Vanguard Group Inc. Boosts Holdings in QXO, Inc. $QXO

Key Points

• Vanguard Group Inc. significantly increased its holdings in QXO, Inc. by 146.1%, owning 24,707,435 shares worth approximately $334.54 million as of its latest SEC filing.
• Numerous hedge funds have recently adjusted their positions in QXO, with institutional investors now owning 58.68% of the stock.
• Analysts have a consensus rating of "Buy" for QXO, with target prices ranging from $27.00 to $44.00, indicating strong market optimism.

Vanguard Group Inc. grew its position in shares of QXO, Inc. (NASDAQ:QXO - Free Report) by 146.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,707,435 shares of the company's stock after buying an additional 14,667,571 shares during the quarter. Vanguard Group Inc. owned 5.53% of QXO worth $334,539,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Costello Asset Management INC purchased a new position in QXO during the 1st quarter worth $274,000. Advyzon Investment Management LLC raised its position in QXO by 6.2% during the 1st quarter. Advyzon Investment Management LLC now owns 35,198 shares of the company's stock worth $477,000 after buying an additional 2,051 shares during the last quarter. Blair William & Co. IL raised its position in QXO by 38.5% during the 1st quarter. Blair William & Co. IL now owns 19,982 shares of the company's stock worth $271,000 after buying an additional 5,552 shares during the last quarter. PNC Financial Services Group Inc. raised its position in QXO by 3,281.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,762 shares of the company's stock worth $92,000 after buying an additional 6,562 shares during the last quarter. Finally, Jefferies Financial Group Inc. purchased a new position in QXO during the 1st quarter worth $250,000. Hedge funds and other institutional investors own 58.68% of the company's stock.

QXO Stock Performance

NASDAQ:QXO traded down $0.4320 during mid-day trading on Thursday, hitting $18.8480. 9,028,907 shares of the company's stock traded hands, compared to its average volume of 5,843,076. The firm's 50 day simple moving average is $21.09 and its 200 day simple moving average is $16.66. QXO, Inc. has a 1 year low of $11.85 and a 1 year high of $24.69. The company has a market cap of $10.94 billion, a PE ratio of -2.07, a price-to-earnings-growth ratio of 4.09 and a beta of 2.34.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Truist Financial assumed coverage on shares of QXO in a report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price target for the company. Citigroup assumed coverage on shares of QXO in a report on Wednesday, July 16th. They issued a "buy" rating and a $33.00 price target for the company. Robert W. Baird assumed coverage on shares of QXO in a report on Thursday, June 12th. They issued an "outperform" rating and a $32.00 price target for the company. Wolfe Research assumed coverage on shares of QXO in a report on Friday, June 6th. They issued an "outperform" rating and a $44.00 price target for the company. Finally, Royal Bank Of Canada assumed coverage on shares of QXO in a report on Monday, July 21st. They issued an "outperform" rating and a $33.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $32.25.

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.