Corpay, Inc. (NYSE:CPAY) Shares Purchased by abrdn plc

abrdn plc raised its holdings in shares of Corpay, Inc. (NYSE:CPAY) by 49.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,843 shares of the company’s stock after purchasing an additional 7,507 shares during the period. abrdn plc’s holdings in Corpay were worth $7,117,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. raised their target price on Corpay from $327.00 to $353.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Jefferies Financial Group lifted their price objective on shares of Corpay from $375.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Wells Fargo & Company upped their target price on shares of Corpay from $285.00 to $320.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Wolfe Research upgraded shares of Corpay from an “underperform” rating to a “peer perform” rating in a research note on Tuesday, September 3rd. Finally, BMO Capital Markets boosted their price objective on Corpay from $350.00 to $390.00 and gave the stock an “outperform” rating in a research report on Thursday, October 3rd. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given 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 price target of $353.46.

Corpay Stock Performance

Shares of NYSE CPAY opened at $329.81 on Friday. Corpay, Inc. has a 1 year low of $221.37 and a 1 year high of $355.47. The firm has a market cap of $22.90 billion, a P/E ratio of 23.97, a PEG ratio of 1.30 and a beta of 1.21. The stock has a fifty day moving average price of $322.19 and a two-hundred day moving average price of $294.84. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.02 and a current ratio of 1.02.

Corpay (NYSE:CPAY) last released its earnings results 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 return on equity of 38.93% and a net margin of 26.41%. The firm had revenue of $975.70 million for the quarter, compared to analyst estimates of $973.84 million. During the same period in the previous year, the company earned $3.85 earnings per share. Corpay’s revenue was up 2.9% compared to the same quarter last year. Research analysts forecast that Corpay, Inc. will post 17.96 EPS for the current fiscal 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.