WEX Inc. $WEX Shares Sold by MetLife Investment Management LLC

Key Points

• MetLife Investment Management LLC has reduced its stake in WEX Inc. by 13.1% during the first quarter, now holding approximately 0.06% of the company valued at $3.08 million.
• Hsbc Holdings PLC significantly increased its holdings in WEX by 20,412.8%, acquiring over 635,450 shares, which brought their total to 638,563 shares valued at $99.07 million.
• WEX shares are currently trading at $171.54, with a market cap of $5.88 billion and a 52-week price range between $110.45 and $217.47.

MetLife Investment Management LLC decreased its stake in WEX Inc. (NYSE:WEX - Free Report) by 13.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,632 shares of the business services provider's stock after selling 2,954 shares during the quarter. MetLife Investment Management LLC owned approximately 0.06% of WEX worth $3,083,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Investment Management Corp VA ADV purchased a new position in WEX in the 4th quarter worth approximately $25,000. State of Wyoming purchased a new stake in WEX in the 4th quarter valued at $35,000. Farther Finance Advisors LLC grew its holdings in WEX by 161.5% in the 1st quarter. Farther Finance Advisors LLC now owns 272 shares of the business services provider's stock valued at $44,000 after buying an additional 168 shares in the last quarter. SVB Wealth LLC purchased a new position in shares of WEX during the 1st quarter worth $49,000. Finally, Brooklyn Investment Group increased its position in WEX by 50.7% during the first quarter. Brooklyn Investment Group now owns 422 shares of the business services provider's stock worth $66,000 after purchasing an additional 142 shares during the last quarter. Institutional investors and hedge funds own 97.47% of the company's stock.

Insider Activity

In related news, insider Ann Elena Drew sold 1,931 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $171.69, for a total transaction of $331,533.39. Following the transaction, the insider owned 7,295 shares of the company's stock, valued at $1,252,478.55. This trade represents a 20.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Carlos Carriedo sold 875 shares of the company'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 value of $150,220.00. Following the sale, 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 disclosure for this sale can be found here. 1.40% of the stock is currently owned by corporate insiders.

WEX Stock Performance

Shares of WEX stock traded down $2.14 during mid-day trading on Friday, hitting $171.23. 52,233 shares of the stock were exchanged, compared to its average volume of 673,494. The stock's fifty day simple moving average is $164.23 and its two-hundred day simple moving average is $148.59. The company has a debt-to-equity ratio of 3.99, a quick ratio of 1.04 and a current ratio of 1.04. WEX Inc. has a 12-month low of $110.45 and a 12-month high of $217.47. The stock has a market capitalization of $5.87 billion, a price-to-earnings ratio of 21.64, a P/E/G ratio of 1.56 and a beta of 1.31.

Wall Street Analyst Weigh In

A number of analysts have issued reports on WEX shares. Mizuho boosted their target price on WEX from $150.00 to $185.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Jefferies Financial Group raised their target price on WEX from $130.00 to $135.00 and gave the company a "hold" rating in a report on Tuesday, May 27th. Deutsche Bank Aktiengesellschaft began coverage on shares of WEX in a research note on Thursday, July 17th. They set a "hold" rating and a $150.00 price target on the stock. Robert W. Baird lifted their price objective on shares of WEX from $186.00 to $198.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Finally, Oppenheimer assumed coverage on shares of WEX in a research note on Thursday, May 15th. They set a "market perform" rating on the stock. Three analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $179.82.

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.