Long Path Partners LP Has $34.01 Million Holdings in Corpay, Inc. $CPAY

Key Points

• Long Path Partners LP increased its holdings in Corpay, Inc. by 17.2%, owning 97,527 shares worth approximately $34.01 million, making it the fund's 3rd largest position.
• Corpay posted strong earnings, reporting $5.13 EPS for the quarter, exceeding expectations, and a revenue increase of 12.9% year-over-year.
• Multiple firms have set new price targets for Corpay, with an average target of $399.43, indicating a general bullish sentiment among analysts.

Long Path Partners LP lifted its holdings in shares of Corpay, Inc. (NYSE:CPAY - Free Report) by 17.2% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 97,527 shares of the company's stock after purchasing an additional 14,305 shares during the period. Corpay accounts for about 13.1% of Long Path Partners LP's portfolio, making the stock its 3rd largest position. Long Path Partners LP owned 0.14% of Corpay worth $34,010,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in CPAY. Vanguard Group Inc. lifted its position in Corpay by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 7,872,786 shares of the company's stock worth $2,745,398,000 after buying an additional 119,987 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Corpay by 11.1% during the first quarter. JPMorgan Chase & Co. now owns 4,728,635 shares of the company's stock worth $1,648,970,000 after purchasing an additional 472,147 shares in the last quarter. Boston Partners grew its stake in shares of Corpay by 5.8% during the first quarter. Boston Partners now owns 2,163,940 shares of the company's stock valued at $751,371,000 after purchasing an additional 118,542 shares during the last quarter. Invesco Ltd. grew its stake in shares of Corpay by 12.3% during the first quarter. Invesco Ltd. now owns 1,894,732 shares of the company's stock valued at $660,731,000 after purchasing an additional 208,067 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Corpay by 30.7% in the first quarter. Wellington Management Group LLP now owns 1,275,059 shares of the company's stock valued at $444,639,000 after purchasing an additional 299,452 shares in the last quarter. 98.84% of the stock is owned by institutional investors.

Corpay Trading Up 4.1%

NYSE CPAY opened at $330.7930 on Monday. The stock has a 50-day simple moving average of $325.39 and a 200 day simple moving average of $333.49. The company has a market capitalization of $23.36 billion, a PE ratio of 22.47, a P/E/G ratio of 1.26 and a beta of 0.96. 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 issued its earnings results on Wednesday, August 6th. The company reported $5.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.11 by $0.02. The firm had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.09 billion. Corpay had a return on equity of 39.13% and a net margin of 25.17%.The company's revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the business earned $4.55 earnings per share. Research analysts forecast that Corpay, Inc. will post 19.76 EPS for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on CPAY. Deutsche Bank Aktiengesellschaft assumed coverage on Corpay in a report on Thursday, July 17th. They set a "buy" rating and a $390.00 price objective on the stock. Wall Street Zen cut Corpay from a "buy" rating to a "hold" rating in a report on Saturday, August 16th. Oppenheimer assumed coverage on Corpay in a research report on Monday, April 28th. They issued a "market perform" rating for the company. Raymond James Financial set a $392.00 target price on shares of Corpay and gave the company an "outperform" rating in a research report on Thursday, August 7th. Finally, Robert W. Baird set a $440.00 target price on shares of Corpay in a research note on Tuesday, June 10th. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $399.43.

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.

Want to see what other hedge funds are holding CPAY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corpay, Inc. (NYSE:CPAY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.