WEX (WEX) Stock Rating Reaffirmed by Credit Suisse Group
WEX (NYSE:WEX)‘s stock had its “outperform” rating reissued by analysts at Credit Suisse Group in a report released on Wednesday, The Fly reports. They presently have a $167.00 price objective on the business services provider’s stock, up from their previous price objective of $141.00. Credit Suisse Group’s price target suggests a potential upside of 16.69% from the company’s current price. The analysts noted that the move was a valuation call.
A number of other analysts have also recently commented on WEX. Mizuho restated a “buy” rating and set a $180.00 price target on shares of WEX in a research note on Thursday, January 4th. Zacks Investment Research cut shares of WEX from a “hold” rating to a “sell” rating in a research note on Thursday, September 28th. Wedbush restated an “outperform” rating on shares of WEX in a research note on Friday, October 20th. SunTrust Banks raised shares of WEX from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a report on Tuesday, October 17th. Finally, Citigroup upped their target price on shares of WEX from $120.00 to $125.00 and gave the stock a “neutral” rating in a report on Friday, November 3rd. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $135.69.
Shares of WEX (WEX) traded down $1.68 during mid-day trading on Wednesday, hitting $143.12. 434,300 shares of the company were exchanged, compared to its average volume of 327,800. The stock has a market cap of $6,213.36, a PE ratio of 71.92, a P/E/G ratio of 1.69 and a beta of 1.88. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.20. WEX has a 12 month low of $97.26 and a 12 month high of $146.74.
WEX announced that its board has authorized a share buyback program on Tuesday, September 26th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the business services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
In other news, Director James Neary sold 177,207 shares of the stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $120.00, for a total value of $21,264,840.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Scott Robert Phillips sold 20,000 shares of the stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $127.68, for a total transaction of $2,553,600.00. The disclosure for this sale can be found here. Insiders have sold a total of 200,541 shares of company stock worth $24,235,190 in the last ninety days. 9.00% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of WEX. Janus Henderson Group PLC increased its holdings in shares of WEX by 1,678.3% in the 2nd quarter. Janus Henderson Group PLC now owns 3,171,873 shares of the business services provider’s stock worth $330,733,000 after buying an additional 2,993,511 shares during the last quarter. Atlanta Capital Management Co. L L C increased its holdings in shares of WEX by 18.6% in the 2nd quarter. Atlanta Capital Management Co. L L C now owns 3,003,407 shares of the business services provider’s stock worth $313,165,000 after buying an additional 471,018 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of WEX by 13.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,993,322 shares of the business services provider’s stock worth $452,522,000 after buying an additional 468,452 shares during the last quarter. FMR LLC increased its holdings in shares of WEX by 40.2% in the 2nd quarter. FMR LLC now owns 1,228,277 shares of the business services provider’s stock worth $128,072,000 after buying an additional 352,040 shares during the last quarter. Finally, Junto Capital Management LP bought a new position in shares of WEX in the 2nd quarter worth $31,698,000.
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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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