Penserra Capital Management LLC Cuts Position in Corpay, Inc. (NYSE:CPAY)

Penserra Capital Management LLC cut its stake in Corpay, Inc. (NYSE:CPAY) by 5.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 45,911 shares of the company’s stock after selling 2,614 shares during the period. Penserra Capital Management LLC owned about 0.07% of Corpay worth $14,357,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CPAY. O Shaughnessy Asset Management LLC purchased a new position in Corpay in the first quarter worth $486,000. Bessemer Group Inc. purchased a new stake in Corpay during the first quarter valued at about $352,000. American International Group Inc. purchased a new stake in Corpay during the first quarter valued at about $6,208,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Corpay during the first quarter valued at about $123,000. Finally, Advisors Asset Management Inc. purchased a new stake in Corpay during the first quarter valued at about $71,000. 98.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corpay

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

Corpay Price Performance

CPAY stock opened at $379.87 on Friday. Corpay, Inc. has a 1 year low of $230.68 and a 1 year high of $380.00. The firm has a 50-day moving average of $338.38 and a 200 day moving average of $301.23. The company has a market cap of $26.48 billion, a P/E ratio of 27.09, a PEG ratio of 1.47 and a beta of 1.21. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.05 and a quick ratio of 1.05.

Analyst Ratings Changes

Several analysts have issued reports on CPAY shares. Wolfe Research upgraded shares of Corpay from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. upped their price objective on shares of Corpay from $327.00 to $353.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Citigroup upped their price objective on shares of Corpay from $405.00 to $430.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. BMO Capital Markets upped their price objective on shares of Corpay from $350.00 to $390.00 and gave the company an “outperform” rating in a research note on Thursday, October 3rd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $310.00 price objective on shares of Corpay in a research note on Thursday, August 8th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $363.93.

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.