State of Michigan Retirement System Acquires New Position in Corpay, Inc. (NYSE:CPAY)

State of Michigan Retirement System acquired a new stake in shares of Corpay, Inc. (NYSE:CPAY) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 19,784 shares of the company’s stock, valued at approximately $6,104,000.

A number of other large investors also recently bought and sold shares of the company. Los Angeles Capital Management LLC bought a new stake in shares of Corpay during the 1st quarter valued at about $33,840,000. Contravisory Investment Management Inc. acquired a new stake in shares of Corpay during the 1st quarter worth approximately $8,537,000. Transform Wealth LLC bought a new stake in shares of Corpay in the 1st quarter worth approximately $7,223,000. Diversified Trust Co acquired a new position in Corpay during the 1st quarter valued at approximately $6,344,000. Finally, Aviance Capital Partners LLC acquired a new stake in Corpay in the first quarter worth $5,648,000. Institutional investors own 98.84% of the company’s stock.

Corpay Stock Up 0.8 %

Shares of CPAY opened at $268.26 on Wednesday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.48. Corpay, Inc. has a 12 month low of $220.39 and a 12 month high of $319.94. The business’s fifty day simple moving average is $274.64. The firm has a market cap of $18.85 billion, a price-to-earnings ratio of 19.96, a price-to-earnings-growth ratio of 1.02 and a beta of 1.20.

Corpay (NYSE:CPAY) last posted its earnings results on Wednesday, May 8th. The company reported $3.84 earnings per share for the quarter, beating the consensus estimate of $3.80 by $0.04. The company had revenue of $935.25 million for the quarter, compared to analyst estimates of $936.25 million. Corpay had a return on equity of 36.97% and a net margin of 26.29%. As a group, research analysts predict that Corpay, Inc. will post 17.84 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CPAY shares. Jefferies Financial Group lifted their price target on Corpay from $340.00 to $355.00 and gave the company a “buy” rating in a report on Friday, April 12th. Bank of America lifted their target price on shares of Corpay from $326.00 to $331.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. Barclays reduced their price objective on Corpay from $355.00 to $350.00 and set an “overweight” rating for the company in a research note on Monday, May 13th. Robert W. Baird upped their target price on Corpay from $355.00 to $376.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Finally, Evercore ISI decreased their price target on shares of Corpay from $350.00 to $345.00 and set an “outperform” rating for the company in a report on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $335.20.

About Corpay

Corpay, Inc operates as a payments company that helps businesses and consumers manage vehicle-related expenses, lodging expenses, and corporate payments in the United States, Brazil, the United Kingdom, and internationally. The company offers vehicle payment solutions, which include fuel, tolls, parking, fleet maintenance, and long-haul transportation services, as well as prepaid food and transportation vouchers and cards.