KLP Kapitalforvaltning AS Sells 20,100 Shares of Corpay, Inc. $CPAY

Key Points

• KLP Kapitalforvaltning AS has reduced its stake in Corpay, Inc. by 43.8%, selling 20,100 shares in the second quarter and holding a total of 25,808 shares valued at $8.56 million.
• Corpay's quarterly earnings per share of $5.13 exceeded analyst expectations, and revenue for the quarter reached $1.10 billion, up 12.9% year-over-year.
• An analysis of the stock reveals a consensus rating of "Moderate Buy" with a target price of $396.21, while certain firms recently adjusted their price targets downward.

KLP Kapitalforvaltning AS cut its stake in Corpay, Inc. (NYSE:CPAY - Free Report) by 43.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,808 shares of the company's stock after selling 20,100 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Corpay were worth $8,564,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of CPAY. Park Avenue Securities LLC increased its position in Corpay by 15.2% during the first quarter. Park Avenue Securities LLC now owns 1,898 shares of the company's stock worth $662,000 after acquiring an additional 250 shares during the period. GAMMA Investing LLC increased its holdings in Corpay by 9.9% in the 1st quarter. GAMMA Investing LLC now owns 1,605 shares of the company's stock valued at $560,000 after buying an additional 145 shares during the period. SG Americas Securities LLC boosted its position in Corpay by 265.4% in the first quarter. SG Americas Securities LLC now owns 12,636 shares of the company's stock valued at $4,406,000 after buying an additional 9,178 shares in the last quarter. Handelsbanken Fonder AB boosted its position in Corpay by 1.8% in the first quarter. Handelsbanken Fonder AB now owns 21,503 shares of the company's stock valued at $7,499,000 after buying an additional 383 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Corpay by 95.0% in the first quarter. Assenagon Asset Management S.A. now owns 135,845 shares of the company's stock valued at $47,372,000 after buying an additional 66,186 shares in the last quarter. 98.84% of the stock is owned by institutional investors.

Corpay Stock Performance

Shares of CPAY stock opened at $290.49 on Friday. The firm has a market capitalization of $20.51 billion, a PE ratio of 19.73, a price-to-earnings-growth ratio of 1.11 and a beta of 0.97. The firm has a fifty day simple moving average of $308.83 and a two-hundred day simple moving average of $321.61. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 1.48. Corpay, Inc. has a 12 month low of $269.02 and a 12 month high of $400.81.

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. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.09 billion. Corpay had a net margin of 25.17% and a return on equity of 39.13%. The firm's revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.55 earnings per share. Analysts forecast that Corpay, Inc. will post 19.76 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently commented on CPAY. Morgan Stanley cut their target price on shares of Corpay from $360.00 to $356.00 and set an "equal weight" rating on the stock in a research report on Monday, August 11th. UBS Group dropped their price target on shares of Corpay from $365.00 to $340.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Wall Street Zen upgraded shares of Corpay from a "hold" rating to a "buy" rating in a research report on Sunday, September 28th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Corpay in a research report on Thursday, July 17th. They issued a "buy" rating and a $390.00 price target on the stock. Finally, Raymond James Financial set a $392.00 price target on shares of Corpay and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Ten research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $396.21.

About Corpay

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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