Provident Investment Management Inc. Sells 993 Shares of Corpay, Inc. (NYSE:CPAY)

Key Points

• Provident Investment Management Inc. sold 993 shares of Corpay, Inc. in the first quarter, lowering its ownership by 0.5%, while still holding approximately $73.2 million worth of stock.
• Corpay's stock price has shown a decline of 1.6%, with its 1-year range between $265.28 and $400.81, and a current market cap of $22.49 billion.
• Recent analyst reports have led to mixed ratings for Corpay, with a drop in price targets; for instance, Barclays reduced its target from $440 to $400, though the average target remains around $401.07.

Provident Investment Management Inc. trimmed its stake in Corpay, Inc. (NYSE:CPAY - Free Report) by 0.5% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 209,982 shares of the company's stock after selling 993 shares during the period. Corpay comprises 6.9% of Provident Investment Management Inc.'s investment portfolio, making the stock its 4th biggest holding. Provident Investment Management Inc. owned approximately 0.30% of Corpay worth $73,225,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the stock. Colonial Trust Co SC lifted its holdings 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 in the last quarter. Rakuten Securities Inc. acquired a new stake in shares of Corpay in the first quarter valued at $45,000. Larson Financial Group LLC raised its stake in shares of Corpay by 309.5% in the first quarter. Larson Financial Group LLC now owns 172 shares of the company's stock valued at $60,000 after acquiring an additional 130 shares in the last quarter. Continuum Advisory LLC grew its stake in Corpay by 29.6% during the 4th quarter. Continuum Advisory LLC now owns 184 shares of the company's stock worth $62,000 after purchasing an additional 42 shares in the last quarter. Finally, Whipplewood Advisors LLC increased its holdings in Corpay by 648.0% during the 1st quarter. Whipplewood Advisors LLC now owns 187 shares of the company's stock worth $65,000 after purchasing an additional 162 shares during the period. 98.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on CPAY. Barclays decreased their price objective on Corpay from $440.00 to $400.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Oppenheimer started coverage on shares of Corpay in a report on Monday, April 28th. They set a "market perform" rating for the company. Wall Street Zen upgraded shares of Corpay from a "hold" rating to a "buy" rating in a report on Friday, July 18th. Robert W. Baird set a $440.00 price objective on shares of Corpay in a research report on Tuesday, June 10th. Finally, Wells Fargo & Company dropped their target price on Corpay from $375.00 to $339.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $397.93.

Corpay Stock Performance

NYSE CPAY traded down $2.77 on Friday, reaching $301.73. The stock had a trading volume of 580,200 shares, compared to its average volume of 540,849. The stock has a market cap of $21.27 billion, a P/E ratio of 20.50, a price-to-earnings-growth ratio of 1.15 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 business's 50-day moving average price is $329.21 and its 200 day moving average price is $338.35. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.10 and a current ratio of 1.12.

Corpay (NYSE:CPAY - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $5.13 EPS for the quarter, beating analysts' consensus estimates 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 period in the prior year, the company earned $4.55 earnings per share. The business's revenue was up 12.9% compared to the same quarter last year. As a group, equities analysts expect that Corpay, Inc. will post 19.76 earnings per share for the current 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.