State of New Jersey Common Pension Fund D Trims Stock Holdings in Corpay, Inc. $CPAY

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Corpay, Inc. ($CPAY) by 9.5%, now owning 21,562 shares valued at approximately $7.52 million.
• Analysts have set a consensus target price of $396.33 for Corpay, with a majority rating it as a Moderate Buy despite recent price target adjustments by firms such as Morgan Stanley and Wells Fargo.
• Corpay reported earnings of $5.13 per share, exceeding estimates, with a year-over-year revenue increase of 12.9% at $1.10 billion.

State of New Jersey Common Pension Fund D lessened its position in Corpay, Inc. (NYSE:CPAY - Free Report) by 9.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,562 shares of the company's stock after selling 2,272 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Corpay were worth $7,519,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Corpay by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 7,872,786 shares of the company's stock worth $2,745,398,000 after acquiring an additional 119,987 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Corpay by 20.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,840,818 shares of the company's stock worth $1,976,651,000 after purchasing an additional 1,000,699 shares during the period. JPMorgan Chase & Co. lifted its position 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 worth $1,648,970,000 after purchasing an additional 472,147 shares during the last quarter. Boston Partners lifted its position in shares of Corpay by 5.8% during the first quarter. Boston Partners now owns 2,163,940 shares of the company's stock worth $751,371,000 after purchasing an additional 118,542 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its stake in shares of Corpay by 1.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,949,913 shares of the company's stock valued at $659,890,000 after purchasing an additional 20,937 shares during the period. 98.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CPAY has been the subject of several research reports. UBS Group dropped their target price on shares of Corpay from $365.00 to $340.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. Wall Street Zen lowered Corpay from a "buy" rating to a "hold" rating in a research note on Saturday, August 16th. 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 for the company. Morgan Stanley reduced their price target on shares of Corpay from $360.00 to $356.00 and set an "equal weight" rating for the company in a report on Monday, August 11th. Finally, Oppenheimer began coverage on shares of Corpay in a research report on Monday, April 28th. They issued a "market perform" rating for the company. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $399.43.

Corpay Stock Up 4.1%

NYSE CPAY traded up $13.1330 on Friday, hitting $330.7930. The stock had a trading volume of 266,494 shares, compared to its average volume of 495,568. The business's fifty day moving average price is $325.23 and its 200 day moving average price is $334.60. The stock has a market cap of $23.36 billion, a price-to-earnings ratio of 22.47, a price-to-earnings-growth ratio of 1.20 and a beta of 0.96. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.12 and a quick ratio of 1.12. 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 issued 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. Corpay had a return on equity of 39.13% and a net margin of 25.17%.The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the prior year, the business posted $4.55 EPS. The business's revenue for the quarter was up 12.9% compared to the same quarter last year. Equities research analysts anticipate that Corpay, Inc. will post 19.76 earnings per share 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.