Norges Bank Makes New Investment in Corpay, Inc. (NYSE:CPAY)

Norges Bank bought a new position in Corpay, Inc. (NYSE:CPAY) in the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 714,318 shares of the company’s stock, valued at approximately $241,739,000. Norges Bank owned about 1.02% of Corpay as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of CPAY. Avion Wealth grew its position in Corpay by 1,011.1% in the fourth quarter. Avion Wealth now owns 100 shares of the company’s stock worth $33,000 after acquiring an additional 91 shares during the period. Versant Capital Management Inc lifted its stake in shares of Corpay by 130.4% in the 4th quarter. Versant Capital Management Inc now owns 106 shares of the company’s stock valued at $36,000 after purchasing an additional 60 shares during the last quarter. Spire Wealth Management purchased a new position in shares of Corpay during the 4th quarter worth $42,000. Assetmark Inc. increased its position in shares of Corpay by 93.8% during the 4th quarter. Assetmark Inc. now owns 124 shares of the company’s stock worth $42,000 after purchasing an additional 60 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in Corpay by 70.5% in the 4th quarter. EverSource Wealth Advisors LLC now owns 133 shares of the company’s stock valued at $45,000 after buying an additional 55 shares during the period. Hedge funds and other institutional investors own 98.84% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on CPAY. Citigroup started coverage on shares of Corpay in a research report on Tuesday, January 14th. They set a “buy” rating and a $430.00 price target for the company. BMO Capital Markets upped their price target on Corpay from $400.00 to $440.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Raymond James dropped their price objective on Corpay from $434.00 to $417.00 and set an “outperform” rating for the company in a research note on Thursday, February 6th. Keefe, Bruyette & Woods increased their target price on Corpay from $415.00 to $445.00 and gave the stock an “outperform” rating in a research note on Thursday, February 6th. Finally, Wolfe Research raised Corpay from a “peer perform” rating to an “outperform” rating and set a $420.00 target price for the company in a research report on Wednesday, January 8th. 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $399.71.

Insider Activity at Corpay

In related news, Director Richard Macchia sold 2,427 shares of the business’s stock in a transaction on Monday, February 10th. The shares were 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 directly owns 12,215 shares of the company’s stock, valued at $4,583,434.45. The trade was a 16.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.10% of the stock is currently owned by corporate insiders.

Corpay Price Performance

Shares of CPAY opened at $346.79 on Monday. The firm has a market capitalization of $24.36 billion, a price-to-earnings ratio of 24.81, a PEG ratio of 1.32 and a beta of 1.25. The firm’s fifty day simple moving average is $363.75 and its 200-day simple moving average is $352.17. Corpay, Inc. has a twelve month low of $247.10 and a twelve month high of $400.81. The company has a current ratio of 1.00, a quick ratio of 1.05 and a debt-to-equity ratio of 1.66.

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

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.