AQR Capital Management LLC Lowers Stake in Corpay, Inc. (NYSE:CPAY)

AQR Capital Management LLC cut its holdings in shares of Corpay, Inc. (NYSE:CPAY) by 27.8% during the second quarter, Holdings Channel.com reports. The fund owned 52,661 shares of the company’s stock after selling 20,294 shares during the period. AQR Capital Management LLC’s holdings in Corpay were worth $14,029,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CPAY. Los Angeles Capital Management LLC purchased a new stake in Corpay in the 1st quarter worth $33,840,000. GAMMA Investing LLC purchased a new stake in shares of Corpay during the first quarter worth about $149,000. Pensionfund Sabic acquired a new position in shares of Corpay during the 1st quarter worth about $1,327,000. Beese Fulmer Investment Management Inc. purchased a new position in Corpay in the 1st quarter valued at about $1,398,000. Finally, Massmutual Trust Co. FSB ADV acquired a new stake in Corpay in the 1st quarter worth about $61,000. Hedge funds and other institutional investors own 98.84% of the company’s stock.

Corpay Price Performance

NYSE:CPAY opened at $314.92 on Wednesday. The company has a 50-day moving average price of $298.56. The firm has a market cap of $22.13 billion, a price-to-earnings ratio of 23.43, a price-to-earnings-growth ratio of 1.24 and a beta of 1.22. 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 1-year low of $220.39 and a 1-year high of $319.94.

Corpay (NYSE:CPAY) last released its quarterly earnings data on Wednesday, August 7th. The company reported $4.55 EPS for the quarter, beating analysts’ consensus estimates of $4.51 by $0.04. The firm had revenue of $975.70 million for the quarter, compared to analysts’ expectations of $973.84 million. Corpay had a return on equity of 38.93% and a net margin of 26.41%. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the firm posted $3.85 earnings per share. As a group, equities analysts anticipate that Corpay, Inc. will post 17.83 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CPAY has been the subject of a number of research analyst reports. Royal Bank of Canada reissued a “sector perform” rating and set a $310.00 target price on shares of Corpay in a report on Thursday, August 8th. William Blair raised Corpay to a “strong-buy” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. lifted their target price on shares of Corpay from $327.00 to $353.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Evercore ISI dropped their target price on shares of Corpay from $350.00 to $345.00 and set an “outperform” rating for the company in a report on Tuesday, June 25th. Finally, Wells Fargo & Company initiated coverage on shares of Corpay in a research note on Wednesday, June 5th. They issued an “equal weight” rating and a $285.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $334.58.

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.