Select Equity Group L.P. Makes New Investment in Corpay, Inc. (NYSE:CPAY)

Select Equity Group L.P. purchased a new position in Corpay, Inc. (NYSE:CPAY) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 86,923 shares of the company’s stock, valued at approximately $29,416,000.

Other hedge funds have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its holdings in shares of Corpay by 17.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 23,732 shares of the company’s stock valued at $8,067,000 after buying an additional 3,504 shares during the last quarter. Crossmark Global Holdings Inc. grew its holdings in shares of Corpay by 70.3% during the fourth quarter. Crossmark Global Holdings Inc. now owns 4,989 shares of the company’s stock valued at $1,689,000 after buying an additional 2,059 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Corpay by 68.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,966 shares of the company’s stock valued at $1,342,000 after buying an additional 1,611 shares during the last quarter. Journey Strategic Wealth LLC acquired a new position in shares of Corpay during the fourth quarter valued at about $499,000. Finally, Proficio Capital Partners LLC acquired a new position in shares of Corpay during the fourth quarter valued at about $28,632,000. 98.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CPAY. Morgan Stanley lifted their price objective on shares of Corpay from $350.00 to $380.00 and gave the company an “equal weight” rating in a report on Thursday, February 6th. Raymond James reiterated an “outperform” rating and set a $414.00 price objective (down from $417.00) on shares of Corpay in a report on Wednesday, May 7th. Wells Fargo & Company dropped their price target on shares of Corpay from $375.00 to $339.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 24th. Royal Bank of Canada raised their price target on shares of Corpay from $354.00 to $400.00 and gave the company a “sector perform” rating in a research report on Thursday, February 6th. Finally, Barclays dropped their price target on shares of Corpay from $440.00 to $400.00 and set an “overweight” rating on the stock in a research report on Monday, April 14th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $395.07.

Corpay Stock Up 0.4%

CPAY opened at $348.64 on Friday. The company has a fifty day moving average price of $328.21 and a 200-day moving average price of $350.23. The firm has a market capitalization of $24.49 billion, a P/E ratio of 24.94, a price-to-earnings-growth ratio of 1.32 and a beta of 0.98. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.00 and a quick ratio of 1.05. Corpay, Inc. has a one year low of $247.10 and a one year high of $400.81.

Corpay (NYSE:CPAY) last released its quarterly earnings results on Tuesday, May 6th. The company reported $4.51 EPS for the quarter, beating analysts’ consensus estimates of $4.50 by $0.01. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1.02 billion. Corpay had a net margin of 25.25% and a return on equity of 41.46%. The business’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the previous year, the business earned $4.10 EPS. Equities research analysts expect that Corpay, Inc. will post 19.76 earnings per share for the current fiscal year.

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.