Verdence Capital Advisors LLC Grows Position in Corpay, Inc. (NYSE:CPAY)

Verdence Capital Advisors LLC increased its position in shares of Corpay, Inc. (NYSE:CPAY) by 1.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 19,701 shares of the company’s stock after buying an additional 336 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Corpay were worth $6,667,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Aigen Investment Management LP purchased a new position in shares of Corpay in the 4th quarter valued at approximately $1,925,000. Proficio Capital Partners LLC purchased a new position in shares of Corpay in the 4th quarter valued at approximately $28,632,000. M&T Bank Corp grew its stake in shares of Corpay by 0.3% in the 4th quarter. M&T Bank Corp now owns 32,435 shares of the company’s stock valued at $10,977,000 after purchasing an additional 94 shares during the last quarter. Atria Investments Inc grew its stake in shares of Corpay by 9.3% in the 4th quarter. Atria Investments Inc now owns 1,846 shares of the company’s stock valued at $625,000 after purchasing an additional 157 shares during the last quarter. Finally, Assetmark Inc. grew its stake in shares of Corpay by 93.8% in the 4th quarter. Assetmark Inc. now owns 124 shares of the company’s stock valued at $42,000 after purchasing an additional 60 shares during the last quarter. Hedge funds and other institutional investors own 98.84% of the company’s stock.

Insider Activity

In other news, Director Richard Macchia sold 2,427 shares of Corpay stock in a transaction on 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 $4,583,434.45. The trade was a 16.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 6.10% of the company’s stock.

Corpay Stock Performance

NYSE CPAY opened at $348.85 on Wednesday. Corpay, Inc. has a fifty-two week low of $247.10 and a fifty-two week high of $400.81. The stock has a market cap of $24.51 billion, a price-to-earnings ratio of 24.95, a price-to-earnings-growth ratio of 1.32 and a beta of 1.25. The business has a fifty day moving average of $365.51 and a 200-day moving average of $347.04. The company has a quick ratio of 1.05, a current ratio of 1.00 and a debt-to-equity ratio of 1.66.

Corpay (NYSE:CPAY) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $4.96 EPS 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%. As a group, analysts predict that Corpay, Inc. will post 19.76 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CPAY. Royal Bank of Canada lifted their target price on Corpay from $354.00 to $400.00 and gave the company a “sector perform” rating in a research note on Thursday, February 6th. Morgan Stanley raised their price target on Corpay from $350.00 to $380.00 and gave the company an “equal weight” rating in a report on Thursday, February 6th. Citigroup initiated coverage on Corpay in a report on Tuesday, January 14th. They issued a “buy” rating and a $430.00 price target for the company. Wolfe Research raised Corpay from a “peer perform” rating to an “outperform” rating and set a $420.00 price target for the company in a report on Wednesday, January 8th. Finally, Wells Fargo & Company raised their price target on Corpay from $340.00 to $375.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Corpay presently has an average rating of “Moderate Buy” and a consensus price target of $399.71.

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.