Corpay, Inc. (NYSE:CPAY) Shares Sold by Mercer Global Advisors Inc. ADV

Mercer Global Advisors Inc. ADV decreased its stake in Corpay, Inc. (NYSE:CPAY) by 37.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,731 shares of the company’s stock after selling 13,051 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in Corpay were worth $6,184,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Chevy Chase Trust Holdings LLC acquired a new stake in shares of Corpay during the 1st quarter worth approximately $12,335,000. Empirical Finance LLC acquired a new stake in Corpay during the first quarter valued at $829,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Corpay during the first quarter valued at $1,013,000. Agate Pass Investment Management LLC purchased a new position in Corpay in the first quarter valued at $3,937,000. Finally, EP Wealth Advisors LLC acquired a new position in shares of Corpay in the first quarter worth about $949,000. 98.84% of the stock is owned by institutional investors and hedge funds.

Corpay Price Performance

Shares of Corpay stock opened at $307.21 on Friday. Corpay, Inc. has a 1-year low of $220.39 and a 1-year high of $319.94. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.74. The firm has a market cap of $21.59 billion, a PE ratio of 22.86, a P/E/G ratio of 1.22 and a beta of 1.22. The business’s 50 day moving average is $296.06.

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

Wall Street Analysts Forecast Growth

CPAY has been the subject of several recent analyst reports. JPMorgan Chase & Co. lifted their price target on Corpay from $327.00 to $353.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Jefferies Financial Group boosted their price objective on Corpay from $350.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday. William Blair upgraded Corpay to a “strong-buy” rating in a research report on Thursday, August 8th. Bank of America cut their price target on shares of Corpay from $331.00 to $310.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $310.00 price objective on shares of Corpay in a report on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $334.58.

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.