Corpay, Inc. (NYSE:CPAY) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. trimmed its position in shares of Corpay, Inc. (NYSE:CPAY - Free Report) by 7.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 148,137 shares of the company's stock after selling 12,304 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.21% of Corpay worth $51,658,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Corpay by 18.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,481 shares of the company's stock valued at $2,594,000 after buying an additional 1,189 shares during the last quarter. Board of the Pension Protection Fund lifted its position in shares of Corpay by 300.0% during the first quarter. Board of the Pension Protection Fund now owns 800 shares of the company's stock valued at $279,000 after buying an additional 600 shares during the last quarter. Generate Investment Management Ltd lifted its position in shares of Corpay by 32.0% during the first quarter. Generate Investment Management Ltd now owns 72,979 shares of the company's stock valued at $25,449,000 after buying an additional 17,697 shares during the last quarter. Bessemer Group Inc. lifted its position in shares of Corpay by 4,811.9% during the first quarter. Bessemer Group Inc. now owns 557,252 shares of the company's stock valued at $194,326,000 after buying an additional 545,907 shares during the last quarter. Finally, Wealthquest Corp purchased a new stake in shares of Corpay during the first quarter valued at about $1,721,000. 98.84% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CPAY has been the subject of several research analyst reports. Robert W. Baird set a $440.00 price objective on shares of Corpay in a research report on Tuesday, June 10th. Barclays decreased their price objective on shares of Corpay from $440.00 to $400.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Wells Fargo & Company decreased their price objective on shares of Corpay from $375.00 to $339.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. UBS Group decreased their price objective on shares of Corpay from $400.00 to $365.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. Finally, Wall Street Zen raised shares of Corpay from a "hold" rating to a "buy" rating in a research report on Monday, June 30th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $401.86.

Corpay Stock Performance

Shares of NYSE CPAY traded up $2.00 during midday trading on Friday, reaching $339.10. 409,806 shares of the stock were exchanged, compared to its average volume of 478,372. The firm has a market cap of $23.90 billion, a price-to-earnings ratio of 23.78, a PEG ratio of 1.43 and a beta of 0.95. Corpay, Inc. has a twelve month low of $265.06 and a twelve month high of $400.81. The firm has a 50-day simple moving average of $332.04 and a two-hundred day simple moving average of $342.62. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.69.

Corpay (NYSE:CPAY - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $4.51 EPS for the quarter, topping analysts' consensus estimates of $4.50 by $0.01. The business had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $1.02 billion. Corpay had a net margin of 25.15% and a return on equity of 41.61%. The business's revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the company earned $4.10 EPS. As a group, analysts anticipate that Corpay, Inc. will post 19.76 EPS for the current fiscal 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.