Resona Asset Management Co. Ltd. Makes New $6.71 Million Investment in Corpay, Inc. (NYSE:CPAY)

Resona Asset Management Co. Ltd. acquired a new position in shares of Corpay, Inc. (NYSE:CPAY) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 19,813 shares of the company’s stock, valued at approximately $6,713,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Avion Wealth grew its stake 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 in the last quarter. Versant Capital Management Inc boosted its holdings in shares of 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 last quarter. Quarry LP bought a new position in shares of Corpay in the third quarter valued at $42,000. Spire Wealth Management bought a new position in shares of Corpay in the fourth quarter valued at $42,000. Finally, Assetmark Inc. increased its holdings 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 last quarter. Institutional investors and hedge funds own 98.84% of the company’s stock.

Wall Street Analysts Forecast Growth

CPAY has been the subject of a number of analyst reports. Wells Fargo & Company lifted their price objective on shares of Corpay from $340.00 to $375.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Royal Bank of Canada lifted their price target on Corpay from $354.00 to $400.00 and gave the stock a “sector perform” rating in a report on Thursday, February 6th. Raymond James lowered their price target on Corpay from $434.00 to $417.00 and set an “outperform” rating on the stock in a research report on Thursday, February 6th. BMO Capital Markets raised their price objective on Corpay from $400.00 to $440.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Finally, Citigroup initiated coverage on Corpay in a report on Tuesday, January 14th. They set a “buy” rating and a $430.00 target price on the stock. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $401.54.

Corpay Stock Down 0.2 %

CPAY opened at $288.09 on Tuesday. The stock has a fifty day moving average of $357.68 and a 200-day moving average of $352.91. The company has a market capitalization of $20.24 billion, a P/E ratio of 20.61, a P/E/G ratio of 1.32 and a beta of 1.11. Corpay, Inc. has a fifty-two week low of $247.10 and a fifty-two week 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.

Corpay (NYSE:CPAY) last issued its quarterly earnings data on Wednesday, February 5th. The company reported $4.96 earnings per share for the quarter, missing the consensus estimate of $5.37 by ($0.41). Corpay had a return on equity of 41.46% and a net margin of 25.25%. On average, equities analysts expect that Corpay, Inc. will post 19.76 EPS for the current year.

Insider Activity at Corpay

In related news, Director Richard Macchia sold 2,427 shares of the firm’s stock in a transaction 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 owns 12,215 shares in the company, valued at approximately $4,583,434.45. This trade represents a 16.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 6.10% of the stock is currently owned by corporate insiders.

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.