Corpay, Inc. (NYSE:CPAY) Shares Acquired by Citigroup Inc.

Key Points

• Citigroup Inc. increased its stake in Corpay, Inc. by 49.9% during the 1st quarter, acquiring an additional 22,444 shares, bringing its total ownership to 67,455 shares worth $23.5 million.
• Corpay reported a 12.9% year-over-year revenue increase, with earnings per share of $5.13 exceeding estimates by $0.02, alongside a net margin of 25.17%.
• The stock has received a consensus rating of "Moderate Buy" from analysts, with an average target price of $396.33 despite price adjustments by some firms.

Citigroup Inc. raised its stake in Corpay, Inc. (NYSE:CPAY - Free Report) by 49.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,455 shares of the company's stock after acquiring an additional 22,444 shares during the period. Citigroup Inc. owned 0.10% of Corpay worth $23,523,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Cerity Partners LLC boosted its stake in shares of Corpay by 6.2% during the first quarter. Cerity Partners LLC now owns 33,385 shares of the company's stock worth $11,642,000 after buying an additional 1,942 shares during the period. DAVENPORT & Co LLC purchased a new position in Corpay in the first quarter valued at about $213,000. GAMMA Investing LLC increased its stake in shares of Corpay by 9.9% during the 1st quarter. GAMMA Investing LLC now owns 1,605 shares of the company's stock worth $560,000 after purchasing an additional 145 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in shares of 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 purchasing an additional 246 shares in the last quarter. Finally, Park Avenue Securities LLC increased its stake in shares of Corpay by 15.2% during the 1st quarter. Park Avenue Securities LLC now owns 1,898 shares of the company's stock worth $662,000 after purchasing an additional 250 shares in the last quarter. Institutional investors and hedge funds own 98.84% of the company's stock.

Corpay Trading Down 0.8%

Shares of CPAY traded down $2.70 during mid-day trading on Friday, reaching $317.53. The company had a trading volume of 543,137 shares, compared to its average volume of 580,295. The stock has a market cap of $22.42 billion, a price-to-earnings ratio of 21.57, a price-to-earnings-growth ratio of 1.20 and a beta of 0.96. The firm has a fifty day simple moving average of $327.66 and a 200-day simple moving average of $336.06. Corpay, Inc. has a fifty-two week low of $269.02 and a fifty-two week high of $400.81. 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 (NYSE:CPAY - Get Free Report) last announced its quarterly 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. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.09 billion. Corpay had a net margin of 25.17% and a return on equity of 39.13%. Corpay's revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter last year, the business earned $4.55 EPS. On average, sell-side analysts anticipate that Corpay, Inc. will post 19.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CPAY. Raymond James Financial set a $392.00 price objective on shares of Corpay and gave the stock an "outperform" rating in a research note on Thursday, August 7th. UBS Group dropped their price objective on shares of Corpay from $365.00 to $340.00 and set a "neutral" rating for the company in a research note on Thursday, August 7th. Wells Fargo & Company dropped their price objective on shares of Corpay from $375.00 to $339.00 and set an "equal weight" rating for the company in a research note on Thursday, April 24th. Robert W. Baird set a $440.00 price objective on shares of Corpay in a research note on Tuesday, June 10th. Finally, Morgan Stanley dropped their price objective on shares of Corpay from $360.00 to $356.00 and set an "equal weight" rating for the company in a research note on Monday, August 11th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $396.33.

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.