Meridian Management Co. Has $5.64 Million Stock Position in Corpay, Inc. (NYSE:CPAY)

Meridian Management Co. reduced its stake in shares of Corpay, Inc. (NYSE:CPAY) by 1.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,184 shares of the company’s stock after selling 392 shares during the quarter. Corpay accounts for approximately 1.5% of Meridian Management Co.’s holdings, making the stock its 15th biggest position. Meridian Management Co.’s holdings in Corpay were worth $5,644,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of CPAY. Chevy Chase Trust Holdings LLC bought a new stake in shares of Corpay during the first quarter valued at approximately $12,335,000. Empirical Finance LLC acquired a new position in shares of Corpay in the 1st quarter valued at $829,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Corpay in the 1st quarter valued at $1,013,000. Agate Pass Investment Management LLC bought a new position in shares of Corpay during the 1st quarter worth about $3,937,000. Finally, EP Wealth Advisors LLC acquired a new stake in shares of Corpay during the 1st quarter valued at about $949,000. 98.84% of the stock is owned by institutional investors.

Corpay Stock Performance

NYSE:CPAY opened at $307.43 on Friday. The firm has a market cap of $21.34 billion, a P/E ratio of 22.87, a price-to-earnings-growth ratio of 1.22 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. The stock’s fifty day moving average price is $292.85. Corpay, Inc. has a 52-week low of $220.39 and a 52-week high of $319.94.

Corpay (NYSE:CPAY) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $4.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.51 by $0.04. The business had revenue of $975.70 million for the quarter, compared to analyst estimates of $973.84 million. Corpay had a return on equity of 38.93% and a net margin of 26.41%. The firm’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 firm posted $3.85 earnings per share. On average, equities analysts predict that Corpay, Inc. will post 17.81 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on CPAY. William Blair upgraded shares of Corpay to a “strong-buy” rating in a research note on Thursday, August 8th. Bank of America cut their target price on Corpay from $331.00 to $310.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. JPMorgan Chase & Co. upped their price target on Corpay from $327.00 to $353.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Wolfe Research raised Corpay from an “underperform” rating to a “peer perform” rating in a report on Tuesday, September 3rd. Finally, Evercore ISI lowered their target price on shares of Corpay from $350.00 to $345.00 and set an “outperform” rating on the stock in a report on Tuesday, June 25th. Three investment 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 company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $332.50.

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.