Franklin Resources Inc. Trims Position in Corpay, Inc. (NYSE:CPAY)

Franklin Resources Inc. lowered its stake in shares of Corpay, Inc. (NYSE:CPAY) by 48.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,352 shares of the company’s stock after selling 12,681 shares during the quarter. Franklin Resources Inc.’s holdings in Corpay were worth $4,525,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. FMR LLC grew its stake 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 last quarter. Geode Capital Management LLC grew its position in 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 buying an additional 23,275 shares during the last quarter. Mawer Investment Management Ltd. increased its stake in Corpay by 1.1% in the 2nd quarter. Mawer Investment Management Ltd. now owns 1,177,297 shares of the company’s stock valued at $313,644,000 after buying an additional 12,338 shares during the period. Dimensional Fund Advisors LP raised its position 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. lifted its stake in shares of Corpay by 0.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 458,477 shares of the company’s stock worth $143,393,000 after acquiring an additional 1,749 shares during the period. Institutional investors and hedge funds own 98.84% of the company’s stock.

Insider Buying and Selling at Corpay

In other news, CAO Alissa B. Vickery sold 8,000 shares of the business’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 value 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 $664,961.88. The trade was a 81.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph W. Farrelly sold 2,975 shares of Corpay stock in a transaction that occurred on 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 completion of the sale, the director now directly owns 10,530 shares of the company’s stock, valued at $3,950,645.40. The trade was a 22.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.10% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on CPAY shares. Wells Fargo & Company increased their price target on shares of Corpay from $285.00 to $320.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. Morgan Stanley lifted their price target on Corpay from $325.00 to $350.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. BMO Capital Markets increased their price objective on Corpay from $400.00 to $440.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Keefe, Bruyette & Woods boosted their target price on shares of Corpay from $400.00 to $425.00 and gave the stock an “outperform” rating in a research report on Monday, December 9th. Finally, Jefferies Financial Group increased their price target on shares of Corpay from $375.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $369.29.

Corpay Trading Down 0.2 %

Shares of CPAY opened at $343.06 on Tuesday. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.05 and a quick ratio of 1.05. Corpay, Inc. has a 1-year low of $247.10 and a 1-year high of $385.30. The stock has a market cap of $23.92 billion, a price-to-earnings ratio of 24.47, a price-to-earnings-growth ratio of 1.43 and a beta of 1.24. The firm has a 50 day simple moving average of $357.23 and a 200-day simple moving average of $314.27.

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.