Corpay (NYSE:CPAY) Upgraded by Wolfe Research to Outperform Rating

Corpay (NYSE:CPAY) was upgraded by equities research analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a research note issued on Wednesday, MarketBeat Ratings reports. The firm currently has a $420.00 price target on the stock. Wolfe Research’s price target suggests a potential upside of 17.40% from the company’s current price.

A number of other analysts also recently issued reports on the company. Jefferies Financial Group raised their price objective on Corpay from $375.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Bank of America lifted their price target on shares of Corpay from $344.00 to $375.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Citigroup upped their price objective on shares of Corpay from $405.00 to $430.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Morgan Stanley lifted their target price on shares of Corpay from $325.00 to $350.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Finally, Wells Fargo & Company upped their price target on Corpay from $285.00 to $320.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $377.50.

Corpay Price Performance

CPAY stock opened at $357.74 on Wednesday. Corpay has a 52-week low of $247.10 and a 52-week high of $385.30. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.69. The stock has a market cap of $24.94 billion, a price-to-earnings ratio of 25.52, a price-to-earnings-growth ratio of 1.40 and a beta of 1.26. The business has a fifty day moving average of $357.71 and a two-hundred day moving average of $322.03.

Insider Buying and Selling at Corpay

In other news, Director Joseph W. Farrelly sold 2,975 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $375.18, for a total transaction of $1,116,160.50. Following the sale, the director now 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Alissa B. Vickery sold 8,000 shares of the business’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 sale, the chief accounting officer now owns 1,797 shares of the company’s stock, valued at approximately $664,961.88. The trade was a 81.66 % decrease in their position. The disclosure for this sale can be found here. 6.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its stake in Corpay by 2.3% in the third quarter. JPMorgan Chase & Co. now owns 5,287,311 shares of the company’s stock valued at $1,653,659,000 after acquiring an additional 120,578 shares in the last quarter. FMR LLC boosted its position in shares of Corpay by 3.0% in the 3rd quarter. FMR LLC now owns 2,692,847 shares of the company’s stock valued at $842,215,000 after purchasing an additional 78,880 shares during the period. Geode Capital Management LLC boosted its position in shares of Corpay by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,677,899 shares of the company’s stock valued at $523,061,000 after purchasing an additional 23,275 shares during the period. Dimensional Fund Advisors LP grew its stake in Corpay by 10.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 718,752 shares of the company’s stock worth $191,497,000 after buying an additional 70,408 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Corpay by 0.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 458,477 shares of the company’s stock worth $143,393,000 after buying an additional 1,749 shares during the period. 98.84% of the stock is owned by hedge funds and other institutional investors.

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.