Norges Bank Takes Position in Corpay, Inc. (NYSE:CPAY)

Norges Bank purchased a new position in shares of Corpay, Inc. (NYSE:CPAY) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 714,318 shares of the company’s stock, valued at approximately $241,739,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of CPAY. Quantbot Technologies LP acquired a new position in shares of Corpay in the third quarter valued at approximately $1,309,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Corpay by 3.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,669 shares of the company’s stock valued at $3,962,000 after buying an additional 429 shares during the period. Fiduciary Trust Co raised its position in Corpay by 46.9% during the 3rd quarter. Fiduciary Trust Co now owns 1,472 shares of the company’s stock worth $460,000 after buying an additional 470 shares during the last quarter. Public Sector Pension Investment Board lifted its stake in shares of Corpay by 13.4% in the 3rd quarter. Public Sector Pension Investment Board now owns 3,391 shares of the company’s stock worth $1,061,000 after acquiring an additional 400 shares during the period. Finally, Verition Fund Management LLC purchased a new stake in shares of Corpay in the third quarter valued at about $1,357,000. 98.84% of the stock is owned by hedge funds and other institutional investors.

Corpay Stock Performance

Shares of CPAY opened at $346.79 on Monday. Corpay, Inc. has a 12-month low of $247.10 and a 12-month high of $400.81. The stock has a market cap of $24.36 billion, a P/E ratio of 24.81, a PEG ratio of 1.32 and a beta of 1.25. The company has a current ratio of 1.00, a quick ratio of 1.05 and a debt-to-equity ratio of 1.66. The company has a 50-day moving average of $363.75 and a two-hundred day moving average of $352.17.

Corpay (NYSE:CPAY) last posted its earnings results on Wednesday, February 5th. The company reported $4.96 earnings per share (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, research analysts predict that Corpay, Inc. will post 19.76 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CPAY has been the subject of several analyst reports. Morgan Stanley increased their price target on shares of Corpay from $350.00 to $380.00 and gave the stock an “equal weight” rating in a report on Thursday, February 6th. 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. Citigroup initiated coverage on Corpay in a report on Tuesday, January 14th. They set a “buy” rating and a $430.00 price objective on the stock. Royal Bank of Canada raised their target price on Corpay from $354.00 to $400.00 and gave the company a “sector perform” rating in a report on Thursday, February 6th. Finally, BMO Capital Markets upped their price target on shares of Corpay from $400.00 to $440.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $399.71.

Insider Activity at Corpay

In related news, Director Richard Macchia sold 2,427 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $375.23, for a total transaction of $910,683.21. Following the transaction, the director now owns 12,215 shares of the company’s stock, valued at approximately $4,583,434.45. This represents a 16.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 6.10% of the company’s stock.

Corpay 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.