Select Equity Group L.P. Increases Position in Corpay, Inc. $CPAY

Key Points

• Select Equity Group L.P. significantly increased its stake in Corpay, Inc. by 1,302.3% in Q1, now owning approximately $425 million worth of shares.
• Corpay recently reported a quarterly earnings per share (EPS) of $5.13, slightly exceeding analysts' expectations and showing a 12.9% year-over-year revenue growth.
• The stock is currently rated as a "Moderate Buy" by analysts, with a consensus target price of $399.43.

Select Equity Group L.P. increased its holdings in Corpay, Inc. (NYSE:CPAY - Free Report) by 1,302.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,218,898 shares of the company's stock after purchasing an additional 1,131,975 shares during the quarter. Corpay accounts for 1.8% of Select Equity Group L.P.'s holdings, making the stock its 20th biggest position. Select Equity Group L.P. owned about 1.74% of Corpay worth $425,054,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cerity Partners LLC boosted its holdings in shares of Corpay by 6.2% in the first quarter. Cerity Partners LLC now owns 33,385 shares of the company's stock worth $11,642,000 after buying an additional 1,942 shares during the period. DAVENPORT & Co LLC acquired a new position in shares of Corpay during the 1st quarter worth about $213,000. GAMMA Investing LLC grew its position in Corpay by 9.9% during the first quarter. GAMMA Investing LLC now owns 1,605 shares of the company's stock worth $560,000 after buying an additional 145 shares in the last quarter. Janney Montgomery Scott LLC raised its position in Corpay by 9.2% in the first quarter. Janney Montgomery Scott LLC now owns 2,913 shares of the company's stock worth $1,016,000 after purchasing an additional 246 shares in the last quarter. Finally, Park Avenue Securities LLC raised its position in 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 purchasing an additional 250 shares in the last quarter. 98.84% of the stock is currently owned by institutional investors.

Corpay Stock Performance

CPAY traded down $3.78 on Friday, reaching $309.82. 77,414 shares of the stock were exchanged, compared to its average volume of 484,335. The company's 50-day moving average price is $322.99 and its 200 day moving average price is $328.88. Corpay, Inc. has a fifty-two week low of $269.02 and a fifty-two week high of $400.81. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.12 and a quick ratio of 1.12. The firm has a market capitalization of $21.88 billion, a PE ratio of 21.05, a PEG ratio of 1.15 and a beta of 1.00.

Corpay (NYSE:CPAY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $5.13 EPS for the quarter, topping analysts' consensus estimates of $5.11 by $0.02. The company had revenue of $1.10 billion during 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 firm's revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.55 EPS. As a group, sell-side analysts forecast that Corpay, Inc. will post 19.76 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have commented on CPAY. Robert W. Baird set a $440.00 price target on shares of Corpay in a research report on Tuesday, June 10th. Morgan Stanley lowered their price objective on Corpay from $360.00 to $356.00 and set an "equal weight" rating for the company in a research report on Monday, August 11th. UBS Group cut their target price on shares of Corpay from $365.00 to $340.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Wall Street Zen upgraded shares of Corpay from a "hold" rating to a "buy" rating in a research report on Friday, September 5th. Finally, Raymond James Financial set a $392.00 target price on shares of Corpay and gave the company an "outperform" rating in a research report on Thursday, August 7th. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $399.43.

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.