Provident Investment Management Inc. Acquires 1,251 Shares of Corpay, Inc. (NYSE:CPAY)

Provident Investment Management Inc. boosted its holdings in shares of Corpay, Inc. (NYSE:CPAY) by 0.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 217,823 shares of the company’s stock after buying an additional 1,251 shares during the quarter. Corpay comprises 5.3% of Provident Investment Management Inc.’s portfolio, making the stock its 6th biggest holding. Provident Investment Management Inc. owned 0.31% of Corpay worth $58,030,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Global Retirement Partners LLC bought a new stake in Corpay during the first quarter valued at about $25,000. Headlands Technologies LLC acquired a new position in shares of Corpay during the first quarter valued at about $31,000. Sunbelt Securities Inc. bought a new stake in shares of Corpay in the first quarter valued at about $34,000. RFP Financial Group LLC acquired a new stake in Corpay during the first quarter worth about $35,000. Finally, LGT Financial Advisors LLC acquired a new position in Corpay in the 2nd quarter valued at approximately $33,000. 98.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CPAY shares. Wolfe Research upgraded Corpay from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, September 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $310.00 price objective on shares of Corpay in a report on Thursday, August 8th. JPMorgan Chase & Co. boosted their target price on Corpay from $327.00 to $353.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Raymond James cut their price objective on Corpay from $330.00 to $311.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Finally, William Blair upgraded Corpay to a “strong-buy” rating in a research note on Thursday, August 8th. Three research 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 stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $332.50.

Corpay Price Performance

Shares of CPAY stock opened at $307.40 on Tuesday. The company has a market cap of $21.34 billion, a PE ratio of 22.87, a PEG ratio of 1.21 and a beta of 1.22. The company has a 50-day moving average of $289.73. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.74. Corpay, Inc. has a one year low of $220.39 and a one year high of $319.94.

Corpay (NYSE:CPAY) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $4.55 earnings per share for the quarter, topping analysts’ consensus estimates of $4.51 by $0.04. Corpay had a net margin of 26.41% and a return on equity of 38.93%. The company had revenue of $975.70 million for the quarter, compared to analysts’ expectations of $973.84 million. During the same period last year, the firm posted $3.85 earnings per share. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. As a group, research analysts anticipate that Corpay, Inc. will post 17.81 earnings per share for the current year.

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.