Edgestream Partners L.P. Buys New Shares in Corpay, Inc. (NYSE:CPAY)

Edgestream Partners L.P. purchased a new position in shares of Corpay, Inc. (NYSE:CPAY) in the third quarter, according to its most recent filing with the SEC. The firm purchased 2,090 shares of the company’s stock, valued at approximately $654,000.

Other hedge funds have also recently made changes to their positions in the company. Swedbank AB grew its stake in Corpay by 26.9% during the second quarter. Swedbank AB now owns 127,217 shares of the company’s stock worth $33,892,000 after purchasing an additional 27,000 shares during the period. TCW Group Inc. grew its position in shares of Corpay by 75.2% during the 2nd quarter. TCW Group Inc. now owns 17,579 shares of the company’s stock worth $4,683,000 after buying an additional 7,543 shares during the period. Securian Asset Management Inc. acquired a new stake in shares of Corpay during the 2nd quarter worth approximately $1,042,000. Oppenheimer Asset Management Inc. increased its stake in shares of Corpay by 66.7% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 5,888 shares of the company’s stock valued at $1,842,000 after acquiring an additional 2,355 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Corpay during the 2nd quarter valued at $35,655,000. 98.84% of the stock is owned by institutional investors.

Corpay Price Performance

Shares of NYSE CPAY opened at $367.58 on Friday. The company has a market capitalization of $25.62 billion, a PE ratio of 26.22, a PEG ratio of 1.47 and a beta of 1.24. 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 stock’s 50 day moving average price is $350.94 and its 200-day moving average price is $306.91. Corpay, Inc. has a twelve month low of $247.10 and a twelve month high of $385.30.

Insider Buying and Selling at Corpay

In related news, Director Joseph W. Farrelly sold 2,975 shares of the company’s stock in a transaction 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Alissa B. Vickery sold 8,000 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $370.04, for a total value of $2,960,320.00. Following the completion of the transaction, the chief accounting officer now owns 1,797 shares of the company’s stock, valued at $664,961.88. The trade was 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.

Wall Street Analyst Weigh In

A number of research firms have commented on CPAY. Morgan Stanley raised their price target on shares of Corpay from $325.00 to $350.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Raymond James reduced their target price on Corpay from $330.00 to $311.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Wells Fargo & Company upped their price target on Corpay from $285.00 to $320.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Jefferies Financial Group raised their price objective on Corpay from $375.00 to $425.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, JPMorgan Chase & Co. upped their target price on Corpay from $327.00 to $353.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $363.93.

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.