MetLife Investment Management LLC Cuts Stock Position in Corpay, Inc. (NYSE:CPAY)

MetLife Investment Management LLC trimmed its holdings in Corpay, Inc. (NYSE:CPAY) by 3.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,143 shares of the company’s stock after selling 787 shares during the period. MetLife Investment Management LLC’s holdings in Corpay were worth $6,613,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. American Century Companies Inc. grew its stake in Corpay by 1,734.1% during the second quarter. American Century Companies Inc. now owns 400,662 shares of the company’s stock valued at $106,740,000 after acquiring an additional 378,817 shares in the last quarter. TD Asset Management Inc bought a new stake in shares of Corpay in the second quarter worth about $41,475,000. Assenagon Asset Management S.A. purchased a new stake in shares of Corpay in the second quarter worth about $35,655,000. International Assets Investment Management LLC bought a new position in Corpay during the third quarter valued at approximately $40,497,000. Finally, FMR LLC grew its holdings in 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 in the last quarter. Institutional investors own 98.84% of the company’s stock.

Wall Street Analysts Forecast Growth

CPAY has been the topic of several recent research reports. Keefe, Bruyette & Woods upped their price objective on Corpay from $380.00 to $400.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Morgan Stanley increased their price objective on shares of Corpay from $325.00 to $350.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Bank of America boosted their target price on shares of Corpay from $344.00 to $375.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. JPMorgan Chase & Co. increased their price target on shares of Corpay from $327.00 to $353.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Finally, Jefferies Financial Group boosted their price objective on Corpay from $375.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $363.93.

Corpay Price Performance

CPAY opened at $381.18 on Friday. The business has a fifty day moving average of $345.66 and a 200 day moving average of $304.33. The stock has a market cap of $26.57 billion, a P/E ratio of 27.19, a PEG ratio of 1.49 and a beta of 1.21. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.69. Corpay, Inc. has a 52-week low of $236.15 and a 52-week high of $385.30.

Insider Activity

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

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.