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

Wolfe Research upgraded shares of Corpay (NYSE:CPAY) from a peer perform rating to an outperform rating in a research report released on Wednesday, Marketbeat Ratings reports. The brokerage currently has $420.00 price objective on the stock.

Other analysts have also recently issued reports about the company. Barclays boosted their price objective on Corpay from $385.00 to $415.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Bank of America increased their price objective on shares of Corpay from $344.00 to $375.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. 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 research report on Monday, November 11th. Citigroup raised their price target on shares of Corpay from $405.00 to $430.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Keefe, Bruyette & Woods decreased their price objective on Corpay from $425.00 to $415.00 and set an “outperform” rating on the stock in a report on Monday. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $377.50.

Corpay Stock Up 2.9 %

CPAY stock opened at $357.74 on Wednesday. The business’s 50-day simple moving average is $357.15 and its 200 day simple moving average is $321.78. 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 company has a market cap of $24.94 billion, a PE ratio of 25.52, a price-to-earnings-growth ratio of 1.40 and a beta of 1.26. Corpay has a twelve month low of $247.10 and a twelve month high of $385.30.

Insider Activity at Corpay

In related news, Director Joseph W. Farrelly sold 2,975 shares of Corpay stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $375.18, for a total value of $1,116,160.50. Following the completion of the sale, the director now directly owns 10,530 shares in the company, valued at $3,950,645.40. This trade represents a 22.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Alissa B. Vickery sold 8,000 shares of the business’s stock in a transaction dated 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 directly owns 1,797 shares of the company’s stock, valued at $664,961.88. This represents a 81.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corpay

A number of institutional investors and hedge funds have recently modified their holdings of the business. Albion Financial Group UT bought a new position in Corpay during the third quarter worth about $27,000. Versant Capital Management Inc boosted its stake in Corpay by 130.4% during the 4th quarter. Versant Capital Management Inc now owns 106 shares of the company’s stock worth $36,000 after acquiring an additional 60 shares during the last quarter. Huntington National Bank boosted its stake in Corpay by 43.0% during the 3rd quarter. Huntington National Bank now owns 133 shares of the company’s stock worth $42,000 after acquiring an additional 40 shares during the last quarter. Quarry LP bought a new stake in Corpay in the third quarter valued at approximately $42,000. Finally, Continuum Advisory LLC increased its stake in Corpay by 47.9% in the third quarter. Continuum Advisory LLC now owns 142 shares of the company’s stock valued at $44,000 after purchasing an additional 46 shares in the last quarter. 98.84% of the stock is owned by 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.