Royal Bank of Canada Increases Stock Holdings in Corpay, Inc. $CPAY

Key Points

• The Royal Bank of Canada increased its stake in Corpay, Inc. by 1.6%, owning approximately 0.16% of the company valued at $38.33 million.
• Several institutional investors have also boosted their holdings, with Wellington Management Group leading the increase at 30.7% in the first quarter.
• The consensus rating for Corpay is a "Moderate Buy" with an average price target of $399.43, following positive earnings results that surpassed analysts' expectations.

Royal Bank of Canada grew its stake in shares of Corpay, Inc. (NYSE:CPAY - Free Report) by 1.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 109,933 shares of the company's stock after acquiring an additional 1,716 shares during the quarter. Royal Bank of Canada owned about 0.16% of Corpay worth $38,336,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Corpay by 1.5% during the first quarter. Vanguard Group Inc. now owns 7,872,786 shares of the company's stock valued at $2,745,398,000 after acquiring an additional 119,987 shares in the last quarter. JPMorgan Chase & Co. increased its holdings 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 valued at $1,648,970,000 after acquiring an additional 472,147 shares in the last quarter. Boston Partners increased its holdings 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 acquiring an additional 118,542 shares in the last quarter. Invesco Ltd. increased its holdings 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 acquiring an additional 208,067 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Corpay by 30.7% during the first quarter. Wellington Management Group LLP now owns 1,275,059 shares of the company's stock valued at $444,639,000 after acquiring an additional 299,452 shares in the last quarter. Institutional investors and hedge funds own 98.84% of the company's stock.

Corpay Stock Performance

Corpay stock traded down $6.19 during mid-day trading on Friday, hitting $307.41. The company had a trading volume of 350,339 shares, compared to its average volume of 365,158. 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. The company's fifty day moving average is $322.35 and its 200-day moving average is $328.44. The company has a market capitalization of $21.71 billion, a price-to-earnings ratio of 20.88, a P/E/G ratio of 1.19 and a beta of 1.00.

Corpay (NYSE:CPAY - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $5.13 EPS for the quarter, topping the consensus estimate of $5.11 by $0.02. Corpay had a return on equity of 39.13% and a net margin of 25.17%.The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the prior year, the firm posted $4.55 EPS. The business's quarterly revenue was up 12.9% compared to the same quarter last year. Equities research analysts predict that Corpay, Inc. will post 19.76 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently commented on CPAY shares. Wall Street Zen upgraded Corpay from a "hold" rating to a "buy" rating in a research report on Friday, September 5th. 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 note on Thursday, August 7th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Corpay in a research note on Thursday, July 17th. They set a "buy" rating and a $390.00 price objective for the company. Morgan Stanley decreased their price objective on shares of Corpay from $360.00 to $356.00 and set an "equal weight" rating for the company in a research note on Monday, August 11th. Finally, Raymond James Financial set a $392.00 price objective on shares of Corpay and gave the company an "outperform" rating in a research note on Thursday, August 7th. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Corpay currently has a consensus 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.