Hartford Investment Management Co. Decreases Stock Holdings in Corpay, Inc. (NYSE:CPAY)

Hartford Investment Management Co. reduced its position in shares of Corpay, Inc. (NYSE:CPAY) by 1.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,325 shares of the company’s stock after selling 54 shares during the period. Hartford Investment Management Co.’s holdings in Corpay were worth $1,464,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. CWM LLC raised its position in Corpay by 4.2% during the 3rd quarter. CWM LLC now owns 1,665 shares of the company’s stock valued at $521,000 after purchasing an additional 67 shares during the last quarter. Exchange Traded Concepts LLC purchased a new stake in Corpay in the third quarter worth $55,000. Creative Planning boosted its holdings in Corpay by 26.4% in the third quarter. Creative Planning now owns 6,247 shares of the company’s stock valued at $1,954,000 after acquiring an additional 1,305 shares in the last quarter. Vontobel Holding Ltd. increased its position in Corpay by 6.4% during the 3rd quarter. Vontobel Holding Ltd. now owns 812 shares of the company’s stock valued at $254,000 after purchasing an additional 49 shares during the period. Finally, Bleakley Financial Group LLC raised its holdings in Corpay by 38.3% in the 3rd quarter. Bleakley Financial Group LLC now owns 1,061 shares of the company’s stock worth $332,000 after purchasing an additional 294 shares in the last quarter. 98.84% of the stock is owned by institutional investors.

Insider Buying and Selling at Corpay

In other Corpay news, Director Richard Macchia sold 2,427 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 12,215 shares of the company’s stock, valued at approximately $4,583,434.45. This represents a 16.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Alissa B. Vickery sold 8,000 shares of Corpay stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $370.04, for a total transaction of $2,960,320.00. Following the transaction, the chief accounting officer now owns 1,797 shares in the company, valued at $664,961.88. This represents a 81.66 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Corpay from $415.00 to $445.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. Citigroup initiated coverage on Corpay in a research report on Tuesday, January 14th. They set a “buy” rating and a $430.00 price objective on the stock. Wolfe Research upgraded Corpay from a “peer perform” rating to an “outperform” rating and set a $420.00 target price for the company in a research note on Wednesday, January 8th. Morgan Stanley upped their price target on Corpay from $350.00 to $380.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 6th. Finally, Wells Fargo & Company raised 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 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. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $399.71.

Corpay Stock Performance

Shares of CPAY opened at $377.25 on Friday. The company has a market cap of $26.30 billion, a price-to-earnings ratio of 26.98, a P/E/G ratio of 1.33 and a beta of 1.28. The business’s fifty day simple moving average is $361.28 and its two-hundred day simple moving average is $338.45. Corpay, Inc. has a 12 month low of $247.10 and a 12 month high of $400.81. The company has a current ratio of 1.00, a quick ratio of 1.05 and a debt-to-equity ratio of 1.66.

Corpay (NYSE:CPAY) last announced 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 return on equity of 41.46% and a net margin of 25.25%. Research analysts anticipate that Corpay, Inc. will post 20.62 earnings per share for the current fiscal year.

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.