State of Michigan Retirement System Buys Shares of 19,784 Corpay, Inc. (NYSE:CPAY)

State of Michigan Retirement System purchased a new position in shares of Corpay, Inc. (NYSE:CPAY) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 19,784 shares of the company’s stock, valued at approximately $6,104,000.

Other institutional investors have also bought and sold shares of the company. Los Angeles Capital Management LLC purchased a new stake in Corpay in the first quarter worth $33,840,000. Contravisory Investment Management Inc. purchased a new stake in Corpay in the 1st quarter worth about $8,537,000. Transform Wealth LLC bought a new stake in Corpay in the 1st quarter valued at about $7,223,000. Diversified Trust Co purchased a new stake in Corpay during the first quarter valued at about $6,344,000. Finally, Aviance Capital Partners LLC bought a new position in Corpay during the first quarter worth about $5,648,000. Hedge funds and other institutional investors own 98.84% of the company’s stock.

Corpay Trading Up 0.8 %

CPAY stock opened at $268.26 on Wednesday. The stock has a 50 day moving average of $274.64. The company has a market capitalization of $18.85 billion, a PE ratio of 19.96, a price-to-earnings-growth ratio of 1.02 and a beta of 1.20. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.07 and a current ratio of 1.07. Corpay, Inc. has a 1-year low of $220.39 and a 1-year high of $319.94.

Corpay (NYSE:CPAY) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $3.84 EPS for the quarter, topping analysts’ consensus estimates of $3.80 by $0.04. The firm had revenue of $935.25 million for the quarter, compared to analyst estimates of $936.25 million. Corpay had a net margin of 26.29% and a return on equity of 36.97%. As a group, sell-side analysts forecast that Corpay, Inc. will post 17.84 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently issued reports on CPAY shares. Wolfe Research lowered shares of Corpay from a “peer perform” rating to an “underperform” rating and set a $295.00 price target on the stock. in a research report on Friday, May 17th. Citigroup increased their target price on Corpay from $325.00 to $355.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Barclays reduced their price target on Corpay from $355.00 to $350.00 and set an “overweight” rating for the company in a research report on Monday, May 13th. Royal Bank of Canada reissued a “sector perform” rating and set a $310.00 price objective on shares of Corpay in a report on Friday, June 21st. Finally, Bank of America upped their price target on Corpay from $326.00 to $331.00 and gave the company a “buy” rating in a research report on Friday, June 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Corpay presently has an average rating of “Moderate Buy” and an average price target of $335.20.

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.