Provident Investment Management Inc. Reduces Position in Corpay, Inc. (NYSE:CPAY)

Provident Investment Management Inc. decreased its stake in shares of Corpay, Inc. (NYSE:CPAY) by 1.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 210,975 shares of the company’s stock after selling 4,110 shares during the period. Corpay accounts for about 6.8% of Provident Investment Management Inc.’s portfolio, making the stock its 4th largest holding. Provident Investment Management Inc. owned 0.30% of Corpay worth $71,398,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the company. Avion Wealth grew its holdings in shares of Corpay by 1,011.1% during the 4th quarter. Avion Wealth now owns 100 shares of the company’s stock valued at $33,000 after purchasing an additional 91 shares during the last quarter. Versant Capital Management Inc lifted its holdings in Corpay by 130.4% in the fourth quarter. Versant Capital Management Inc now owns 106 shares of the company’s stock valued at $36,000 after buying an additional 60 shares during the period. Quarry LP acquired a new stake in Corpay during the 3rd quarter worth about $42,000. Spire Wealth Management bought a new position in shares of Corpay in the 4th quarter worth about $42,000. Finally, Assetmark Inc. lifted its stake in shares of Corpay by 93.8% in the 4th quarter. Assetmark Inc. now owns 124 shares of the company’s stock valued at $42,000 after purchasing an additional 60 shares during the period. 98.84% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Corpay Trading Down 11.5 %

NYSE:CPAY opened at $317.30 on Friday. The firm has a market capitalization of $22.29 billion, a P/E ratio of 22.70, a P/E/G ratio of 1.32 and a beta of 1.11. Corpay, Inc. has a 52 week low of $247.10 and a 52 week high of $400.81. The company has a quick ratio of 1.05, a current ratio of 1.00 and a debt-to-equity ratio of 1.66. The company has a fifty day moving average of $361.34 and a 200 day moving average of $352.59.

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

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Royal Bank of Canada boosted their target price on shares of Corpay from $354.00 to $400.00 and gave the company a “sector perform” rating in a research report on Thursday, February 6th. BMO Capital Markets raised their target price on Corpay from $400.00 to $440.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Raymond James decreased 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. Wolfe Research upgraded Corpay from a “peer perform” rating to an “outperform” rating and set a $420.00 target price on the stock in a report on Wednesday, January 8th. Finally, Citigroup began coverage on Corpay in a research report on Tuesday, January 14th. They set a “buy” rating and a $430.00 price target for the company. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $399.71.

Corpay 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.