State of Tennessee Department of Treasury Trims Holdings in Corpay, Inc. (NYSE:CPAY)

State of Tennessee Department of Treasury reduced its stake in Corpay, Inc. (NYSE:CPAY) by 4.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,783 shares of the company’s stock after selling 819 shares during the quarter. State of Tennessee Department of Treasury’s holdings in Corpay were worth $6,695,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Avion Wealth raised its position in Corpay by 1,011.1% in the fourth quarter. Avion Wealth now owns 100 shares of the company’s stock valued at $33,000 after purchasing an additional 91 shares during the period. Versant Capital Management Inc raised its holdings in Corpay by 130.4% in the 4th quarter. Versant Capital Management Inc now owns 106 shares of the company’s stock valued at $36,000 after buying an additional 60 shares during the period. Spire Wealth Management acquired a new position in Corpay in the fourth quarter valued at about $42,000. Assetmark Inc. boosted its stake in Corpay by 93.8% during the fourth quarter. Assetmark Inc. now owns 124 shares of the company’s stock worth $42,000 after buying an additional 60 shares during the period. Finally, Synergy Asset Management LLC acquired a new stake in shares of Corpay during the fourth quarter valued at about $43,000. Hedge funds and other institutional investors own 98.84% of the company’s stock.

Insider Buying and Selling

In other Corpay news, Director Richard Macchia sold 2,427 shares of the firm’s stock in a transaction 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 directly owns 12,215 shares of the company’s stock, valued at approximately $4,583,434.45. This trade represents a 16.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 6.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Citigroup initiated coverage on shares of Corpay in a research report on Tuesday, January 14th. They set a “buy” rating and a $430.00 price objective for the company. Royal Bank of Canada lifted their price objective on Corpay from $354.00 to $400.00 and gave the company a “sector perform” rating in a research note on Thursday, February 6th. Wells Fargo & Company decreased their target price on Corpay from $375.00 to $339.00 and set an “equal weight” rating on the stock in a research note on Thursday. Barclays dropped their target price on Corpay from $440.00 to $400.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Finally, Morgan Stanley increased their target price 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. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $397.62.

Corpay Stock Performance

Shares of CPAY opened at $322.41 on Friday. The company has a market capitalization of $22.65 billion, a price-to-earnings ratio of 23.06, a price-to-earnings-growth ratio of 1.32 and a beta of 1.11. Corpay, Inc. has a 52-week low of $247.10 and a 52-week high of $400.81. The company has a quick ratio of 1.05, a current ratio of 1.00 and a debt-to-equity ratio of 1.66. The stock has a 50 day moving average price of $336.22 and a 200 day moving average price of $351.30.

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

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.