Permanent Capital Management LP Takes Position in Corpay, Inc. (NYSE:CPAY)

Permanent Capital Management LP purchased a new position in Corpay, Inc. (NYSE:CPAY) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 577 shares of the company’s stock, valued at approximately $201,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. Colonial Trust Co SC increased its holdings in Corpay by 120.5% during the 4th quarter. Colonial Trust Co SC now owns 97 shares of the company’s stock worth $33,000 after purchasing an additional 53 shares during the period. Avion Wealth grew its position in shares of Corpay by 1,011.1% during the 4th quarter. Avion Wealth now owns 100 shares of the company’s stock worth $33,000 after buying an additional 91 shares in the last quarter. Spire Wealth Management purchased a new position in shares of Corpay during the fourth quarter valued at $42,000. Assetmark Inc. raised its holdings in shares of Corpay by 93.8% in the fourth quarter. Assetmark Inc. now owns 124 shares of the company’s stock valued at $42,000 after acquiring an additional 60 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Corpay by 70.5% in the fourth quarter. EverSource Wealth Advisors LLC now owns 133 shares of the company’s stock valued at $45,000 after acquiring an additional 55 shares in the last quarter. Hedge funds and other institutional investors own 98.84% of the company’s stock.

Corpay Stock Up 1.3%

Corpay stock opened at $331.14 on Friday. Corpay, Inc. has a 1-year low of $247.10 and a 1-year high of $400.81. The stock has a market capitalization of $23.34 billion, a price-to-earnings ratio of 23.69, a PEG ratio of 1.32 and a beta of 0.98. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.00 and a quick ratio of 1.05. The business has a fifty day moving average price of $323.05 and a 200-day moving average price of $348.07.

Corpay (NYSE:CPAY) last released its earnings results on Tuesday, May 6th. The company reported $4.51 EPS for the quarter, topping analysts’ consensus estimates of $4.50 by $0.01. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Corpay had a net margin of 25.25% and a return on equity of 41.46%. Corpay’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same period last year, the business earned $4.10 EPS. Equities research analysts forecast that Corpay, Inc. will post 19.76 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on CPAY. Royal Bank of Canada increased their target price on shares of Corpay from $354.00 to $400.00 and gave the stock a “sector perform” rating in a report on Thursday, February 6th. Barclays cut their price objective on shares of Corpay from $440.00 to $400.00 and set an “overweight” rating on the stock in a report on Monday, April 14th. Morgan Stanley boosted their price objective on shares of Corpay from $350.00 to $380.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 6th. Oppenheimer initiated coverage on Corpay in a research report on Monday, April 28th. They set a “market perform” rating on the stock. Finally, Wells Fargo & Company cut their price target on Corpay from $375.00 to $339.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $395.07.

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.