 and a beta of 1.28. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 3.99.

Insider Buying and Selling

In related news, COO Carlos Carriedo sold 875 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $171.68, for a total transaction of $150,220.00. Following the completion of the transaction, the chief operating officer owned 5,270 shares of the company's stock, valued at $904,753.60. This trade represents a 14.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Melissa D. Smith acquired 3,721 shares of the stock in a transaction on Thursday, May 29th. The shares were bought at an average price of $134.57 per share, with a total value of $500,734.97. Following the purchase, the chief executive officer directly owned 101,182 shares of the company's stock, valued at $13,616,061.74. The trade was a 3.82% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 4,206 shares of company stock worth $665,265. 1.40% of the stock is currently owned by corporate insiders.

WEX Profile

WEX Inc operates a commerce platform in the United States and internationally. The Mobility segment offers fleet vehicle payment solutions, transaction processing, and information management services; and provides account activation and account retention services; authorization and billing inquiries, and account maintenance services; account management; credit and collections services; merchant services; analytics solutions; and ancillary services and offerings.