Nordea Investment Management AB Boosts Stock Holdings in Corpay, Inc. $CPAY

Nordea Investment Management AB raised its holdings in Corpay, Inc. (NYSE:CPAY) by 50.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,297 shares of the company’s stock after purchasing an additional 6,775 shares during the period. Nordea Investment Management AB’s holdings in Corpay were worth $6,670,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Alta Capital Management LLC increased its stake in shares of Corpay by 8.2% in the second quarter. Alta Capital Management LLC now owns 696 shares of the company’s stock worth $231,000 after purchasing an additional 53 shares in the last quarter. Allianz Asset Management GmbH increased its stake in shares of Corpay by 6.6% in the second quarter. Allianz Asset Management GmbH now owns 607,907 shares of the company’s stock worth $201,716,000 after purchasing an additional 37,789 shares in the last quarter. Equitable Trust Co. increased its stake in shares of Corpay by 36.0% in the second quarter. Equitable Trust Co. now owns 6,330 shares of the company’s stock worth $2,100,000 after purchasing an additional 1,676 shares in the last quarter. Alpine Woods Capital Investors LLC grew its stake in Corpay by 20.1% during the second quarter. Alpine Woods Capital Investors LLC now owns 7,783 shares of the company’s stock valued at $2,583,000 after acquiring an additional 1,300 shares in the last quarter. Finally, NorthRock Partners LLC grew its stake in Corpay by 18.4% during the second quarter. NorthRock Partners LLC now owns 889 shares of the company’s stock valued at $295,000 after acquiring an additional 138 shares in the last quarter. Hedge funds and other institutional investors own 98.84% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on CPAY. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Corpay in a research note on Wednesday, October 8th. Raymond James Financial set a $392.00 price objective on shares of Corpay and gave the company an “outperform” rating in a research note on Thursday, August 7th. Morgan Stanley reduced their price objective on shares of Corpay from $360.00 to $356.00 and set an “equal weight” rating for the company in a research note on Monday, August 11th. Keefe, Bruyette & Woods reduced their price objective on shares of Corpay from $445.00 to $400.00 and set an “outperform” rating for the company in a research note on Wednesday, October 1st. Finally, Wall Street Zen cut shares of Corpay from a “buy” rating to a “hold” rating in a research note on Saturday, October 11th. Eight investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $395.58.

Corpay Trading Up 0.3%

Shares of Corpay stock opened at $286.24 on Tuesday. Corpay, Inc. has a 1 year low of $269.02 and a 1 year high of $400.81. The firm has a market cap of $20.21 billion, a PE ratio of 19.45, a PEG ratio of 1.08 and a beta of 0.97. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.12 and a quick ratio of 1.12. The company has a 50 day simple moving average of $304.93 and a two-hundred day simple moving average of $318.46.

Corpay (NYSE:CPAY) last announced its earnings results on Wednesday, August 6th. The company reported $5.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.11 by $0.02. Corpay had a net margin of 25.17% and a return on equity of 39.13%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same period in the previous year, the business posted $4.55 earnings per share. Corpay’s revenue for the quarter was up 12.9% on a year-over-year basis. Analysts expect that Corpay, Inc. will post 19.76 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.