The Manufacturers Life Insurance Company Reduces Holdings in Corpay, Inc. $CPAY

The Manufacturers Life Insurance Company trimmed its stake in Corpay, Inc. (NYSE:CPAY) by 0.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,926 shares of the company’s stock after selling 311 shares during the period. The Manufacturers Life Insurance Company’s holdings in Corpay were worth $14,620,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of CPAY. AXA S.A. purchased a new position in shares of Corpay in the 4th quarter valued at $1,721,000. BNP Paribas Financial Markets lifted its stake in shares of Corpay by 67.9% in the 4th quarter. BNP Paribas Financial Markets now owns 144,725 shares of the company’s stock worth $48,978,000 after acquiring an additional 58,510 shares during the period. Bank of America Corp DE lifted its stake in shares of Corpay by 12.0% in the 4th quarter. Bank of America Corp DE now owns 329,826 shares of the company’s stock worth $111,620,000 after acquiring an additional 35,318 shares during the period. Bayesian Capital Management LP acquired a new stake in shares of Corpay in the 4th quarter worth $482,000. Finally, Caxton Associates LP acquired a new stake in shares of Corpay in the fourth quarter valued at about $678,000. 98.84% of the stock is owned by hedge funds and other institutional investors.

Corpay Price Performance

CPAY opened at $318.78 on Thursday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 1.48. Corpay, Inc. has a 52-week low of $269.02 and a 52-week high of $400.81. The company has a 50 day moving average of $325.44 and a two-hundred day moving average of $331.34. The company has a market cap of $22.51 billion, a P/E ratio of 21.66, a P/E/G ratio of 1.24 and a beta of 1.00.

Corpay (NYSE:CPAY) last released its quarterly earnings data on Wednesday, August 6th. The company reported $5.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.11 by $0.02. Corpay had a net margin of 25.17% and a return on equity of 39.13%. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same period in the previous year, the firm earned $4.55 earnings per share. Corpay’s revenue for the quarter was up 12.9% on a year-over-year basis. On average, analysts expect that Corpay, Inc. will post 19.76 earnings per share for the current year.

Analyst Ratings Changes

CPAY has been the subject of several recent research reports. Morgan Stanley dropped their target price on shares of Corpay from $360.00 to $356.00 and set an “equal weight” rating for the company in a report on Monday, August 11th. Robert W. Baird set a $440.00 price target on shares of Corpay in a report on Tuesday, June 10th. Raymond James Financial set a $392.00 price target on shares of Corpay and gave the stock an “outperform” rating in a report on Thursday, August 7th. UBS Group lowered their price target on shares of Corpay from $365.00 to $340.00 and set a “neutral” rating for the company in a report on Thursday, August 7th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Corpay in a report on Thursday, July 17th. They set a “buy” rating and a $390.00 price target for the company. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $399.43.

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.