MFG Wealth Management Inc. Boosts Stock Position in QXO, Inc. $QXO

MFG Wealth Management Inc. boosted its position in QXO, Inc. (NYSE:QXO) by 65.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 89,728 shares of the company’s stock after purchasing an additional 35,374 shares during the quarter. MFG Wealth Management Inc.’s holdings in QXO were worth $1,550,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Arax Advisory Partners acquired a new position in shares of QXO in the fourth quarter valued at approximately $25,000. LRI Investments LLC lifted its stake in shares of QXO by 129.1% during the fourth quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock valued at $29,000 after buying an additional 835 shares during the period. Root Financial Partners LLC boosted its position in QXO by 73,350.0% during the first quarter. Root Financial Partners LLC now owns 1,469 shares of the company’s stock worth $29,000 after acquiring an additional 1,467 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its position in QXO by 57.5% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company’s stock worth $30,000 after acquiring an additional 575 shares during the last quarter. Finally, Russell Investments Group Ltd. acquired a new stake in QXO during the second quarter worth approximately $30,000. 58.68% of the stock is owned by institutional investors and hedge funds.

QXO Price Performance

QXO opened at $16.16 on Friday. QXO, Inc. has a 1 year low of $13.18 and a 1 year high of $27.61. The company’s 50 day simple moving average is $15.60 and its 200 day simple moving average is $19.32. The stock has a market capitalization of $16.77 billion, a PE ratio of -17.76, a P/E/G ratio of 2.56 and a beta of 2.28. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.47 and a current ratio of 3.33.

QXO (NYSE:QXO) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The firm’s revenue for the quarter was up 12716.3% compared to the same quarter last year. As a group, sell-side analysts expect that QXO, Inc. will post 0.3 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on QXO. Zacks Research upgraded QXO from a “strong sell” rating to a “hold” rating in a report on Monday, July 27th. KeyCorp decreased their price objective on QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. Stephens lowered their price objective on QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, May 14th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $27.00 price objective on shares of QXO in a research report on Friday, July 10th. Finally, Robert W. Baird dropped their target price on QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $29.71.

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. It also offers value-added services that focuses on consulting and professional, specialized programming, training, and technical support services. In addition, the company provides information technology managed services, such as cybersecurity, application hosting, disaster recovery, business continuity, cloud, and other services; and data back-up, network maintenance, and upgrade services.