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

A number of other institutional investors have also added to or reduced their stakes in the stock. Nissay Asset Management Corp Japan ADV lifted its holdings in Corpay by 1,048.3% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 91,121 shares of the company's stock worth $31,776,000 after purchasing an additional 83,186 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Corpay by 54.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,590 shares of the company's stock worth $3,693,000 after acquiring an additional 3,739 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Corpay in the 1st quarter worth about $207,000. Jacobs Levy Equity Management Inc. bought a new position in Corpay in the 1st quarter worth about $497,000. Finally, Hancock Whitney Corp increased its stake in Corpay by 2.2% in the 1st quarter. Hancock Whitney Corp now owns 49,998 shares of the company's stock worth $17,435,000 after acquiring an additional 1,080 shares during the last quarter. Hedge funds and other institutional investors own 98.84% of the company's stock.

Corpay Price Performance

Shares of Corpay stock traded up $1.30 during trading on Tuesday, hitting $312.89. 506,206 shares of the stock traded hands, compared to its average volume of 389,969. 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 stock has a market cap of $22.09 billion, a price-to-earnings ratio of 21.26, a PEG ratio of 1.18 and a beta of 1.00. The firm's fifty day moving average is $324.16 and its 200-day moving average is $329.38. Corpay, Inc. has a 52 week low of $269.02 and a 52 week high of $400.81.

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

Analysts Set New Price Targets

CPAY has been the topic of a number of research analyst reports. Robert W. Baird set a $440.00 target price on Corpay in a research note on Tuesday, June 10th. Raymond James Financial set a $392.00 target price on Corpay and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Deutsche Bank Aktiengesellschaft initiated coverage on Corpay in a research note on Thursday, July 17th. They issued a "buy" rating and a $390.00 target price on the stock. Wall Street Zen upgraded Corpay from a "hold" rating to a "buy" rating in a research note on Friday. Finally, UBS Group decreased their target price on Corpay from $365.00 to $340.00 and set a "neutral" rating on the stock in a research note 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. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price 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.