Victory Capital Management Inc. Grows Holdings in Corpay, Inc. (NYSE:CPAY)

Victory Capital Management Inc. grew its holdings in Corpay, Inc. (NYSE:CPAY) by 26.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 195,496 shares of the company’s stock after purchasing an additional 40,798 shares during the period. Victory Capital Management Inc. owned about 0.28% of Corpay worth $66,160,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of CPAY. JPMorgan Chase & Co. increased 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 worth $1,653,659,000 after purchasing an additional 120,578 shares during the period. Prana Capital Management LP purchased a new stake in Corpay in the third quarter worth $31,541,000. Proficio Capital Partners LLC purchased a new stake in Corpay in the fourth quarter worth $28,632,000. Swedbank AB increased its stake in Corpay by 44.9% in the fourth quarter. Swedbank AB now owns 269,717 shares of the company’s stock worth $91,278,000 after purchasing an additional 83,600 shares during the period. Finally, FMR LLC increased its stake in Corpay by 3.0% in the third quarter. FMR LLC now owns 2,692,847 shares of the company’s stock worth $842,215,000 after purchasing an additional 78,880 shares during the period. Hedge funds and other institutional investors own 98.84% of the company’s stock.

Corpay Price Performance

Shares of CPAY stock opened at $335.78 on Friday. Corpay, Inc. has a 1-year low of $247.10 and a 1-year high of $400.81. The stock’s 50-day moving average is $365.56 and its 200 day moving average is $347.36. The company has a market cap of $23.59 billion, a P/E ratio of 24.02, a PEG ratio of 1.32 and a beta of 1.25. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.00 and a quick ratio of 1.05.

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CPAY shares. Citigroup started coverage on Corpay in a research note on Tuesday, January 14th. They set a “buy” rating and a $430.00 price target on the stock. Wolfe Research upgraded Corpay from a “peer perform” rating to an “outperform” rating and set a $420.00 price target on the stock in a research note on Wednesday, January 8th. Keefe, Bruyette & Woods raised their price target on Corpay from $415.00 to $445.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. Royal Bank of Canada raised their price target on Corpay from $354.00 to $400.00 and gave the company a “sector perform” rating in a research note on Thursday, February 6th. Finally, Raymond James cut their price target on Corpay from $434.00 to $417.00 and set an “outperform” rating on the stock in a research note on Thursday, February 6th. Three research 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’s stock. According to MarketBeat, Corpay has an average rating of “Moderate Buy” and a consensus price target of $399.71.

Insiders Place Their Bets

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

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.