WEX Inc. (NYSE:WEX) had its price target upped by Morgan Stanley from $113.00 to $123.00 in a research note published on Thursday. They currently have an equal weight rating on the business services provider’s stock.
A number of other equities analysts have also commented on WEX. William Blair reaffirmed an outperform rating on shares of WEX in a research note on Wednesday, July 12th. Zacks Investment Research raised WEX from a sell rating to a hold rating and set a $124.00 price objective on the stock in a research note on Friday, July 14th. Barclays PLC lifted their price objective on WEX from $115.00 to $119.00 and gave the stock an equal weight rating in a research note on Tuesday, July 18th. BidaskClub raised WEX from a hold rating to a buy rating in a research note on Monday, July 24th. Finally, Oppenheimer Holdings, Inc. reaffirmed an outperform rating and issued a $120.00 price objective on shares of WEX in a research note on Thursday, August 10th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $127.67.
WEX (WEX) opened at $121.36 on Thursday. The company has a quick ratio of 0.66, a current ratio of 0.69 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $5,208.89, a P/E ratio of 25.34, a P/E/G ratio of 1.74 and a beta of 1.88. WEX has a 12 month low of $97.26 and a 12 month high of $125.00.
WEX (NYSE:WEX) last posted its quarterly earnings data on Wednesday, November 1st. The business services provider reported $1.43 EPS for the quarter, topping the Zacks’ consensus estimate of $1.29 by $0.14. The company had revenue of $324.00 million for the quarter, compared to analyst estimates of $312.57 million. WEX had a return on equity of 13.16% and a net margin of 7.09%. The firm’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.25 earnings per share. analysts predict that WEX will post 4.86 EPS for the current year.
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WEX announced that its Board of Directors has authorized a share buyback program on Tuesday, September 26th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the business services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
In other news, SVP Hilary A. Rapkin sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 26th. The stock was sold at an average price of $115.00, for a total transaction of $287,500.00. Following the completion of the sale, the senior vice president now owns 15,224 shares in the company, valued at $1,750,760. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director James Neary sold 2,390,000 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $102.25, for a total value of $244,377,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,399,171 shares of company stock valued at $245,448,880. 0.86% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. World Asset Management Inc increased its holdings in shares of WEX by 0.4% during the second quarter. World Asset Management Inc now owns 2,732 shares of the business services provider’s stock valued at $285,000 after acquiring an additional 12 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of WEX by 0.3% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 5,634 shares of the business services provider’s stock valued at $587,000 after acquiring an additional 16 shares in the last quarter. Diversified Trust Co increased its holdings in shares of WEX by 0.5% during the second quarter. Diversified Trust Co now owns 5,175 shares of the business services provider’s stock valued at $540,000 after acquiring an additional 25 shares in the last quarter. Northwestern Mutual Investment Management Company LLC increased its holdings in shares of WEX by 0.8% during the second quarter. Northwestern Mutual Investment Management Company LLC now owns 6,681 shares of the business services provider’s stock valued at $592,000 after acquiring an additional 53 shares in the last quarter. Finally, First Bank & Trust increased its holdings in shares of WEX by 5.1% during the second quarter. First Bank & Trust now owns 1,686 shares of the business services provider’s stock valued at $176,000 after acquiring an additional 82 shares in the last quarter.
WEX Company Profile
WEX Inc is a provider of corporate payment solutions. The Company operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment provides customers with payment and transaction processing services designed for the needs of commercial and government fleets.
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