Philosophy Capital Management LLC Makes New Investment in Corpay, Inc. (NYSE:CPAY)

Philosophy Capital Management LLC bought a new stake in Corpay, Inc. (NYSE:CPAY) in the 3rd quarter, according to its most recent filing with the SEC. The fund bought 50,962 shares of the company’s stock, valued at approximately $15,939,000. Corpay accounts for 1.3% of Philosophy Capital Management LLC’s investment portfolio, making the stock its 20th largest holding. Philosophy Capital Management LLC owned about 0.07% of Corpay as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in CPAY. Albion Financial Group UT acquired a new position in shares of Corpay in the third quarter worth about $27,000. LGT Financial Advisors LLC acquired a new stake in Corpay in the second quarter valued at approximately $33,000. Blue Trust Inc. increased 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 buying an additional 96 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of Corpay during the 2nd quarter worth approximately $36,000. Finally, Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Corpay during the 2nd quarter valued at approximately $40,000. 98.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Morgan Stanley upped their price objective on shares of Corpay from $325.00 to $350.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. Bank of America increased their price objective on Corpay from $344.00 to $375.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Jefferies Financial Group upped their target price on shares of Corpay from $375.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. William Blair upgraded shares of Corpay to a “strong-buy” rating in a report on Thursday, August 8th. Finally, Keefe, Bruyette & Woods upped their price target on Corpay from $380.00 to $400.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Corpay presently has an average rating of “Moderate Buy” and an average target price of $363.93.

Corpay Stock Performance

NYSE CPAY opened at $374.58 on Wednesday. The company has a fifty day moving average of $348.40 and a two-hundred day moving average of $306.03. The company has a market capitalization of $26.11 billion, a PE ratio of 26.72, a P/E/G ratio of 1.50 and a beta of 1.24. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.05 and a quick ratio of 1.05. Corpay, Inc. has a 1 year low of $247.10 and a 1 year high of $385.30.

Insider Activity

In other Corpay news, CAO Alissa B. Vickery sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was 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. This represents a 81.66 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $1,116,160.50. Following the completion of the transaction, the director now directly owns 10,530 shares in the company, valued at approximately $3,950,645.40. The trade was a 22.03 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 6.10% of the company’s stock.

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.