Procyon Advisors LLC Has $604,000 Stake in Corpay, Inc. $CPAY

Key Points

• Procyon Advisors LLC has reduced its stake in Corpay, Inc. by 49.2% in the second quarter, now holding 1,820 shares valued at roughly $604,000.
• Corpay recently reported earnings per share of $5.13 for the quarter, beating estimates and reflecting a 12.9% increase in revenue compared to the same quarter last year.
• Analysts have set varying target prices for Corpay, with an average target of $399.43 and recommendations ranging from "buy" to "hold."

Procyon Advisors LLC trimmed its holdings in Corpay, Inc. (NYSE:CPAY - Free Report) by 49.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,820 shares of the company's stock after selling 1,766 shares during the quarter. Procyon Advisors LLC's holdings in Corpay were worth $604,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Select Equity Group L.P. boosted its position in Corpay by 1,302.3% during the 1st quarter. Select Equity Group L.P. now owns 1,218,898 shares of the company's stock valued at $425,054,000 after acquiring an additional 1,131,975 shares in the last quarter. GAMMA Investing LLC boosted its position in Corpay by 38,235.3% during the 1st quarter. GAMMA Investing LLC now owns 559,696 shares of the company's stock valued at $195,177,000 after acquiring an additional 558,236 shares in the last quarter. Bessemer Group Inc. boosted its position in Corpay by 4,811.9% during the 1st quarter. Bessemer Group Inc. now owns 557,252 shares of the company's stock valued at $194,326,000 after acquiring an additional 545,907 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Corpay by 11.1% during the 1st quarter. JPMorgan Chase & Co. now owns 4,728,635 shares of the company's stock valued at $1,648,970,000 after acquiring an additional 472,147 shares in the last quarter. Finally, Nuveen LLC bought a new stake in Corpay during the 1st quarter valued at $104,428,000. 98.84% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on CPAY shares. Robert W. Baird set a $440.00 price objective on Corpay in a research report on Tuesday, June 10th. Wall Street Zen lowered Corpay from a "buy" rating to a "hold" rating in a research note on Saturday. Morgan Stanley lowered their price objective on Corpay from $360.00 to $356.00 and set an "equal weight" rating on the stock in a report on Monday, August 11th. Deutsche Bank Aktiengesellschaft initiated coverage on Corpay in a report on Thursday, July 17th. They issued a "buy" rating and a $390.00 price objective on the stock. Finally, UBS Group cut their target price on Corpay from $365.00 to $340.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Nine equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $399.43.

Corpay Trading Down 1.3%

Shares of CPAY stock traded down $4.04 during trading hours on Monday, reaching $297.89. 138,276 shares of the stock traded hands, compared to its average volume of 484,677. Corpay, Inc. has a 1-year low of $269.02 and a 1-year high of $400.81. The business has a fifty day moving average price of $319.80 and a 200 day moving average price of $326.13. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 1.48. The firm has a market capitalization of $21.04 billion, a PE ratio of 20.27, a PEG ratio of 1.14 and a beta of 1.00.

Corpay (NYSE:CPAY - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $5.13 EPS for the quarter, topping the consensus estimate of $5.11 by $0.02. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.09 billion. Corpay had a net margin of 25.17% and a return on equity of 39.13%. The company's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.55 earnings per share. On average, equities research analysts forecast that Corpay, Inc. will post 19.76 EPS for the current 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.