Assenagon Asset Management S.A. Trims Position in Corpay, Inc. (NYSE:CPAY)

Assenagon Asset Management S.A. cut its holdings in shares of Corpay, Inc. (NYSE:CPAY) by 77.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 29,944 shares of the company’s stock after selling 103,890 shares during the period. Assenagon Asset Management S.A.’s holdings in Corpay were worth $9,365,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in CPAY. Sunbelt Securities Inc. purchased a new stake in Corpay in the first quarter worth $34,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Corpay in the first quarter worth $995,000. Hennion & Walsh Asset Management Inc. purchased a new stake in Corpay in the first quarter worth $318,000. State of Michigan Retirement System purchased a new stake in Corpay in the first quarter worth $6,104,000. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Corpay in the first quarter worth $52,600,000. 98.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Barclays upped their price target on Corpay from $330.00 to $385.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. BMO Capital Markets boosted their target price on Corpay from $350.00 to $390.00 and gave the stock an “outperform” rating in a report on Thursday, October 3rd. Wolfe Research raised Corpay from an “underperform” rating to a “peer perform” rating in a report on Tuesday, September 3rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $310.00 target price on shares of Corpay in a report on Thursday, August 8th. 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 report on Wednesday, October 16th. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $353.33.

Corpay Stock Down 0.9 %

Corpay stock opened at $340.72 on Monday. The stock has a market cap of $23.66 billion, a PE ratio of 24.76, a price-to-earnings-growth ratio of 1.39 and a beta of 1.22. 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, Inc. has a one year low of $220.39 and a one year high of $355.47. The stock has a fifty day moving average of $318.41 and a 200 day moving average of $293.66.

Corpay (NYSE:CPAY) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $4.55 EPS for the quarter, beating analysts’ consensus estimates of $4.51 by $0.04. The company had revenue of $975.70 million during the quarter, compared to analysts’ expectations of $973.84 million. Corpay had a return on equity of 38.93% and a net margin of 26.41%. Corpay’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.85 earnings per share. As a group, sell-side analysts predict that Corpay, Inc. will post 17.83 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.