The Manufacturers Life Insurance Company Has $13.34 Million Holdings in Corpay, Inc. (NYSE:CPAY)

The Manufacturers Life Insurance Company decreased its position in shares of Corpay, Inc. (NYSE:CPAY) by 4.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,643 shares of the company’s stock after selling 2,132 shares during the period. The Manufacturers Life Insurance Company’s holdings in Corpay were worth $13,335,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of CPAY. Albion Financial Group UT bought a new position in shares of Corpay in the third quarter worth about $27,000. LGT Financial Advisors LLC acquired a new position in shares of Corpay during the second quarter worth approximately $33,000. Blue Trust Inc. boosted its position in shares of Corpay by 246.2% in the second quarter. Blue Trust Inc. now owns 135 shares of the company’s stock valued at $36,000 after acquiring an additional 96 shares during the period. Innealta Capital LLC acquired a new stake in shares of Corpay in the second quarter worth $36,000. Finally, Whittier Trust Co. of Nevada Inc. bought a new position in Corpay during the second quarter worth $40,000. 98.84% of the stock is currently owned by institutional investors.

Corpay Trading Up 0.1 %

NYSE:CPAY opened at $381.18 on Monday. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.05 and a quick ratio of 1.05. The business’s 50-day simple moving average is $345.66 and its 200-day simple moving average is $304.65. Corpay, Inc. has a fifty-two week low of $236.15 and a fifty-two week high of $385.30. The stock has a market capitalization of $26.57 billion, a PE ratio of 27.19, a price-to-earnings-growth ratio of 1.49 and a beta of 1.21.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. increased their price target on shares of Corpay from $327.00 to $353.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. BMO Capital Markets lifted their target price on Corpay from $350.00 to $390.00 and gave the stock an “outperform” rating in a research report on Thursday, October 3rd. Morgan Stanley upped their price target on Corpay from $325.00 to $350.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Barclays lifted their target price on shares of Corpay from $385.00 to $415.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Finally, Keefe, Bruyette & Woods boosted their price objective on Corpay from $380.00 to $400.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Four 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $363.93.

Insiders Place Their Bets

In related news, Director Joseph W. Farrelly sold 2,975 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $375.18, for a total transaction of $1,116,160.50. Following 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 legal filing with the SEC, which is available at this hyperlink. Also, CAO Alissa B. Vickery sold 8,000 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $370.04, for a total transaction of $2,960,320.00. Following the completion of the sale, the chief accounting officer now directly owns 1,797 shares in the company, 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. 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.