Bank of Nova Scotia Sells 2,298 Shares of Corpay, Inc. (NYSE:CPAY)

Key Points

• Bank of Nova Scotia reduced its stake in Corpay, Inc. by 7.4%, now holding 28,960 shares valued at approximately $10.1 million.
• Several hedge funds increased their investments in Corpay during the fourth quarter, with O Shaughnessy Asset Management raising its stake by 25.7% and Huntington National Bank increasing its stake by 94.7%.
• Corpay reported earnings of $4.51 EPS, slightly exceeding analysts' expectations, with revenue of $1.01 billion, which represents a 7.5% increase compared to the previous year.

Bank of Nova Scotia reduced its position in Corpay, Inc. (NYSE:CPAY - Free Report) by 7.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,960 shares of the company's stock after selling 2,298 shares during the period. Bank of Nova Scotia's holdings in Corpay were worth $10,099,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Colonial Trust Co SC boosted its position in Corpay by 120.5% during the fourth quarter. Colonial Trust Co SC now owns 97 shares of the company's stock worth $33,000 after purchasing an additional 53 shares during the period. Rakuten Securities Inc. bought a new position in shares of Corpay in the first quarter valued at approximately $45,000. Larson Financial Group LLC lifted its stake in shares of Corpay by 309.5% in the first quarter. Larson Financial Group LLC now owns 172 shares of the company's stock worth $60,000 after buying an additional 130 shares during the last quarter. Continuum Advisory LLC lifted its stake in shares of Corpay by 29.6% in the fourth quarter. Continuum Advisory LLC now owns 184 shares of the company's stock worth $62,000 after buying an additional 42 shares during the last quarter. Finally, Whipplewood Advisors LLC boosted its holdings in shares of Corpay by 648.0% during the 1st quarter. Whipplewood Advisors LLC now owns 187 shares of the company's stock worth $65,000 after buying an additional 162 shares during the period. 98.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CPAY shares. Oppenheimer began coverage on shares of Corpay in a report on Monday, April 28th. They issued a "market perform" rating on the stock. Robert W. Baird set a $440.00 price target on Corpay in a research report on Tuesday, June 10th. UBS Group cut their price objective on Corpay from $365.00 to $340.00 and set a "neutral" rating for the company in a research report on Thursday. Barclays decreased their target price on Corpay from $440.00 to $400.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Corpay in a research report on Thursday, July 17th. They issued a "buy" rating and a $390.00 price target on the stock. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Corpay currently has a consensus rating of "Moderate Buy" and a consensus price target of $397.93.

Corpay Price Performance

Shares of Corpay stock traded down $1.14 during trading on Friday, hitting $303.37. 346,684 shares of the company's stock traded hands, compared to its average volume of 495,735. The company has a market cap of $21.38 billion, a PE ratio of 20.61, a PEG ratio of 1.20 and a beta of 0.96. The firm's fifty day moving average price is $329.68 and its 200 day moving average price is $339.10. Corpay, Inc. has a twelve month low of $269.02 and a twelve month high of $400.81. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.10 and a quick ratio of 1.10.

Corpay (NYSE:CPAY - Get Free Report) last released its quarterly earnings data 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 return on equity of 41.29% and a net margin of 25.17%. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same period in the previous year, the business earned $4.55 earnings per share. The company's quarterly revenue was up 12.9% on a year-over-year basis. Analysts forecast that Corpay, Inc. will post 19.76 earnings per share for the current 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.