Strs Ohio Makes New $25.93 Million Investment in Corpay, Inc. $CPAY

Key Points

• Strs Ohio invested approximately $25.93 million in Corpay, acquiring 74,352 shares during the first quarter of 2023.
• Corpay reported a quarterly earnings per share of $5.13, exceeding expectations and marking a 12.9% year-over-year revenue increase.
• Analysts are optimistic about Corpay's future, with a consensus rating of "Moderate Buy" and a target price of approximately $399.43.

Strs Ohio bought a new position in Corpay, Inc. (NYSE:CPAY - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 74,352 shares of the company's stock, valued at approximately $25,928,000. Strs Ohio owned about 0.11% of Corpay as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Corpay by 1.5% in the first 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. JPMorgan Chase & Co. boosted its position in shares of Corpay by 11.1% in the first quarter. JPMorgan Chase & Co. now owns 4,728,635 shares of the company's stock worth $1,648,970,000 after acquiring an additional 472,147 shares during the last quarter. Boston Partners boosted its position in shares of Corpay by 5.8% in the first quarter. Boston Partners now owns 2,163,940 shares of the company's stock worth $751,371,000 after acquiring an additional 118,542 shares during the last quarter. Invesco Ltd. raised its holdings in Corpay by 12.3% in the first quarter. Invesco Ltd. now owns 1,894,732 shares of the company's stock valued at $660,731,000 after buying an additional 208,067 shares during the period. Finally, Wellington Management Group LLP raised its holdings in Corpay by 30.7% in the first quarter. Wellington Management Group LLP now owns 1,275,059 shares of the company's stock valued at $444,639,000 after buying an additional 299,452 shares during the period. 98.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CPAY has been the topic of several research reports. Wall Street Zen upgraded shares of Corpay from a "hold" rating to a "buy" rating in a report on Friday, September 5th. UBS Group dropped their price objective 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. Morgan Stanley dropped their price objective on shares of Corpay from $360.00 to $356.00 and set an "equal weight" rating on the stock in a research note on Monday, August 11th. Robert W. Baird set a $440.00 price objective on shares of Corpay in a research note on Tuesday, June 10th. 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 equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $399.43.

Corpay Stock Down 1.2%

Shares of CPAY stock traded down $3.68 during mid-day trading on Thursday, reaching $306.96. 214,497 shares of the company were exchanged, compared to its average volume of 482,446. 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 quick ratio of 1.12 and a current ratio of 1.12. The company has a market capitalization of $21.67 billion, a P/E ratio of 20.85, a P/E/G ratio of 1.16 and a beta of 1.00. The business's 50 day simple moving average is $320.87 and its 200 day simple moving average is $327.20.

Corpay (NYSE:CPAY - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $5.13 earnings per share for the quarter, topping analysts' consensus estimates of $5.11 by $0.02. Corpay had a net margin of 25.17% and a return on equity of 39.13%. The business 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 company earned $4.55 earnings per share. The business's quarterly revenue was up 12.9% compared to the same quarter last year. Research analysts predict that Corpay, Inc. will post 19.76 earnings per share for the current 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.