CIBC Asset Management Inc Increases Stock Holdings in Corpay, Inc. (NYSE:CPAY)

CIBC Asset Management Inc increased its holdings in Corpay, Inc. (NYSE:CPAY) by 7.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,196 shares of the company’s stock after buying an additional 691 shares during the period. CIBC Asset Management Inc’s holdings in Corpay were worth $3,189,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in CPAY. Huntington National Bank raised its position in Corpay by 43.0% during the third quarter. Huntington National Bank now owns 133 shares of the company’s stock worth $42,000 after acquiring an additional 40 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in shares of Corpay by 66.7% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 5,888 shares of the company’s stock worth $1,842,000 after purchasing an additional 2,355 shares in the last quarter. Pinnacle Financial Partners Inc raised its position in shares of Corpay by 0.8% during the 3rd quarter. Pinnacle Financial Partners Inc now owns 27,963 shares of the company’s stock worth $8,746,000 after purchasing an additional 214 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Corpay by 0.9% in the 3rd quarter. Victory Capital Management Inc. now owns 154,698 shares of the company’s stock valued at $48,383,000 after buying an additional 1,339 shares in the last quarter. Finally, Meridian Management Co. grew its holdings in Corpay by 0.9% during the 3rd quarter. Meridian Management Co. now owns 21,384 shares of the company’s stock valued at $6,688,000 after buying an additional 200 shares during the last quarter. 98.84% of the stock is owned by institutional investors and hedge funds.

Insider Activity 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 stock was sold at an average price of $375.18, for a total transaction of $1,116,160.50. Following the completion of the transaction, the director now directly owns 10,530 shares in the company, valued at $3,950,645.40. This represents a 22.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CPAY has been the topic of several recent research reports. Wolfe Research upgraded Corpay from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, September 3rd. Morgan Stanley raised their target price 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. Royal Bank of Canada reissued a “sector perform” rating and set a $310.00 price target on shares of Corpay in a research note on Thursday, August 8th. JPMorgan Chase & Co. raised their price target on Corpay from $327.00 to $353.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Finally, Wells Fargo & Company upped their price objective on shares of Corpay from $285.00 to $320.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Four investment 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $363.93.

Corpay Trading Up 0.3 %

NYSE:CPAY opened at $364.58 on Tuesday. The business’s 50-day moving average is $333.12 and its two-hundred day moving average is $299.23. The firm has a market capitalization of $25.42 billion, a PE ratio of 26.00, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.05 and a quick ratio of 1.02. Corpay, Inc. has a 12 month low of $230.68 and a 12 month high of $375.98.

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.