Price T Rowe Associates Inc. MD Takes $1.36 Billion Position in Corpay, Inc. (NYSE:CPAY)

Price T Rowe Associates Inc. MD purchased a new stake in Corpay, Inc. (NYSE:CPAY) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,392,870 shares of the company’s stock, valued at approximately $1,355,377,000. Price T Rowe Associates Inc. MD owned approximately 6.25% of Corpay as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CPAY. Global Retirement Partners LLC acquired a new stake in shares of Corpay during the first quarter valued at $25,000. Headlands Technologies LLC acquired a new stake in shares of Corpay during the first quarter valued at $31,000. Sunbelt Securities Inc. acquired a new stake in shares of Corpay during the first quarter valued at $34,000. RFP Financial Group LLC acquired a new stake in shares of Corpay during the first quarter valued at $35,000. Finally, Hollencrest Capital Management acquired a new stake in shares of Corpay during the first quarter valued at $46,000. Hedge funds and other institutional investors own 98.84% of the company’s stock.

Corpay Stock Performance

Shares of NYSE:CPAY traded up $6.61 during mid-day trading on Friday, hitting $292.17. 316,894 shares of the company traded hands, compared to its average volume of 424,549. The firm has a market capitalization of $20.53 billion, a price-to-earnings ratio of 21.74, a P/E/G ratio of 1.12 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 52-week low of $220.39 and a 52-week high of $319.94. The stock’s 50 day moving average price is $270.44.

Corpay (NYSE:CPAY) last announced its earnings results on Wednesday, May 8th. The company reported $3.84 EPS for the quarter, beating the consensus estimate of $3.80 by $0.04. Corpay had a return on equity of 36.97% and a net margin of 26.29%. The business had revenue of $935.25 million for the quarter, compared to the consensus estimate of $936.25 million. Equities research analysts expect that Corpay, Inc. will post 17.82 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CPAY. Wells Fargo & Company began coverage on Corpay in a research note on Wednesday, June 5th. They issued an “equal weight” rating and a $285.00 price target on the stock. Barclays cut their price objective on Corpay from $355.00 to $350.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. Jefferies Financial Group raised their price objective on Corpay from $295.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. BMO Capital Markets cut their price objective on Corpay from $360.00 to $350.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. Finally, Citigroup raised their price objective on Corpay from $325.00 to $355.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Corpay has a consensus rating of “Moderate Buy” and an average price target of $333.91.

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.