Harvest Fund Management Co. Ltd Buys New Shares in Corpay, Inc. (NYSE:CPAY)

Harvest Fund Management Co. Ltd bought a new stake in Corpay, Inc. (NYSE:CPAY) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 521 shares of the company’s stock, valued at approximately $176,000.

Other hedge funds have also made changes to their positions in the company. Avion Wealth lifted its stake in Corpay by 1,011.1% during the fourth quarter. Avion Wealth now owns 100 shares of the company’s stock worth $33,000 after purchasing an additional 91 shares during the period. Versant Capital Management Inc lifted its stake in Corpay by 130.4% during the fourth quarter. Versant Capital Management Inc now owns 106 shares of the company’s stock worth $36,000 after purchasing an additional 60 shares during the period. Quarry LP bought a new position in Corpay during the third quarter worth about $42,000. Spire Wealth Management bought a new position in Corpay during the fourth quarter worth about $42,000. Finally, Assetmark Inc. lifted its stake in Corpay by 93.8% during the fourth quarter. Assetmark Inc. now owns 124 shares of the company’s stock worth $42,000 after purchasing an additional 60 shares during the period. Institutional investors own 98.84% of the company’s stock.

Corpay Stock Performance

Shares of Corpay stock opened at $347.12 on Friday. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.00 and a quick ratio of 1.05. The firm has a market cap of $24.38 billion, a P/E ratio of 24.83, a P/E/G ratio of 1.32 and a beta of 1.25. The firm has a 50 day simple moving average of $364.50 and a 200 day simple moving average of $350.17. Corpay, Inc. has a fifty-two week low of $247.10 and a fifty-two week high of $400.81.

Corpay (NYSE:CPAY) last released its earnings results on Wednesday, February 5th. The company reported $4.96 EPS for the quarter, missing analysts’ consensus estimates of $5.37 by ($0.41). Corpay had a return on equity of 41.46% and a net margin of 25.25%. Sell-side analysts predict that Corpay, Inc. will post 19.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Corpay news, Director Richard Macchia sold 2,427 shares of Corpay stock in a transaction on Monday, February 10th. The shares were sold at an average price of $375.23, for a total transaction of $910,683.21. Following the completion of the sale, the director now owns 12,215 shares of the company’s stock, valued at approximately $4,583,434.45. The trade was a 16.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 6.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CPAY shares. Raymond James cut their price target on shares of Corpay from $434.00 to $417.00 and set an “outperform” rating for the company in a research note on Thursday, February 6th. Citigroup assumed coverage on shares of Corpay in a research note on Tuesday, January 14th. They issued a “buy” rating and a $430.00 target price for the company. Wells Fargo & Company lifted their target price on shares of Corpay from $340.00 to $375.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Royal Bank of Canada lifted their target price on shares of Corpay from $354.00 to $400.00 and gave the company a “sector perform” rating in a research note on Thursday, February 6th. Finally, Wolfe Research upgraded shares of Corpay from a “peer perform” rating to an “outperform” rating and set a $420.00 target price for the company in a research note on Wednesday, January 8th. Three investment 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’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $399.71.

About Corpay

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.