Citigroup assumed coverage on shares of Corpay (NYSE:CPAY – Get Free Report) in a research report issued to clients and investors on Tuesday. The brokerage set a “buy” rating and a $430.00 price target on the stock. Citigroup’s target price suggests a potential upside of 20.05% from the company’s previous close.
Several other brokerages also recently commented on CPAY. Wells Fargo & Company raised their target price on Corpay from $285.00 to $320.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Barclays lifted their target price on Corpay from $385.00 to $415.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Keefe, Bruyette & Woods decreased their target price on Corpay from $425.00 to $415.00 and set an “outperform” rating for the company in a research report on Monday, January 6th. Jefferies Financial Group boosted their price objective on Corpay from $375.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Finally, Wolfe Research upgraded Corpay from a “peer perform” rating to an “outperform” rating and set a $420.00 price objective for the company in a research report on Wednesday, January 8th. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $377.50.
Read Our Latest Analysis on CPAY
Corpay Trading Up 1.7 %
Insider Transactions at Corpay
In other Corpay news, Director Joseph W. Farrelly sold 2,975 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $375.18, for a total value of $1,116,160.50. Following the completion of the sale, the director now owns 10,530 shares in the company, valued at approximately $3,950,645.40. This trade represents a 22.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Alissa B. Vickery sold 8,000 shares of the firm’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 value of $2,960,320.00. Following the completion of the sale, the chief accounting officer now owns 1,797 shares of the company’s stock, valued at $664,961.88. This represents a 81.66 % decrease in their position. The disclosure for this sale can be found here. 6.10% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Corpay
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Park Avenue Securities LLC increased its holdings in Corpay by 13.4% during the 4th quarter. Park Avenue Securities LLC now owns 1,648 shares of the company’s stock valued at $558,000 after purchasing an additional 195 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Corpay by 132.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 69,659 shares of the company’s stock valued at $23,574,000 after buying an additional 39,715 shares during the period. Board of the Pension Protection Fund acquired a new stake in shares of Corpay in the 4th quarter valued at $68,000. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Corpay in the 4th quarter valued at $220,000. Finally, Oak Thistle LLC acquired a new stake in shares of Corpay in the 4th quarter valued at $302,000. Institutional investors own 98.84% 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.
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