Taikang Asset Management Hong Kong Co Ltd Buys Shares of 590,759 QXO, Inc. $QXO

Taikang Asset Management Hong Kong Co Ltd bought a new stake in QXO, Inc. (NYSE:QXO) during the fourth quarter, Holdings Channel.com reports. The fund bought 590,759 shares of the company’s stock, valued at approximately $11,396,000. QXO makes up about 1.1% of Taikang Asset Management Hong Kong Co Ltd’s portfolio, making the stock its 21st largest position.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of QXO by 17.2% in the 3rd quarter. Vanguard Group Inc. now owns 55,323,743 shares of the company’s stock worth $1,054,471,000 after acquiring an additional 8,131,331 shares during the period. Finepoint Capital LP lifted its position in shares of QXO by 5.4% during the 3rd quarter. Finepoint Capital LP now owns 22,295,615 shares of the company’s stock worth $424,954,000 after buying an additional 1,142,747 shares during the period. Baillie Gifford & Co. lifted its position in shares of QXO by 16,117.6% during the 4th quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock worth $284,241,000 after buying an additional 14,644,305 shares during the period. Schf GPE LLC lifted its position in shares of QXO by 204.3% during the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock worth $286,901,000 after buying an additional 8,943,089 shares during the period. Finally, MTCO Ltd. bought a new position in shares of QXO during the 3rd quarter worth approximately $208,534,000. Institutional investors and hedge funds own 58.68% of the company’s stock.

Wall Street Analysts Forecast Growth

QXO has been the subject of several analyst reports. BNP Paribas Exane assumed coverage on QXO in a research report on Monday, March 16th. They set an “outperform” rating and a $30.00 target price for the company. KeyCorp lifted their price objective on QXO from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Monday, April 20th. Wall Street Zen raised QXO from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. Robert W. Baird decreased their price objective on QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Finally, Stephens decreased their price objective on QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, May 14th. Fifteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, QXO presently has a consensus rating of “Moderate Buy” and an average target price of $31.14.

QXO Stock Up 1.6%

NYSE:QXO opened at $16.96 on Wednesday. QXO, Inc. has a 1 year low of $14.75 and a 1 year high of $27.61. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35. The stock has a market cap of $12.30 billion, a price-to-earnings ratio of -18.64, a PEG ratio of 4.28 and a beta of 2.30. The stock has a 50-day moving average price of $18.76 and a two-hundred day moving average price of $21.00.

QXO (NYSE:QXO) last posted its earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.73 billion. QXO’s revenue for the quarter was up 12716.3% compared to the same quarter last year. As a group, equities analysts expect that QXO, Inc. will post 0.2 earnings per share for the current year.

QXO 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.