QRG Capital Management Inc. Sells 2,525 Shares of Corpay, Inc. $CPAY

Key Points

• QRG Capital Management Inc. decreased its stake in Corpay, Inc. by 20.6%, selling 2,525 shares and holding 9,744 shares valued at approximately $3.23 million.
• Corpay recently reported quarterly earnings of $5.13 per share, exceeding expectations and reflecting a 12.9% year-over-year revenue increase to $1.10 billion.
• The stock has received mixed ratings from analysts, with a consensus target price of $396.21 and multiple ratings ranging from "Buy" to "Neutral."

QRG Capital Management Inc. reduced its holdings in shares of Corpay, Inc. (NYSE:CPAY - Free Report) by 20.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,744 shares of the company's stock after selling 2,525 shares during the period. QRG Capital Management Inc.'s holdings in Corpay were worth $3,233,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Two Sigma Investments LP acquired a new position in shares of Corpay during the fourth quarter worth approximately $426,000. Wedmont Private Capital grew its holdings in shares of Corpay by 3.2% in the 1st quarter. Wedmont Private Capital now owns 1,110 shares of the company's stock valued at $387,000 after buying an additional 34 shares during the period. Park Avenue Securities LLC increased its holdings in shares of Corpay by 15.2% in 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 in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Corpay by 9.9% in the first 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. Finally, SG Americas Securities LLC boosted its stake in Corpay by 265.4% in the 1st quarter. SG Americas Securities LLC now owns 12,636 shares of the company's stock worth $4,406,000 after purchasing an additional 9,178 shares during the period. 98.84% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CPAY shares. Raymond James Financial set a $392.00 price objective on Corpay and gave the company an "outperform" rating in a report on Thursday, August 7th. UBS Group decreased their price objective on shares of Corpay from $365.00 to $340.00 and set a "neutral" rating for the company in a research report on Thursday, August 7th. Keefe, Bruyette & Woods cut their target price on shares of Corpay from $445.00 to $400.00 and set an "outperform" rating for the company in a research note on Wednesday, October 1st. Morgan Stanley dropped their price objective on Corpay from $360.00 to $356.00 and set an "equal weight" rating on the stock in a research note on Monday, August 11th. Finally, Robert W. Baird set a $440.00 target price on Corpay in a research note on Tuesday, June 10th. Ten equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $396.21.

Corpay Stock Up 0.1%

Shares of NYSE CPAY opened at $288.64 on Tuesday. Corpay, Inc. has a 12 month low of $269.02 and a 12 month high of $400.81. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 1.48. The company has a market cap of $20.38 billion, a price-to-earnings ratio of 19.61, a PEG ratio of 1.09 and a beta of 0.97. The stock has a 50-day moving average price of $311.09 and a two-hundred day moving average price of $322.52.

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