Alliancebernstein L.P. Raises Stock Holdings in 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. boosted its holdings in Corpay, Inc. (NYSE:CPAY - Free Report) by 76.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 131,229 shares of the company's stock after purchasing an additional 56,941 shares during the quarter. Alliancebernstein L.P. owned approximately 0.19% of Corpay worth $45,762,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in CPAY. Bank of America Corp DE increased its stake in Corpay by 12.0% in the fourth quarter. Bank of America Corp DE now owns 329,826 shares of the company's stock valued at $111,620,000 after purchasing an additional 35,318 shares during the last quarter. Captrust Financial Advisors increased its stake in Corpay by 38.2% in the fourth quarter. Captrust Financial Advisors now owns 1,910 shares of the company's stock valued at $646,000 after purchasing an additional 528 shares during the last quarter. Cetera Investment Advisers increased its stake in Corpay by 19.5% in the fourth quarter. Cetera Investment Advisers now owns 3,513 shares of the company's stock valued at $1,189,000 after purchasing an additional 574 shares during the last quarter. Colonial Trust Co SC increased its stake in Corpay by 120.5% in the fourth quarter. Colonial Trust Co SC now owns 97 shares of the company's stock valued at $33,000 after purchasing an additional 53 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in Corpay in the fourth quarter valued at $169,000. 98.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CPAY has been the subject of several analyst reports. UBS Group dropped their target price on Corpay from $365.00 to $340.00 and set a "neutral" rating for the company in a research note on Thursday, August 7th. Robert W. Baird set a $440.00 price target on Corpay in a research report on Tuesday, June 10th. Wall Street Zen raised Corpay from a "hold" rating to a "buy" rating in a research report on Friday. Deutsche Bank Aktiengesellschaft assumed coverage on Corpay in a research report on Thursday, July 17th. They set a "buy" rating and a $390.00 price target for the company. Finally, Raymond James Financial set a $392.00 price target on Corpay and gave the company an "outperform" rating in a research report on Thursday, August 7th. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $399.43.

Corpay Stock Up 0.4%

Shares of NYSE CPAY traded up $1.30 on Tuesday, hitting $312.89. The company had a trading volume of 506,206 shares, compared to its average volume of 389,969. Corpay, Inc. has a 12-month low of $269.02 and a 12-month high of $400.81. The business has a 50 day moving average of $324.16 and a two-hundred day moving average of $329.38. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 1.48. The firm has a market capitalization of $22.09 billion, a P/E ratio of 21.26, a PEG ratio of 1.18 and a beta of 1.00.

Corpay (NYSE:CPAY - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $5.13 earnings per share for the quarter, topping the consensus estimate of $5.11 by $0.02. Corpay had a return on equity of 39.13% and a net margin of 25.17%.The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter in the prior year, the business earned $4.55 earnings per share. The company's revenue was up 12.9% compared to the same quarter last year. As a group, equities research analysts forecast that Corpay, Inc. will post 19.76 earnings per share for the current fiscal year.

Corpay Company 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.