Sumitomo Mitsui DS Asset Management Company Ltd Increases Stock Holdings in Corpay, Inc. (NYSE:CPAY)

Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Corpay, Inc. (NYSE:CPAY) by 1.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,877 shares of the company’s stock after acquiring an additional 123 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Corpay were worth $2,464,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Ballentine Partners LLC bought a new stake in Corpay during the 1st quarter valued at approximately $404,000. Eagle Rock Investment Company LLC bought a new stake in shares of Corpay during the first quarter valued at approximately $2,889,000. Sunbelt Securities Inc. purchased a new stake in Corpay in the first quarter worth $34,000. Epiq Partners LLC bought a new position in Corpay in the first quarter worth $371,000. Finally, Agate Pass Investment Management LLC bought a new position in Corpay in the first quarter worth $3,937,000. 98.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on CPAY. Raymond James reduced their target price on shares of Corpay from $330.00 to $311.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Royal Bank of Canada restated a “sector perform” rating and issued a $310.00 price objective on shares of Corpay in a report on Thursday, August 8th. Jefferies Financial Group lifted their target price on shares of Corpay from $375.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Wolfe Research upgraded Corpay from an “underperform” rating to a “peer perform” rating in a research note on Tuesday, September 3rd. Finally, Bank of America lifted their price objective on Corpay from $344.00 to $375.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Three research 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 company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $353.33.

Corpay Price Performance

NYSE CPAY opened at $348.95 on Tuesday. Corpay, Inc. has a one year low of $220.39 and a one year high of $355.47. The stock has a 50-day moving average of $313.82 and a 200 day moving average of $292.49. 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 capitalization of $24.52 billion, a price-to-earnings ratio of 25.96, a PEG ratio of 1.33 and a beta of 1.22.

Corpay (NYSE:CPAY) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $4.55 EPS for the quarter, topping analysts’ consensus estimates of $4.51 by $0.04. The firm 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 business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the previous year, the business posted $3.85 earnings per share. On average, sell-side analysts forecast that Corpay, Inc. will post 17.83 EPS for the current 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.