QRG Capital Management Inc. Trims Holdings in Corpay, Inc. (NYSE:CPAY)

QRG Capital Management Inc. lowered its holdings in shares of Corpay, Inc. (NYSE:CPAY) by 63.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,962 shares of the company’s stock after selling 24,507 shares during the period. QRG Capital Management Inc.’s holdings in Corpay were worth $4,367,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Asset Management One Co. Ltd. boosted its stake in shares of Corpay by 4.3% during the third quarter. Asset Management One Co. Ltd. now owns 26,966 shares of the company’s stock worth $8,434,000 after buying an additional 1,115 shares during the period. Janney Montgomery Scott LLC raised its stake in Corpay by 4.0% during the 3rd quarter. Janney Montgomery Scott LLC now owns 2,863 shares of the company’s stock valued at $895,000 after acquiring an additional 111 shares during the last quarter. Argonautica Private Wealth Management Inc. acquired a new stake in Corpay during the 3rd quarter worth approximately $533,000. US Bancorp DE grew its stake in shares of Corpay by 5.0% in the 3rd quarter. US Bancorp DE now owns 3,091 shares of the company’s stock valued at $967,000 after purchasing an additional 148 shares during the last quarter. Finally, Catalyst Financial Partners LLC acquired a new position in shares of Corpay in the third quarter valued at approximately $202,000. 98.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. William Blair raised Corpay to a “strong-buy” rating in a report on Thursday, August 8th. Bank of America lifted their target price on shares of Corpay from $344.00 to $375.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Wells Fargo & Company boosted their price target on shares of Corpay from $285.00 to $320.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Wolfe Research upgraded shares of Corpay from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, September 3rd. Finally, Jefferies Financial Group boosted their target price on Corpay from $375.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $353.46.

Corpay Stock Up 0.3 %

CPAY opened at $330.81 on Wednesday. The firm has a market cap of $22.97 billion, a P/E ratio of 24.04, a PEG ratio of 1.30 and a beta of 1.21. The business’s fifty day simple moving average is $323.31 and its 200 day simple moving average is $295.32. Corpay, Inc. has a 52 week low of $221.37 and a 52 week high of $355.47. 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 (NYSE:CPAY) last released its quarterly earnings results on Wednesday, August 7th. The company reported $4.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.51 by $0.04. The company had revenue of $975.70 million for the quarter, compared to analysts’ expectations of $973.84 million. Corpay had a net margin of 26.41% and a return on equity of 38.93%. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period last year, the company earned $3.85 EPS. As a group, equities research analysts anticipate 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.