Costello Asset Management INC Increases Holdings in QXO, Inc. $QXO

Costello Asset Management INC boosted its stake in QXO, Inc. (NYSE:QXO) by 87.1% in the 3rd quarter, Holdings Channel reports. The firm owned 239,110 shares of the company’s stock after buying an additional 111,340 shares during the quarter. QXO accounts for approximately 1.5% of Costello Asset Management INC’s portfolio, making the stock its 16th biggest position. Costello Asset Management INC’s holdings in QXO were worth $4,557,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. American Capital Advisory LLC boosted its position in shares of QXO by 258.0% in the second quarter. American Capital Advisory LLC now owns 1,167 shares of the company’s stock worth $25,000 after buying an additional 841 shares during the period. Allworth Financial LP lifted its position in QXO by 1,740.9% during the 2nd quarter. Allworth Financial LP now owns 1,215 shares of the company’s stock worth $26,000 after acquiring an additional 1,149 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in QXO in the 2nd quarter worth approximately $28,000. Bogart Wealth LLC purchased a new position in QXO in the 3rd quarter worth approximately $25,000. Finally, Russell Investments Group Ltd. acquired a new stake in QXO in the second quarter valued at approximately $30,000. Institutional investors and hedge funds own 58.68% of the company’s stock.

QXO Stock Performance

Shares of QXO stock opened at $23.33 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.24 and a current ratio of 3.06. QXO, Inc. has a 1 year low of $11.85 and a 1 year high of $26.24. The firm’s 50-day simple moving average is $22.37 and its 200-day simple moving average is $20.41. The firm has a market cap of $15.74 billion, a PE ratio of -53.02, a price-to-earnings-growth ratio of 2.83 and a beta of 2.55.

Wall Street Analyst Weigh In

A number of research firms have recently commented on QXO. Oppenheimer boosted their target price on shares of QXO from $27.00 to $30.00 and gave the stock an “outperform” rating in a research report on Friday, January 16th. William Blair reiterated an “outperform” rating on shares of QXO in a report on Wednesday, December 31st. Citigroup lowered their target price on QXO from $33.00 to $31.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. Benchmark reiterated a “buy” rating on shares of QXO in a research note on Friday, January 16th. Finally, Truist Financial reduced their price target on QXO from $28.00 to $26.00 and set a “buy” rating for the company in a report on Friday, December 19th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.43.

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.