Corpay, Inc. $CPAY Shares Sold by Park West Asset Management LLC

Key Points

• Park West Asset Management LLC reduced its stake in Corpay, Inc. by 20.6%, selling 29,370 shares and retaining about 113,230 shares, representing 3.2% of their investment portfolio.
• Corpay reported earnings of $5.13 per share for the last quarter, slightly exceeding analyst expectations, with revenue of $1.10 billion for the period.
• Despite mixed ratings, the consensus among analysts is a "Moderate Buy" for Corpay, with a consensus price target of approximately $399.43.

Park West Asset Management LLC lessened its stake in shares of Corpay, Inc. (NYSE:CPAY - Free Report) by 20.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 113,230 shares of the company's stock after selling 29,370 shares during the period. Corpay accounts for approximately 3.2% of Park West Asset Management LLC's investment portfolio, making the stock its 11th biggest position. Park West Asset Management LLC owned approximately 0.16% of Corpay worth $39,486,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Cerity Partners LLC raised its position in shares of Corpay by 6.2% during the 1st quarter. Cerity Partners LLC now owns 33,385 shares of the company's stock worth $11,642,000 after purchasing an additional 1,942 shares during the last quarter. DAVENPORT & Co LLC acquired a new position in shares of Corpay during the 1st quarter worth about $213,000. GAMMA Investing LLC raised its position 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 during the last quarter. Janney Montgomery Scott LLC raised its position 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 during the last quarter. Finally, Park Avenue Securities LLC raised its position 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 during the last quarter. Institutional investors and hedge funds own 98.84% of the company's stock.

Corpay Stock Performance

Corpay stock opened at $316.65 on Friday. The firm has a 50 day simple moving average of $325.09 and a 200-day simple moving average of $330.46. Corpay, Inc. has a 1-year low of $269.02 and a 1-year high of $400.81. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.12 and a quick ratio of 1.12. The stock has a market cap of $22.36 billion, a price-to-earnings ratio of 21.51, a price-to-earnings-growth ratio of 1.21 and a beta of 1.00.

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

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. UBS Group reduced their price target on shares of Corpay from $365.00 to $340.00 and set a "neutral" rating for the company in a research report on Thursday, August 7th. Raymond James Financial set a $392.00 price objective on shares of Corpay and gave the company an "outperform" rating in a report on Thursday, August 7th. Robert W. Baird set a $440.00 price objective on shares of Corpay in a report on Tuesday, June 10th. Morgan Stanley cut their price objective on shares of Corpay from $360.00 to $356.00 and set an "equal weight" rating for the company in a report on Monday, August 11th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Corpay in a report on Thursday, July 17th. They issued a "buy" rating and a $390.00 price objective for the company. 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 MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $399.43.

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.

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