TD Asset Management Inc Sells 50,242 Shares of QXO, Inc. (NASDAQ:QXO)

Key Points

• TD Asset Management Inc reduced its holdings in QXO, Inc. by 14.0% during the first quarter, selling 50,242 shares and retaining 308,390 shares valued at approximately $4.18 million.
• Several other institutional investors also adjusted their positions in QXO, with Settian Capital LP significantly increasing its holdings by 97.4% in the same quarter.
• Analysts have given QXO a consensus rating of "Buy" with an average price target set at $33.17, indicating positive sentiment towards the stock's future performance.

TD Asset Management Inc cut its stake in QXO, Inc. (NASDAQ:QXO - Free Report) by 14.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 308,390 shares of the company's stock after selling 50,242 shares during the period. TD Asset Management Inc owned about 0.07% of QXO worth $4,176,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in QXO. Barclays PLC acquired a new position in shares of QXO in the 4th quarter valued at about $1,168,000. Blair William & Co. IL purchased a new position in QXO during the fourth quarter worth approximately $229,000. Deutsche Bank AG acquired a new position in shares of QXO during the 4th quarter worth approximately $255,000. Northern Trust Corp grew its stake 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 acquiring an additional 233,538 shares during the period. Finally, Wells Fargo & Company MN raised its position 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 last quarter. 58.68% of the stock is owned by hedge funds and other institutional investors.

QXO Stock Down 1.7%

QXO stock traded down $0.33 during trading hours on Wednesday, hitting $19.10. The company's stock had a trading volume of 4,933,461 shares, compared to its average volume of 5,719,294. The company has a market capitalization of $11.08 billion, a PE ratio of -2.09, a price-to-earnings-growth ratio of 4.09 and a beta of 2.35. The stock has a 50 day moving average price of $20.67 and a two-hundred day moving average price of $16.16. QXO, Inc. has a 12 month low of $10.61 and a 12 month high of $24.69.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on QXO shares. Oppenheimer began coverage on QXO in a research note on Wednesday, June 11th. They issued an "outperform" rating and a $27.00 price objective for the company. Wells Fargo & Company started coverage on shares of QXO in a research note on Tuesday. They set an "overweight" rating and a $30.00 target price on the stock. Truist Financial started coverage on shares of QXO in a research report on Tuesday, July 1st. They set a "buy" rating and a $30.00 price objective for the company. Baird R W upgraded shares of QXO to a "strong-buy" rating in a research note on Thursday, June 12th. Finally, Royal Bank Of Canada started coverage on QXO in a report on Monday, July 21st. They set an "outperform" rating and a $33.00 price objective on the stock. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, QXO has an average rating of "Buy" and a consensus price target of $32.71.

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.