Fred Alger Management LLC Takes Position in Corpay, Inc. (NYSE:CPAY)

Fred Alger Management LLC acquired a new stake in shares of Corpay, Inc. (NYSE:CPAY - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 20,947 shares of the company's stock, valued at approximately $7,089,000.

Other hedge funds have also recently made changes to their positions in the company. Invesco Ltd. increased its holdings in Corpay by 163.7% during the fourth quarter. Invesco Ltd. now owns 1,686,665 shares of the company's stock valued at $570,801,000 after buying an additional 1,047,080 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Corpay by 20.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,840,818 shares of the company's stock valued at $1,976,651,000 after buying an additional 1,000,699 shares during the last quarter. Norges Bank purchased a new stake in Corpay during the fourth quarter valued at approximately $241,739,000. Raymond James Financial Inc. purchased a new stake in Corpay during the fourth quarter valued at approximately $134,950,000. Finally, Van Lanschot Kempen Investment Management N.V. purchased a new stake in Corpay during the fourth quarter valued at approximately $116,179,000. 98.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CPAY has been the subject of a number of research reports. Wells Fargo & Company reduced their target price on shares of Corpay from $375.00 to $339.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. UBS Group dropped their price target 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. Morgan Stanley upped their price target on shares of Corpay from $350.00 to $380.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 6th. Oppenheimer started coverage on shares of Corpay in a research report on Monday, April 28th. They issued a "market perform" rating for the company. Finally, Barclays dropped their target price 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. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Corpay presently has an average rating of "Moderate Buy" and an average target price of $395.07.

Corpay Price Performance

CPAY stock traded up $22.39 during trading on Monday, hitting $349.68. 731,249 shares of the company's stock traded hands, compared to its average volume of 484,875. Corpay, Inc. has a 52 week low of $247.10 and a 52 week high of $400.81. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.05 and a current ratio of 1.00. The business has a fifty day simple moving average of $326.84 and a 200 day simple moving average of $349.94. The stock has a market capitalization of $24.57 billion, a price-to-earnings ratio of 25.01, a P/E/G ratio of 1.32 and a beta of 0.98.

Corpay (NYSE:CPAY - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported $4.51 EPS for the quarter, beating the consensus estimate of $4.50 by $0.01. Corpay had a net margin of 25.25% and a return on equity of 41.46%. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same quarter last year, the business earned $4.10 earnings per share. Corpay's quarterly revenue was up 7.5% compared to the same quarter last year. As a group, research analysts expect that Corpay, Inc. will post 19.76 EPS for the current fiscal year.

About Corpay

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.