WEX Inc. (NYSE:WEX) Stock Holdings Lessened by Primecap Management Co. CA

Primecap Management Co. CA cut its holdings in shares of WEX Inc. (NYSE:WEX - Free Report) by 29.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 291,590 shares of the business services provider's stock after selling 122,733 shares during the quarter. Primecap Management Co. CA owned about 0.73% of WEX worth $61,155,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its position in WEX by 124.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 40,870 shares of the business services provider's stock worth $8,572,000 after purchasing an additional 22,638 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its stake in WEX by 5.6% during the 2nd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 914,250 shares of the business services provider's stock worth $173,561,000 after buying an additional 48,182 shares during the period. Swedbank AB acquired a new stake in shares of WEX during the second quarter valued at about $6,253,000. Harbor Capital Advisors Inc. increased its position in shares of WEX by 256.6% during the second quarter. Harbor Capital Advisors Inc. now owns 11,765 shares of the business services provider's stock worth $2,084,000 after acquiring an additional 8,466 shares during the last quarter. Finally, Seven Eight Capital LP acquired a new position in shares of WEX in the second quarter worth about $1,227,000. Hedge funds and other institutional investors own 97.47% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on WEX. William Blair raised shares of WEX to a "strong-buy" rating in a report on Friday, July 26th. Wells Fargo & Company cut their target price on shares of WEX from $200.00 to $180.00 and set an "equal weight" rating on the stock in a report on Friday, October 25th. JPMorgan Chase & Co. lowered their target price on WEX from $210.00 to $200.00 and set a "neutral" rating for the company in a report on Tuesday, August 20th. Bank of America boosted their price target on shares of WEX from $238.00 to $255.00 and gave the company a "buy" rating in a report on Tuesday, October 15th. Finally, Jefferies Financial Group upped their target price on shares of WEX from $190.00 to $210.00 and gave the stock a "hold" rating in a research report on Wednesday, October 16th. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $235.91.

WEX Price Performance

Shares of NYSE:WEX traded up $3.71 during trading hours on Friday, hitting $185.44. 290,634 shares of the company's stock traded hands, compared to its average volume of 360,613. The company's fifty day simple moving average is $196.27 and its two-hundred day simple moving average is $188.29. The company has a market cap of $7.38 billion, a price-to-earnings ratio of 23.38, a price-to-earnings-growth ratio of 1.41 and a beta of 1.57. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.04 and a current ratio of 1.04. WEX Inc. has a 52 week low of $165.51 and a 52 week high of $244.04.

WEX (NYSE:WEX - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The business services provider reported $4.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.82 by $0.53. WEX had a net margin of 12.45% and a return on equity of 31.35%. The firm had revenue of $665.50 million for the quarter, compared to analyst estimates of $688.03 million. During the same quarter in the previous year, the business posted $3.44 earnings per share. The firm's quarterly revenue was up 2.2% compared to the same quarter last year. As a group, equities analysts anticipate that WEX Inc. will post 13.1 EPS for the current fiscal year.

Insider Transactions at WEX

In related news, CFO Jagtar Narula sold 508 shares of the firm's stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $200.00, for a total value of $101,600.00. Following the completion of the transaction, the chief financial officer now owns 7,120 shares of the company's stock, valued at approximately $1,424,000. This trade represents a 6.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.10% of the stock is owned by insiders.

WEX Company Profile

WEX Inc operates a commerce platform in the United States and internationally. The Mobility segment offers fleet vehicle payment solutions, transaction processing, and information management services; and provides account activation and account retention services; authorization and billing inquiries, and account maintenance services; account management; credit and collections services; merchant services; analytics solutions; and ancillary services and offerings.