Allspring Global Investments Holdings LLC Decreases Stake in Corpay, Inc. (NYSE:CPAY)

Allspring Global Investments Holdings LLC cut its holdings in shares of Corpay, Inc. (NYSE:CPAY - Free Report) by 6.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,112 shares of the company's stock after selling 1,620 shares during the period. Allspring Global Investments Holdings LLC's holdings in Corpay were worth $7,783,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Fulton Bank N.A. boosted its position in shares of Corpay by 2.1% during the first quarter. Fulton Bank N.A. now owns 1,665 shares of the company's stock valued at $581,000 after buying an additional 34 shares during the last quarter. Wedmont Private Capital boosted its position in shares of Corpay by 3.2% during the first quarter. Wedmont Private Capital now owns 1,110 shares of the company's stock valued at $387,000 after buying an additional 34 shares during the last quarter. Continuum Advisory LLC boosted its position in shares of Corpay by 29.6% during the fourth quarter. Continuum Advisory LLC now owns 184 shares of the company's stock valued at $62,000 after buying an additional 42 shares during the last quarter. Fifth Third Bancorp boosted its position in shares of Corpay by 1.6% during the first quarter. Fifth Third Bancorp now owns 2,691 shares of the company's stock valued at $938,000 after buying an additional 43 shares during the last quarter. Finally, AssuredPartners Investment Advisors LLC boosted its position in shares of Corpay by 3.5% during the first quarter. AssuredPartners Investment Advisors LLC now owns 1,298 shares of the company's stock valued at $453,000 after buying an additional 44 shares during the last quarter. 98.84% of the stock is owned by hedge funds and other institutional investors.

Corpay Stock Performance

NYSE:CPAY traded up $2.00 during midday trading on Friday, hitting $339.10. The company's stock had a trading volume of 409,806 shares, compared to its average volume of 477,768. Corpay, Inc. has a fifty-two week low of $265.06 and a fifty-two week high of $400.81. The firm's 50 day moving average is $332.04 and its 200-day moving average is $342.60. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a market cap of $23.90 billion, a P/E ratio of 23.78, a P/E/G ratio of 1.43 and a beta of 0.95.

Corpay (NYSE:CPAY - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $4.51 earnings per share for the quarter, topping the consensus estimate of $4.50 by $0.01. Corpay had a net margin of 25.15% and a return on equity of 41.61%. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter in the prior year, the company earned $4.10 EPS. Corpay's quarterly revenue was up 7.5% on a year-over-year basis. Equities analysts anticipate that Corpay, Inc. will post 19.76 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on CPAY. Robert W. Baird set a $440.00 target price on Corpay in a research report on Tuesday, June 10th. UBS Group dropped their target price on Corpay from $400.00 to $365.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 7th. Raymond James Financial reissued an "outperform" rating and issued a $414.00 target price (down from $417.00) on shares of Corpay in a research report on Wednesday, May 7th. Barclays dropped their target price on Corpay from $440.00 to $400.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th. Finally, Wells Fargo & Company dropped their target price on Corpay from $375.00 to $339.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 24th. Five research 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. Based on data from MarketBeat.com, Corpay currently has an average rating of "Moderate Buy" and an average target price of $401.86.

Corpay 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.