Azimuth Capital Investment Management LLC Cuts Stock Holdings in Corpay, Inc. $CPAY

Key Points

• Azimuth Capital Investment Management LLC has reduced its stake in Corpay, Inc. by 46.5%, selling 26,338 shares, and now holds 30,363 shares valued at approximately $10.6 million.
• Corpay's quarterly earnings exceeded analysts' predictions with an EPS of $5.13 and revenue of $1.10 billion, representing a year-over-year revenue increase of 12.9%.
• Wall Street analysts show a consensus rating of "Moderate Buy" for Corpay, with an average target price of $396.33, while five analysts suggest holding the stock.

Azimuth Capital Investment Management LLC reduced its position in Corpay, Inc. (NYSE:CPAY - Free Report) by 46.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,363 shares of the company's stock after selling 26,338 shares during the quarter. Azimuth Capital Investment Management LLC's holdings in Corpay were worth $10,588,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its holdings in Corpay by 20.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,840,818 shares of the company's stock worth $1,976,651,000 after purchasing an additional 1,000,699 shares in the last quarter. GAMMA Investing LLC boosted its position in Corpay by 38,235.3% in the first quarter. GAMMA Investing LLC now owns 559,696 shares of the company's stock valued at $195,177,000 after buying an additional 558,236 shares during the last quarter. Bessemer Group Inc. increased its holdings in Corpay by 4,811.9% in the 1st quarter. Bessemer Group Inc. now owns 557,252 shares of the company's stock worth $194,326,000 after buying an additional 545,907 shares during the period. JPMorgan Chase & Co. increased its holdings in Corpay by 11.1% in the 1st quarter. JPMorgan Chase & Co. now owns 4,728,635 shares of the company's stock worth $1,648,970,000 after buying an additional 472,147 shares during the period. Finally, Van Lanschot Kempen Investment Management N.V. purchased a new position in Corpay during the 4th quarter worth approximately $116,179,000. 98.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CPAY has been the topic of several recent research reports. Oppenheimer began coverage on shares of Corpay in a report on Monday, April 28th. They issued a "market perform" rating on the stock. UBS Group decreased their target price 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 target 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 target on Corpay in a research report on Tuesday, June 10th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Corpay in a research note on Thursday, July 17th. They set a "buy" rating and a $390.00 price objective for the company. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $399.43.

Corpay Price Performance

Shares of Corpay stock traded down $3.7280 on Wednesday, reaching $316.9520. The company's stock had a trading volume of 495,081 shares, compared to its average volume of 587,936. 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 company has a market capitalization of $22.38 billion, a P/E ratio of 21.53, a PEG ratio of 1.22 and a beta of 0.96. The stock has a 50-day moving average price of $325.89 and a 200-day moving average price of $335.03. Corpay, Inc. has a 52-week low of $269.02 and a 52-week high of $400.81.

Corpay (NYSE:CPAY - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $5.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.11 by $0.02. The firm 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%.The business's revenue was up 12.9% on a year-over-year basis. During the same quarter last year, the firm posted $4.55 EPS. Analysts expect 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.