7 Best Large-Cap Stocks to Buy in 2024 According to Billionaire Dan Loeb

3. Corpay Inc (NYSE:CPAY)

Billionaire Dan Loeb Q1’2024 Stake Value: $200,551,000

Business payments company Corpay Inc (NYSE:CPAY) came on billionaire Dan Loeb’s radar as his fund Third Point bought a $200.5 million stake in Corpay Inc (NYSE:CPAY) during the March quarter. The stock accounts for about 2.55% of the billionaire’s portfolio. Over the past one year the stock has gained about 16%.

Earlier in May Corpay Inc (NYSE:CPAY) reported Q1 results. Adjusted EPS in the quarter came in at $4.10, beating estimates by $0.01. Revenue in the period jumped 3.8% year over year to $935.3 million, missing estimates by $2.71 million. Net income increased 7% in the quarter to $229.8 million. Corpay Inc (NYSE:CPAY) is operating in the lucrative digital payments industry, which is expected to grow at a CAGR of 14% through 2029.

Corpay Inc’s (NYSE:CPAY) revenue over the past five years has grown at a CAGR of about 9%, better than many of its competitors. The stock’s PE ratio is also under 20. Analysts expect Corpay Inc’s (NYSE:CPAY) revenue to grow at 11.4% per annum, based on data from Yahoo Finance. This makes Corpay Inc (NYSE:CPAY) an attractive play in the digital payments industry.