IFP Advisors Inc raised its stake in FleetCor Technologies, Inc. (NYSE:FLT) by 995.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,223 shares of the business services provider’s stock after buying an additional 2,020 shares during the period. IFP Advisors Inc’s holdings in FleetCor Technologies were worth $321,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. National Pension Service raised its position in shares of FleetCor Technologies by 19.6% in the first quarter. National Pension Service now owns 84,796 shares of the business services provider’s stock valued at $12,558,000 after buying an additional 13,910 shares during the last quarter. Capstone Asset Management Co. raised its position in shares of FleetCor Technologies by 20.9% in the first quarter. Capstone Asset Management Co. now owns 2,428 shares of the business services provider’s stock valued at $368,000 after buying an additional 420 shares during the last quarter. Gateway Investment Advisers LLC raised its position in shares of FleetCor Technologies by 18.1% in the first quarter. Gateway Investment Advisers LLC now owns 49,195 shares of the business services provider’s stock valued at $7,450,000 after buying an additional 7,557 shares during the last quarter. Alta Capital Management LLC raised its position in shares of FleetCor Technologies by 3.9% in the first quarter. Alta Capital Management LLC now owns 97,752 shares of the business services provider’s stock valued at $14,802,000 after buying an additional 3,694 shares during the last quarter. Finally, State of Alaska Department of Revenue purchased a new stake in shares of FleetCor Technologies during the first quarter valued at about $104,000. 94.53% of the stock is owned by institutional investors.

Shares of FleetCor Technologies, Inc. (FLT) opened at 143.41 on Thursday. The firm has a 50-day moving average price of $147.00 and a 200 day moving average price of $149.21. FleetCor Technologies, Inc. has a 12 month low of $121.52 and a 12 month high of $176.42. The company has a market cap of $13.18 billion, a P/E ratio of 28.35 and a beta of 1.45.

FleetCor Technologies (NYSE:FLT) last announced its earnings results on Thursday, August 3rd. The business services provider reported $1.83 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.83. The firm had revenue of $541.24 million during the quarter, compared to analysts’ expectations of $528.33 million. FleetCor Technologies had a return on equity of 20.87% and a net margin of 23.28%. The company’s quarterly revenue was up 29.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.56 EPS. Equities analysts predict that FleetCor Technologies, Inc. will post $8.37 earnings per share for the current year.

FleetCor Technologies declared that its Board of Directors has approved a share buyback program on Thursday, August 3rd that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the business services provider to reacquire up to 1.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

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Several analysts have issued reports on FLT shares. Zacks Investment Research lowered FleetCor Technologies from a “hold” rating to a “sell” rating in a research note on Friday, April 28th. Citigroup Inc. raised FleetCor Technologies from an “outperform” rating to a “strong-buy” rating and set a $180.00 target price for the company in a research note on Tuesday, May 2nd. Deutsche Bank AG reaffirmed a “buy” rating and issued a $185.00 target price on shares of FleetCor Technologies in a research note on Monday, April 24th. SunTrust Banks, Inc. reaffirmed a “buy” rating on shares of FleetCor Technologies in a research note on Wednesday, May 3rd. Finally, Raymond James Financial, Inc. raised FleetCor Technologies from an “outperform” rating to a “strong-buy” rating and set a $180.00 target price for the company in a research note on Tuesday, May 2nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $180.86.

About FleetCor Technologies

FleetCor Technologies, Inc is a provider of workforce payment products. The Company offers fuel card payments product solutions, corporate payments products, toll products, lodging cards and gift cards. The Company operates through two segments: North America and International. Its products are sold to businesses, retailers, oil companies and marketers and government entities.

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Institutional Ownership by Quarter for FleetCor Technologies (NYSE:FLT)

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