Bank of Nova Scotia Trims Holdings in 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 lowered its stake in Corpay, Inc. (NYSE:CPAY - Free Report) by 7.4% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. 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 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. LPL Financial LLC grew its stake in shares of Corpay by 19.7% in the fourth quarter. LPL Financial LLC now owns 9,823 shares of the company's stock worth $3,324,000 after acquiring an additional 1,620 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Corpay in the fourth quarter worth $8,734,000. O Shaughnessy Asset Management LLC grew its stake in shares of Corpay by 25.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 2,900 shares of the company's stock worth $981,000 after acquiring an additional 593 shares during the last quarter. Huntington National Bank grew its stake in shares of Corpay by 94.7% in the fourth quarter. Huntington National Bank now owns 259 shares of the company's stock worth $88,000 after acquiring an additional 126 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. purchased a new stake in shares of Corpay in the fourth quarter worth $6,713,000. Hedge funds and other institutional investors own 98.84% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CPAY shares. Deutsche Bank Aktiengesellschaft began coverage on Corpay in a research note on Thursday, July 17th. They issued a "buy" rating and a $390.00 target price on the stock. Barclays cut their target price on Corpay from $440.00 to $400.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Wells Fargo & Company cut their target price on Corpay from $375.00 to $339.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 24th. UBS Group cut their target price on Corpay from $400.00 to $365.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. Finally, Robert W. Baird set a $440.00 target price on Corpay in a research note on Tuesday, June 10th. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $401.07.

Corpay Price Performance

NYSE CPAY opened at $324.33 on Tuesday. Corpay, Inc. has a 1-year low of $265.06 and a 1-year high of $400.81. The business's fifty day moving average price is $330.75 and its 200-day moving average price is $339.87. The stock has a market capitalization of $22.86 billion, a price-to-earnings ratio of 22.74, a PEG ratio of 1.20 and a beta of 0.96. 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 announced its earnings results on Tuesday, May 6th. The company reported $4.51 EPS for the quarter, topping analysts' consensus estimates of $4.50 by $0.01. Corpay had a return on equity of 41.61% and a net margin of 25.15%. The company had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $1.02 billion. During the same period last year, the firm earned $4.10 EPS. Corpay's revenue for the quarter was up 7.5% compared to the same quarter last year. On average, equities analysts predict that Corpay, Inc. will post 19.76 earnings per share for the current year.

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.

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