Raymond James Financial Inc. Purchases 46,743 Shares of Corpay, Inc. $CPAY

Key Points

• Raymond James Financial Inc. increased its stake in Corpay, Inc. by 11.7% during the 1st quarter, owning approximately $155 million worth of shares.
• Corpay reported a 12.9% increase in revenue to $1.10 billion for the quarter, surpassing analysts' expectations, and earnings per share of $5.13.
• Analysts have mixed ratings on Corpay, with the stock being downgraded by Wall Street Zen to "hold" and several price targets being revised downwards, reflecting cautious investor sentiment.

Raymond James Financial Inc. raised its position in Corpay, Inc. (NYSE:CPAY - Free Report) by 11.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 445,509 shares of the company's stock after purchasing an additional 46,743 shares during the quarter. Raymond James Financial Inc. owned approximately 0.63% of Corpay worth $155,358,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Ethic Inc. lifted its position in shares of Corpay by 5.5% during the 1st quarter. Ethic Inc. now owns 3,372 shares of the company's stock worth $1,187,000 after purchasing an additional 177 shares during the last quarter. Brandywine Global Investment Management LLC lifted its position in shares of Corpay by 7.5% during the 1st quarter. Brandywine Global Investment Management LLC now owns 80,319 shares of the company's stock worth $28,009,000 after purchasing an additional 5,606 shares during the last quarter. Aberdeen Group plc lifted its position in shares of Corpay by 114.6% during the 1st quarter. Aberdeen Group plc now owns 41,595 shares of the company's stock worth $14,339,000 after purchasing an additional 22,210 shares during the last quarter. Horizon Investments LLC lifted its position in shares of Corpay by 5.8% during the 1st quarter. Horizon Investments LLC now owns 1,004 shares of the company's stock worth $350,000 after purchasing an additional 55 shares during the last quarter. Finally, Neuberger Berman Group LLC lifted its position in shares of Corpay by 8.7% during the 1st quarter. Neuberger Berman Group LLC now owns 152,625 shares of the company's stock worth $53,223,000 after purchasing an additional 12,225 shares during the last quarter. Institutional investors own 98.84% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CPAY shares. Wall Street Zen cut Corpay from a "buy" rating to a "hold" rating in a research report on Saturday, August 16th. Robert W. Baird set a $440.00 price target on Corpay in a report on Tuesday, June 10th. Raymond James Financial set a $392.00 price target on Corpay and gave the company an "outperform" rating in a report on Thursday, August 7th. UBS Group cut their price target on Corpay from $365.00 to $340.00 and set a "neutral" rating for the company in a report on Thursday, August 7th. Finally, Wells Fargo & Company cut their price target on Corpay from $375.00 to $339.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, Corpay has a consensus rating of "Moderate Buy" and a consensus price target of $399.43.

Corpay Price Performance

Shares of CPAY stock traded up $13.1330 during trading hours on Friday, hitting $330.7930. The company had a trading volume of 360,730 shares, compared to its average volume of 495,645. The firm has a market capitalization of $23.36 billion, a price-to-earnings ratio of 22.47, a PEG ratio of 1.20 and a beta of 0.96. Corpay, Inc. has a 12 month low of $269.02 and a 12 month high of $400.81. The firm's fifty day moving average is $325.23 and its 200 day moving average is $334.60. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.12 and a current ratio of 1.12.

Corpay (NYSE:CPAY - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $5.13 EPS for the quarter, topping analysts' consensus estimates of $5.11 by $0.02. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.09 billion. Corpay had a return on equity of 39.13% and a net margin of 25.17%.Corpay's revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the prior year, the company earned $4.55 EPS. On average, sell-side analysts predict that Corpay, Inc. will post 19.76 EPS 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.