Adage Capital Partners GP L.L.C. Has $36.15 Million Stock Position in Corpay, Inc. $CPAY

Key Points

• Adage Capital Partners GP L.L.C. increased its holdings in Corpay, Inc. by 33.5%, purchasing an additional 26,000 shares, bringing its total ownership to approximately 0.15% valued at $36.1 million.
• Corpay's stock currently has an average rating of "Moderate Buy" with a price target averaging $399.43, according to nine analysts who rated it as a Buy and five as a Hold.
• In its recent earnings report, Corpay exceeded analyst expectations, posting a net margin of 25.17% and revenue of $1.10 billion, which is a 12.9% increase compared to the same quarter last year.

Adage Capital Partners GP L.L.C. increased its holdings in shares of Corpay, Inc. (NYSE:CPAY - Free Report) by 33.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 103,658 shares of the company's stock after buying an additional 26,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.15% of Corpay worth $36,148,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Corpay by 1.5% during the first quarter. Vanguard Group Inc. now owns 7,872,786 shares of the company's stock valued at $2,745,398,000 after buying an additional 119,987 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Corpay by 11.1% during the first quarter. JPMorgan Chase & Co. now owns 4,728,635 shares of the company's stock valued at $1,648,970,000 after buying an additional 472,147 shares in the last quarter. Boston Partners grew its holdings in shares of Corpay by 5.8% during the first quarter. Boston Partners now owns 2,163,940 shares of the company's stock valued at $751,371,000 after buying an additional 118,542 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Corpay by 12.3% during the first quarter. Invesco Ltd. now owns 1,894,732 shares of the company's stock valued at $660,731,000 after buying an additional 208,067 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Corpay by 30.7% during the first quarter. Wellington Management Group LLP now owns 1,275,059 shares of the company's stock valued at $444,639,000 after buying an additional 299,452 shares in the last quarter. Hedge funds and other institutional investors own 98.84% of the company's stock.

Corpay Stock Performance

Shares of NYSE CPAY traded up $0.13 during trading hours on Tuesday, hitting $311.72. 156,300 shares of the company's stock were exchanged, compared to its average volume of 485,840. Corpay, Inc. has a 1-year low of $269.02 and a 1-year high of $400.81. 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 stock has a market capitalization of $22.01 billion, a price-to-earnings ratio of 21.18, a PEG ratio of 1.20 and a beta of 1.00. The company's 50-day moving average price is $324.68 and its 200-day moving average price is $329.50.

Corpay (NYSE:CPAY - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $5.13 earnings per share for the quarter, topping the consensus estimate of $5.11 by $0.02. Corpay had a return on equity of 39.13% and a net margin of 25.17%.The business had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.09 billion. During the same quarter in the previous year, the firm earned $4.55 EPS. The firm's revenue was up 12.9% compared to the same quarter last year. On average, sell-side analysts expect that Corpay, Inc. will post 19.76 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CPAY has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Corpay in a report on Thursday, July 17th. They set a "buy" rating and a $390.00 price target on the stock. Wall Street Zen upgraded Corpay from a "hold" rating to a "buy" rating in a research note on Friday. UBS Group lowered their target price on Corpay from $365.00 to $340.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. Raymond James Financial set a $392.00 target price on Corpay and gave the company an "outperform" rating in a research note on Thursday, August 7th. Finally, Morgan Stanley lowered their target price on Corpay from $360.00 to $356.00 and set an "equal weight" rating on the stock in a research note on Monday, August 11th. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $399.43.

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.