State of New Jersey Common Pension Fund D Reduces Position in Corpay, Inc. (NYSE:CPAY)

State of New Jersey Common Pension Fund D cut its position in shares of Corpay, Inc. (NYSE:CPAY) by 37.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 25,307 shares of the company’s stock after selling 15,088 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Corpay were worth $6,742,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Headlands Technologies LLC purchased a new position in shares of Corpay during the 1st quarter worth about $31,000. LGT Financial Advisors LLC purchased a new position in shares of Corpay during the 2nd quarter worth about $33,000. Sunbelt Securities Inc. purchased a new position in shares of Corpay during the 1st quarter worth about $34,000. RFP Financial Group LLC purchased a new position in shares of Corpay during the 1st quarter worth about $35,000. Finally, Blue Trust Inc. boosted its stake in shares of Corpay by 246.2% during the 2nd quarter. Blue Trust Inc. now owns 135 shares of the company’s stock worth $36,000 after purchasing an additional 96 shares during the period. 98.84% of the stock is owned by hedge funds and other institutional investors.

Corpay Stock Performance

NYSE:CPAY opened at $307.43 on Monday. Corpay, Inc. has a one year low of $220.39 and a one year high of $319.94. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market cap of $21.34 billion, a price-to-earnings ratio of 22.87, a P/E/G ratio of 1.22 and a beta of 1.22. The firm has a 50-day simple moving average of $292.85.

Corpay (NYSE:CPAY) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $4.55 EPS for the quarter, beating the consensus estimate of $4.51 by $0.04. The business had revenue of $975.70 million during the quarter, compared to analyst estimates of $973.84 million. Corpay had a net margin of 26.41% and a return on equity of 38.93%. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.85 EPS. On average, research analysts predict that Corpay, Inc. will post 17.81 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CPAY. Wells Fargo & Company started coverage on shares of Corpay in a research note on Wednesday, June 5th. They set an “equal weight” rating and a $285.00 price target for the company. Evercore ISI lowered their price objective on shares of Corpay from $350.00 to $345.00 and set an “outperform” rating for the company in a research report on Tuesday, June 25th. Royal Bank of Canada reissued a “sector perform” rating and issued a $310.00 price objective on shares of Corpay in a research report on Thursday, August 8th. William Blair raised shares of Corpay to a “strong-buy” rating in a research report on Thursday, August 8th. Finally, Wolfe Research raised shares of Corpay from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, September 3rd. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $332.50.

Corpay Company Profile

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.