Mirae Asset Global Investments Co. Ltd. Increases Stake in Corpay, Inc. (NYSE:CPAY)

Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Corpay, Inc. (NYSE:CPAY) by 18.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,481 shares of the company’s stock after purchasing an additional 1,189 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Corpay were worth $2,594,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of CPAY. Metis Global Partners LLC boosted its position in Corpay by 3.4% during the fourth quarter. Metis Global Partners LLC now owns 2,277 shares of the company’s stock worth $771,000 after acquiring an additional 74 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in Corpay by 33.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 438 shares of the company’s stock valued at $148,000 after acquiring an additional 109 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in Corpay by 28.6% in the 4th quarter. Jones Financial Companies Lllp now owns 809 shares of the company’s stock worth $274,000 after purchasing an additional 180 shares in the last quarter. Schechter Investment Advisors LLC boosted its holdings in shares of Corpay by 5.8% during the 4th quarter. Schechter Investment Advisors LLC now owns 2,040 shares of the company’s stock worth $690,000 after purchasing an additional 112 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Corpay by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 475,458 shares of the company’s stock valued at $160,904,000 after purchasing an additional 16,981 shares in the last quarter. Hedge funds and other institutional investors own 98.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on CPAY. UBS Group cut their price target on Corpay from $400.00 to $365.00 and set a “neutral” rating for the company in a report on Wednesday, May 7th. Oppenheimer assumed coverage on Corpay in a research note on Monday, April 28th. They issued a “market perform” rating for the company. Barclays lowered their price target on shares of Corpay from $440.00 to $400.00 and set an “overweight” rating on the stock in a research report on Monday, April 14th. Wells Fargo & Company dropped their price objective on shares of Corpay from $375.00 to $339.00 and set an “equal weight” rating for the company in a report on Thursday, April 24th. Finally, Wall Street Zen raised shares of Corpay from a “hold” rating to a “buy” rating in a research note on Monday. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $401.86.

Corpay Price Performance

Shares of CPAY opened at $337.34 on Thursday. The firm has a 50-day simple moving average of $331.37 and a two-hundred day simple moving average of $342.82. The stock has a market cap of $23.78 billion, a PE ratio of 23.66, a P/E/G ratio of 1.42 and a beta of 0.95. Corpay, Inc. has a 1-year low of $265.06 and a 1-year high of $400.81. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.10 and a quick ratio of 1.10.

Corpay (NYSE:CPAY) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $4.51 earnings per share for the quarter, topping analysts’ consensus estimates of $4.50 by $0.01. Corpay had a net margin of 25.15% and a return on equity of 41.61%. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter last year, the company posted $4.10 EPS. The firm’s quarterly revenue was up 7.5% on a year-over-year basis. As a group, analysts forecast that Corpay, Inc. will post 19.76 EPS for the current 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.