Corpay, Inc. (NYSE:CPAY) Position Reduced by Westpac Banking Corp

Westpac Banking Corp reduced its position in Corpay, Inc. (NYSE:CPAY) by 78.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 138 shares of the company’s stock after selling 492 shares during the period. Westpac Banking Corp’s holdings in Corpay were worth $47,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in Corpay by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 7,752,799 shares of the company’s stock valued at $2,623,702,000 after purchasing an additional 120,688 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Corpay by 2.3% during the third quarter. JPMorgan Chase & Co. now owns 5,287,311 shares of the company’s stock valued at $1,653,659,000 after buying an additional 120,578 shares in the last quarter. Boston Partners raised its position in Corpay by 6.4% during the fourth quarter. Boston Partners now owns 2,045,398 shares of the company’s stock valued at $694,847,000 after buying an additional 122,380 shares during the period. Geode Capital Management LLC lifted its stake in Corpay by 3.3% in the 4th quarter. Geode Capital Management LLC now owns 1,732,793 shares of the company’s stock worth $584,962,000 after acquiring an additional 54,894 shares in the last quarter. Finally, Norges Bank acquired a new stake in Corpay during the 4th quarter worth about $241,739,000. Institutional investors and hedge funds own 98.84% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CPAY. Raymond James reduced their price target on shares of Corpay from $434.00 to $417.00 and set an “outperform” rating for the company in a research report on Thursday, February 6th. Citigroup initiated coverage on shares of Corpay in a research report on Tuesday, January 14th. They issued a “buy” rating and a $430.00 target price for the company. Morgan Stanley boosted their price target on shares of Corpay from $350.00 to $380.00 and gave the company an “equal weight” rating in a report on Thursday, February 6th. Royal Bank of Canada increased their price objective on Corpay from $354.00 to $400.00 and gave the stock a “sector perform” rating in a report on Thursday, February 6th. Finally, Wells Fargo & Company lifted their price objective on Corpay from $340.00 to $375.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $401.54.

Corpay Stock Down 9.4 %

Shares of CPAY stock opened at $287.80 on Friday. The stock’s 50 day simple moving average is $359.52 and its 200 day simple moving average is $352.77. Corpay, Inc. has a twelve month low of $247.10 and a twelve month high of $400.81. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.05 and a current ratio of 1.00. The company has a market capitalization of $20.22 billion, a price-to-earnings ratio of 20.59, a PEG ratio of 1.32 and a beta of 1.11.

Corpay (NYSE:CPAY) last released its quarterly earnings results 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, research analysts predict that Corpay, Inc. will post 19.76 EPS for the current year.

Insiders Place Their Bets

In other Corpay news, Director Richard Macchia sold 2,427 shares of Corpay stock in a transaction that occurred 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 transaction, the director now directly owns 12,215 shares of the company’s stock, valued at $4,583,434.45. The trade was a 16.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company 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.