Wellington Management Group LLP Boosts Stock Position in Corpay, Inc. $CPAY

Key Points

• Wellington Management Group LLP increased its stake in Corpay, Inc. by 30.7%, acquiring an additional 299,452 shares, bringing their total ownership to 1,275,059 shares valued at approximately $444.6 million.
• Corpay's recent quarterly earnings surpassed expectations, reporting $5.13 EPS and a revenue of $1.10 billion, up 12.9% from the previous year's quarter.
• Brokerages have varied ratings on Corpay, with analysts giving an average price target of $396.33 and a consensus rating of "Moderate Buy."

Wellington Management Group LLP grew its stake in shares of Corpay, Inc. (NYSE:CPAY - Free Report) by 30.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,275,059 shares of the company's stock after buying an additional 299,452 shares during the period. Wellington Management Group LLP owned 1.82% of Corpay worth $444,639,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CPAY. Colonial Trust Co SC lifted its position in shares of Corpay by 120.5% during the 4th quarter. Colonial Trust Co SC now owns 97 shares of the company's stock valued at $33,000 after buying an additional 53 shares in the last quarter. Zions Bancorporation National Association UT bought a new stake in Corpay during the 1st quarter valued at approximately $41,000. Rakuten Securities Inc. bought a new stake in Corpay during the 1st quarter valued at approximately $45,000. Larson Financial Group LLC raised its stake in Corpay by 309.5% during the 1st quarter. Larson Financial Group LLC now owns 172 shares of the company's stock valued at $60,000 after purchasing an additional 130 shares during the period. Finally, Continuum Advisory LLC raised its stake in Corpay by 29.6% during the 4th quarter. Continuum Advisory LLC now owns 184 shares of the company's stock valued at $62,000 after purchasing an additional 42 shares during the period. 98.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on CPAY. Raymond James Financial set a $392.00 target price on Corpay and gave the company an "outperform" rating in a research note on Thursday, August 7th. UBS Group reduced their price objective on Corpay from $365.00 to $340.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. Wells Fargo & Company reduced their price objective on Corpay from $375.00 to $339.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 24th. Oppenheimer initiated coverage on Corpay in a research note on Monday, April 28th. They issued a "market perform" rating on the stock. Finally, Robert W. Baird set a $440.00 price objective on Corpay in a research note on Tuesday, June 10th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $396.33.

Corpay Price Performance

CPAY opened at $316.90 on Tuesday. The business has a fifty day moving average of $327.14 and a 200 day moving average of $335.26. Corpay, Inc. has a 52-week low of $269.02 and a 52-week high of $400.81. 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 $22.38 billion, a P/E ratio of 21.53, a PEG ratio of 1.20 and a beta of 0.96.

Corpay (NYSE:CPAY - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $5.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.11 by $0.02. Corpay had a return on equity of 39.13% and a net margin of 25.17%. The company had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.09 billion. During the same quarter in the previous year, the business earned $4.55 EPS. Corpay's revenue was up 12.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Corpay, Inc. will post 19.76 EPS 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.

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