Alliancebernstein L.P. Purchases 56,941 Shares of Corpay, Inc. $CPAY

Key Points

• Alliancebernstein L.P. increased its holdings in Corpay, Inc. by 76.6% during the first quarter, owning approximately 0.19% of the company, valued at $45.76 million.
• Corpay reported a successful quarterly earnings performance with a net income of $5.13 per share, exceeding analyst expectations and marking a 12.9% year-over-year revenue growth.
• Analysts have set a consensus target price of $399.43 for Corpay, with multiple brokerages rating the stock as a "buy."

Alliancebernstein L.P. lifted its position in shares of Corpay, Inc. (NYSE:CPAY - Free Report) by 76.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 131,229 shares of the company's stock after purchasing an additional 56,941 shares during the period. Alliancebernstein L.P. owned 0.19% of Corpay worth $45,762,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in CPAY. Colonial Trust Co SC increased its position in Corpay by 120.5% during the 4th quarter. Colonial Trust Co SC now owns 97 shares of the company's stock worth $33,000 after buying an additional 53 shares during the period. Zions Bancorporation National Association UT bought a new position in Corpay during the first quarter worth about $41,000. Rakuten Securities Inc. bought a new position in Corpay during the first quarter worth about $45,000. Larson Financial Group LLC increased its position in Corpay by 309.5% during the first quarter. Larson Financial Group LLC now owns 172 shares of the company's stock worth $60,000 after acquiring an additional 130 shares during the period. Finally, Continuum Advisory LLC increased its position in Corpay by 29.6% during the fourth quarter. Continuum Advisory LLC now owns 184 shares of the company's stock worth $62,000 after acquiring an additional 42 shares during the period. Institutional investors own 98.84% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CPAY shares. Robert W. Baird set a $440.00 target price on shares of Corpay in a report on Tuesday, June 10th. Raymond James Financial set a $392.00 price objective on Corpay and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Deutsche Bank Aktiengesellschaft started coverage on Corpay in a research note on Thursday, July 17th. They set a "buy" rating and a $390.00 price objective on the stock. UBS Group decreased their price target on Corpay from $365.00 to $340.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Finally, Morgan Stanley decreased their price target on Corpay from $360.00 to $356.00 and set an "equal weight" rating on the stock in a research report on Monday, August 11th. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $399.43.

Corpay Price Performance

Corpay stock traded down $4.50 during midday trading on Friday, reaching $309.11. The company's stock had a trading volume of 67,809 shares, compared to its average volume of 484,260. Corpay, Inc. has a 52 week low of $269.02 and a 52 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. The business has a 50-day moving average price of $322.99 and a 200-day moving average price of $328.88. The stock has a market cap of $21.83 billion, a PE ratio of 21.00, a price-to-earnings-growth ratio of 1.15 and a beta of 1.00.

Corpay (NYSE:CPAY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $5.13 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. The firm's revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the firm posted $4.55 EPS. On average, sell-side analysts predict that Corpay, Inc. will post 19.76 EPS 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.