Sat Sep 21 11:44:46 UTC 2024: ## Mercer Global Advisors Cuts Corpay Stake, But Institutional Investors Remain Bullish
**New York, NY** – Mercer Global Advisors Inc. ADV trimmed its position in Corpay, Inc. (NYSE: CPAY) by 37.5% during the second quarter, according to the company’s latest 13F filing. Despite this, institutional investors remain optimistic about the payments company, with 98.84% of CPAY shares owned by hedge funds and other institutional investors.
During the quarter, Mercer Global Advisors sold 13,051 shares, leaving them with 21,731 shares worth $6,184,000. Meanwhile, other institutional investors such as Los Angeles Capital Management, GAMMA Investing, Pensionfund Sabic, and Beese Fulmer Investment Management all acquired new positions in Corpay during the first quarter.
Analysts remain largely positive on CPAY, with nine issuing a buy rating and one assigning a strong buy rating. Three analysts have rated the stock with a hold rating. The consensus rating, according to MarketBeat.com, is “Moderate Buy” with a consensus price target of $334.58.
Corpay, Inc. is a payments company offering solutions for vehicle-related expenses, lodging expenses, and corporate payments. The company operates in the US, Brazil, the UK, and internationally.
CPAY stock opened at $307.21 on Friday, with a 50-day simple moving average of $296.06. The company has a market capitalization of $21.59 billion, a PE ratio of 22.86, and a price-to-earnings-growth ratio of 1.22.
**Disclaimer:** This is a news article based on information from MarketBeat.com and should not be considered financial advice. Always consult with a qualified financial professional before making any investment decisions.
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