JPMorgan Chase & Co. Acquires 120,578 Shares of Corpay, Inc. (NYSE:CPAY)

JPMorgan Chase & Co. boosted its holdings in shares of Corpay, Inc. (NYSE:CPAY) by 2.3% in the third quarter, Holdings Channel reports. The firm owned 5,287,311 shares of the company’s stock after purchasing an additional 120,578 shares during the quarter. JPMorgan Chase & Co. owned about 0.08% of Corpay worth $1,653,659,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CPAY. American Century Companies Inc. boosted its stake in shares of Corpay by 1,734.1% in the 2nd quarter. American Century Companies Inc. now owns 400,662 shares of the company’s stock valued at $106,740,000 after purchasing an additional 378,817 shares in the last quarter. TD Asset Management Inc acquired a new position in Corpay in the second quarter valued at about $41,475,000. International Assets Investment Management LLC bought a new stake in Corpay during the third quarter worth about $40,497,000. Prana Capital Management LP bought a new stake in Corpay during the third quarter worth about $31,541,000. Finally, FMR LLC raised its stake in shares of Corpay by 3.0% in the third quarter. FMR LLC now owns 2,692,847 shares of the company’s stock valued at $842,215,000 after acquiring an additional 78,880 shares during the last quarter. Institutional investors own 98.84% of the company’s stock.

Corpay Stock Performance

CPAY stock opened at $345.28 on Friday. Corpay, Inc. has a twelve month low of $247.10 and a twelve month high of $385.30. 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 $24.07 billion, a P/E ratio of 24.63, a price-to-earnings-growth ratio of 1.43 and a beta of 1.23. The business’s fifty day moving average is $357.31 and its 200-day moving average is $315.88.

Insider Activity at Corpay

In related news, Director Joseph W. Farrelly sold 2,975 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 10,530 shares in the company, valued at approximately $3,950,645.40. The trade was 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 this link. Also, CAO Alissa B. Vickery sold 8,000 shares of the company’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 transaction of $2,960,320.00. Following the completion of the sale, the chief accounting officer now directly owns 1,797 shares of the company’s stock, valued at $664,961.88. The trade was a 81.66 % decrease in their position. The disclosure for this sale can be found here. 6.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on CPAY. BMO Capital Markets increased their price target on Corpay from $400.00 to $440.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Jefferies Financial Group increased their target price on Corpay from $375.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Citigroup lifted their price target on Corpay from $405.00 to $430.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Wells Fargo & Company increased their price objective on shares of Corpay from $285.00 to $320.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. Finally, Morgan Stanley boosted their target price on shares of Corpay from $325.00 to $350.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $369.29.

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.