Prudential PLC Cuts Stake in Corpay, Inc. (NYSE:CPAY)

Prudential PLC cut its position in Corpay, Inc. (NYSE:CPAY) by 64.0% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 1,164 shares of the company’s stock after selling 2,067 shares during the quarter. Prudential PLC’s holdings in Corpay were worth $310,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. bought a new position in shares of Corpay during the first quarter valued at $2,431,089,000. JPMorgan Chase & Co. purchased a new position in Corpay in the 1st quarter worth about $1,429,445,000. Price T Rowe Associates Inc. MD bought a new position in Corpay during the 1st quarter valued at about $1,355,377,000. Boston Partners purchased a new stake in shares of Corpay during the 1st quarter valued at about $553,667,000. Finally, Sustainable Growth Advisers LP bought a new stake in shares of Corpay in the first quarter worth approximately $553,279,000. 98.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CPAY has been the topic of a number of research analyst reports. Raymond James lowered their price objective on shares of Corpay from $330.00 to $311.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Wolfe Research upgraded Corpay from an “underperform” rating to a “peer perform” rating in a research note on Tuesday, September 3rd. Bank of America reduced their price objective on Corpay from $331.00 to $310.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Wells Fargo & Company began coverage on Corpay in a research report on Wednesday, June 5th. They issued an “equal weight” rating and a $285.00 target price on the stock. Finally, Jefferies Financial Group upped their price target on shares of Corpay from $295.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Corpay currently has an average rating of “Moderate Buy” and a consensus target price of $332.50.

Corpay Trading Up 0.5 %

Corpay stock opened at $307.43 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.74. Corpay, Inc. has a 12-month low of $220.39 and a 12-month high of $319.94. The stock has a market cap of $21.34 billion, a price-to-earnings ratio of 22.87, a price-to-earnings-growth ratio of 1.22 and a beta of 1.22. The business has a 50 day moving average price of $292.85.

Corpay (NYSE:CPAY) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $4.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.51 by $0.04. Corpay had a net margin of 26.41% and a return on equity of 38.93%. The firm had revenue of $975.70 million during the quarter, compared to analysts’ expectations of $973.84 million. During the same period in the prior year, the company posted $3.85 earnings per share. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, analysts predict that Corpay, Inc. will post 17.81 EPS for the current 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.