Corpay (NYSE:CPAY) Coverage Initiated at Citigroup

Citigroup began coverage on shares of Corpay (NYSE:CPAY) in a report issued on Tuesday. The brokerage issued a buy rating and a $430.00 price target on the stock.

A number of other research analysts have also recently weighed in on CPAY. Wells Fargo & Company lifted their price objective on shares of Corpay from $285.00 to $320.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Jefferies Financial Group upped their price target on Corpay from $375.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Wolfe Research upgraded Corpay from a “peer perform” rating to an “outperform” rating and set a $420.00 price target on the stock in a research report on Wednesday, January 8th. Bank of America boosted their price objective on Corpay from $344.00 to $375.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Finally, Morgan Stanley lifted their price target on shares of Corpay from $325.00 to $350.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Corpay presently has an average rating of “Moderate Buy” and a consensus target price of $377.50.

Corpay Price Performance

NYSE:CPAY opened at $358.17 on Tuesday. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.05 and a quick ratio of 1.05. The company has a 50 day moving average price of $359.11 and a 200-day moving average price of $324.55. Corpay has a 1-year low of $247.10 and a 1-year high of $385.30. The firm has a market cap of $24.97 billion, a price-to-earnings ratio of 25.55, a price-to-earnings-growth ratio of 1.40 and a beta of 1.26.

Insider Transactions at Corpay

In other news, CAO Alissa B. Vickery sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $370.04, for a total value of $2,960,320.00. Following the completion of the sale, the chief accounting officer now directly owns 1,797 shares in the company, valued at $664,961.88. This represents a 81.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph W. Farrelly sold 2,975 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $375.18, for a total value of $1,116,160.50. Following the completion of the sale, the director now directly owns 10,530 shares of the company’s stock, valued at approximately $3,950,645.40. This represents a 22.03 % decrease in their position. The disclosure for this sale can be found here. Insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. International Assets Investment Management LLC acquired a new stake in Corpay during the third quarter worth about $40,497,000. JPMorgan Chase & Co. grew its stake in shares of Corpay by 2.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,287,311 shares of the company’s stock valued at $1,653,659,000 after buying an additional 120,578 shares during the period. Prana Capital Management LP acquired a new stake in shares of Corpay during the 3rd quarter worth approximately $31,541,000. FMR LLC raised its position in shares of Corpay by 3.0% during the 3rd quarter. FMR LLC now owns 2,692,847 shares of the company’s stock valued at $842,215,000 after buying an additional 78,880 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Corpay by 10.9% in the second quarter. Dimensional Fund Advisors LP now owns 718,752 shares of the company’s stock valued at $191,497,000 after acquiring an additional 70,408 shares during the last quarter. Institutional investors and hedge funds own 98.84% of the company’s stock.

Corpay Company 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.