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Allspring Global Investments Holdings LLC Raises Position in Corpay, Inc. $CPAY

Corpay logo with Business Services background

Key Points

  • Allspring Global Investments Holdings LLC increased its stake in Corpay, Inc. by 32.5% during Q2, owning 29,307 shares valued at approximately $9.93 million.
  • Corpay's earnings per share for the last quarter was reported at $5.13, surpassing analyst expectations of $5.11, with revenues of $1.10 billion, a 12.9% year-over-year increase.
  • Despite positive earnings, several analysts have recently downgraded Corpay's stock, with an average consensus price target of $395.58 and a "Moderate Buy" rating.
  • Interested in Corpay? Here are five stocks we like better.

Allspring Global Investments Holdings LLC boosted its holdings in Corpay, Inc. (NYSE:CPAY - Free Report) by 32.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,307 shares of the company's stock after purchasing an additional 7,195 shares during the period. Allspring Global Investments Holdings LLC's holdings in Corpay were worth $9,931,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in shares of Corpay by 9.9% in the first quarter. GAMMA Investing LLC now owns 1,605 shares of the company's stock worth $560,000 after buying an additional 145 shares during the period. Janney Montgomery Scott LLC grew its position in Corpay by 9.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 2,913 shares of the company's stock worth $1,016,000 after acquiring an additional 246 shares during the last quarter. GAM Holding AG increased its stake in Corpay by 31.4% in the 1st quarter. GAM Holding AG now owns 5,490 shares of the company's stock worth $1,914,000 after purchasing an additional 1,313 shares during the period. Suncoast Equity Management increased its stake in Corpay by 15.4% in the 1st quarter. Suncoast Equity Management now owns 5,173 shares of the company's stock worth $1,804,000 after purchasing an additional 690 shares during the period. Finally, Heartland Bank & Trust Co bought a new stake in Corpay in the first quarter valued at approximately $353,000. 98.84% of the stock is owned by institutional investors.

Corpay Stock Up 3.0%

Shares of NYSE CPAY opened at $285.90 on Friday. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 1.48. Corpay, Inc. has a 12 month low of $269.02 and a 12 month high of $400.81. The firm has a market capitalization of $20.19 billion, a PE ratio of 19.42, a price-to-earnings-growth ratio of 1.08 and a beta of 0.97. The firm has a fifty day simple moving average of $305.28 and a two-hundred day simple moving average of $318.46.

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Wall Street Zen cut shares of Corpay from a "buy" rating to a "hold" rating in a report on Saturday, October 11th. Morgan Stanley dropped their price target on shares of Corpay from $360.00 to $356.00 and set an "equal weight" rating for the company in a research report on Monday, August 11th. Keefe, Bruyette & Woods decreased their price objective on shares of Corpay from $445.00 to $400.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Corpay in a research note on Thursday, July 17th. They set a "buy" rating and a $390.00 price objective for the company. Finally, UBS Group cut 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. Eight analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $395.58.

Get Our Latest Stock Report on Corpay

Corpay Company Profile

(Free Report)

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.

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Want to see what other hedge funds are holding CPAY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corpay, Inc. (NYSE:CPAY - Free Report).

Institutional Ownership by Quarter for Corpay (NYSE:CPAY)

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