Pacer Advisors Inc. Cuts Position in Corpay, Inc. (NYSE:CPAY)

Key Points

• Pacer Advisors Inc. reduced its stake in Corpay, Inc. by 36.0%, ending with a value of $1.24 million after selling 2,006 shares in the first quarter.
• Corpay's stock is currently trading at $329.48, and the company reported $4.51 earnings per share this quarter, slightly beating analyst expectations.
• Investment analysts are generally optimistic, with a consensus rating of "Moderate Buy" and an average target price of $401.07 for Corpay shares.

Pacer Advisors Inc. cut its stake in Corpay, Inc. (NYSE:CPAY - Free Report) by 36.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,562 shares of the company's stock after selling 2,006 shares during the period. Pacer Advisors Inc.'s holdings in Corpay were worth $1,242,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake 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 valued at $1,976,651,000 after buying an additional 1,000,699 shares during the period. T. Rowe Price Investment Management Inc. lifted its stake in Corpay by 1.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,949,913 shares of the company's stock valued at $659,890,000 after buying an additional 20,937 shares during the period. Geode Capital Management LLC lifted its stake in Corpay by 3.3% in the fourth quarter. Geode Capital Management LLC now owns 1,732,793 shares of the company's stock valued at $584,962,000 after buying an additional 54,894 shares during the period. Invesco Ltd. lifted its stake in Corpay by 163.7% in the fourth quarter. Invesco Ltd. now owns 1,686,665 shares of the company's stock valued at $570,801,000 after buying an additional 1,047,080 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Corpay by 5.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 779,288 shares of the company's stock valued at $263,722,000 after buying an additional 42,945 shares during the period. 98.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CPAY has been the subject of a number of analyst reports. Robert W. Baird set a $440.00 price target on Corpay in a research report on Tuesday, June 10th. Raymond James Financial reiterated an "outperform" rating and set a $414.00 price target (down previously from $417.00) on shares of Corpay in a research note on Wednesday, May 7th. Oppenheimer started coverage on Corpay in a research note on Monday, April 28th. They issued a "market perform" rating for the company. Deutsche Bank Aktiengesellschaft started coverage on Corpay in a research note on Thursday, July 17th. They issued a "buy" rating and a $390.00 target price for the company. Finally, Barclays cut their target price on Corpay from $440.00 to $400.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $401.07.

Corpay Stock Performance

Shares of Corpay stock traded up $7.59 during trading hours on Monday, reaching $323.99. 165,237 shares of the stock traded hands, compared to its average volume of 486,035. The company has a 50 day moving average price of $330.75 and a 200 day moving average price of $340.20. The firm has a market capitalization of $22.84 billion, a price-to-earnings ratio of 22.70, a P/E/G ratio of 1.20 and a beta of 0.96. Corpay, Inc. has a one year low of $265.06 and a one year high of $400.81. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.69.

Corpay (NYSE:CPAY - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $4.51 EPS for the quarter, topping the consensus estimate of $4.50 by $0.01. Corpay had a return on equity of 41.61% and a net margin of 25.15%. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter last year, the company earned $4.10 earnings per share. The business's revenue for the quarter was up 7.5% compared to the same quarter last year. On average, equities research analysts expect that Corpay, Inc. will post 19.76 earnings per share for the current fiscal 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.