Corpay (NYSE:CPAY) Raised to “Outperform” at Wolfe Research

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 to investors on Wednesday, MarketBeat reports. The brokerage presently has a $420.00 price objective on the stock. Wolfe Research’s price objective would indicate a potential upside of 17.40% from the stock’s previous close.

CPAY has been the subject of a number of other research reports. Barclays lifted their price target on Corpay from $385.00 to $415.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Wells Fargo & Company lifted their target price on Corpay from $285.00 to $320.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. Keefe, Bruyette & Woods cut their price target on shares of Corpay from $425.00 to $415.00 and set an “outperform” rating on the stock in a report on Monday. Jefferies Financial Group lifted their price objective on shares of Corpay from $375.00 to $425.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, Bank of America increased their price objective on shares of Corpay from $344.00 to $375.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $377.50.

Corpay Trading Up 2.9 %

NYSE CPAY opened at $357.74 on Wednesday. Corpay has a 12-month low of $247.10 and a 12-month high of $385.30. The company has a fifty day simple moving average of $357.71 and a two-hundred day simple moving average of $322.03. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.69. The stock has a market cap of $24.94 billion, a P/E ratio of 25.52, a P/E/G ratio of 1.40 and a beta of 1.26.

Insider Activity

In other Corpay news, Director Joseph W. Farrelly sold 2,975 shares of the 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 transaction, the director now owns 10,530 shares of the company’s stock, valued at $3,950,645.40. This represents a 22.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 value of $2,960,320.00. Following the completion of the transaction, the chief accounting officer now owns 1,797 shares in the company, valued at approximately $664,961.88. This trade represents a 81.66 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CPAY. American Century Companies Inc. lifted its stake in shares of Corpay by 1,734.1% in the second quarter. American Century Companies Inc. now owns 400,662 shares of the company’s stock worth $106,740,000 after buying an additional 378,817 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Corpay in the 3rd quarter worth approximately $40,497,000. JPMorgan Chase & Co. grew its position in shares of 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 purchasing an additional 120,578 shares in the last quarter. Prana Capital Management LP purchased a new position in Corpay during the third quarter worth approximately $31,541,000. Finally, FMR LLC boosted its stake in Corpay by 3.0% during the third quarter. FMR LLC now owns 2,692,847 shares of the company’s stock worth $842,215,000 after buying an additional 78,880 shares during the last quarter. Hedge funds and other institutional investors own 98.84% of the company’s stock.

Corpay Company 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.