Canada Pension Plan Investment Board Cuts Stake in Corpay, Inc. (NYSE:CPAY)

Canada Pension Plan Investment Board cut its holdings in shares of Corpay, Inc. (NYSE:CPAY) by 24.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 64,036 shares of the company’s stock after selling 20,332 shares during the period. Canada Pension Plan Investment Board owned 0.09% of Corpay worth $17,060,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CPAY. Headlands Technologies LLC purchased a new stake in Corpay during the 1st quarter worth approximately $31,000. LGT Financial Advisors LLC purchased a new stake in shares of Corpay during the second quarter valued at $33,000. Sunbelt Securities Inc. acquired a new position in shares of Corpay in the 1st quarter valued at $34,000. RFP Financial Group LLC purchased a new position in Corpay in the 1st quarter worth $35,000. Finally, Blue Trust Inc. lifted its position in Corpay by 246.2% during the 2nd quarter. Blue Trust Inc. now owns 135 shares of the company’s stock worth $36,000 after acquiring an additional 96 shares during the period. Hedge funds and other institutional investors own 98.84% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Wolfe Research upgraded Corpay from an “underperform” rating to a “peer perform” rating in a research note on Tuesday, September 3rd. Royal Bank of Canada restated a “sector perform” rating and set a $310.00 price objective on shares of Corpay in a research note on Thursday, August 8th. JPMorgan Chase & Co. increased their price objective on shares of Corpay from $327.00 to $353.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Jefferies Financial Group raised their target price on shares of Corpay from $350.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Finally, Wells Fargo & Company began coverage on Corpay in a research report on Wednesday, June 5th. They set an “equal weight” rating and a $285.00 price target on the stock. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $334.58.

Corpay Trading Up 1.5 %

Shares of CPAY stock opened at $311.67 on Tuesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.74. Corpay, Inc. has a 12-month low of $220.39 and a 12-month high of $319.94. The business’s 50 day simple moving average is $296.51. The stock has a market capitalization of $21.90 billion, a P/E ratio of 23.19, a P/E/G ratio of 1.22 and a beta of 1.22.

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

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.