Northern Trust Corp Sells 26,980 Shares of Corpay, Inc. $CPAY

Key Points

• Northern Trust Corp sold 26,980 shares of Corpay, Inc., reducing its stake by 4.1% in the 1st quarter, leaving it with 633,111 shares valued at roughly $220.78 million.
• Various institutional investors, including Raymond James Financial Inc. and Aberdeen Group plc, have also modified their positions in Corpay, with the majority of the stock (98.84%) held by institutional investors.
• Analysts have set a range of price targets for Corpay, with an average target of $399.43 and most analysts rating the stock as a "Moderate Buy."

Northern Trust Corp cut its stake in shares of Corpay, Inc. (NYSE:CPAY - Free Report) by 4.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 633,111 shares of the company's stock after selling 26,980 shares during the quarter. Northern Trust Corp owned about 0.90% of Corpay worth $220,778,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Northwest & Ethical Investments L.P. bought a new position in shares of Corpay during the first quarter valued at $7,163,000. Raymond James Financial Inc. increased its holdings in shares of Corpay by 11.7% during the first quarter. Raymond James Financial Inc. now owns 445,509 shares of the company's stock valued at $155,358,000 after acquiring an additional 46,743 shares in the last quarter. Ethic Inc. boosted its position in shares of Corpay by 5.5% during the first quarter. Ethic Inc. now owns 3,372 shares of the company's stock valued at $1,187,000 after buying an additional 177 shares during the last quarter. Brandywine Global Investment Management LLC boosted its position in shares of Corpay by 7.5% during the first quarter. Brandywine Global Investment Management LLC now owns 80,319 shares of the company's stock valued at $28,009,000 after buying an additional 5,606 shares during the last quarter. Finally, Aberdeen Group plc boosted its position in shares of Corpay by 114.6% during the first quarter. Aberdeen Group plc now owns 41,595 shares of the company's stock valued at $14,339,000 after buying an additional 22,210 shares during the last quarter. 98.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Corpay Trading Up 0.3%

Shares of NYSE:CPAY opened at $317.43 on Friday. The stock has a market capitalization of $22.41 billion, a price-to-earnings ratio of 21.56, a PEG ratio of 1.20 and a beta of 0.96. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.12 and a current ratio of 1.12. The stock's 50-day simple moving average is $325.23 and its two-hundred day simple moving average is $334.60. 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, topping the consensus estimate of $5.11 by $0.02. The business 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 business's revenue for the quarter was up 12.9% on a year-over-year basis. During the same period last year, the firm posted $4.55 earnings per share. Analysts expect that Corpay, Inc. will post 19.76 EPS 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.

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