Geode Capital Management LLC Acquires 23,275 Shares of Corpay, Inc. (NYSE:CPAY)

Geode Capital Management LLC increased its holdings in Corpay, Inc. (NYSE:CPAY - Free Report) by 1.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,677,899 shares of the company's stock after acquiring an additional 23,275 shares during the period. Geode Capital Management LLC owned about 2.41% of Corpay worth $523,061,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in CPAY. Albion Financial Group UT bought a new stake in shares of Corpay in the 3rd quarter worth $27,000. LGT Financial Advisors LLC purchased a new stake in Corpay in the 2nd quarter valued at about $33,000. Blue Trust Inc. lifted its position in shares of Corpay by 246.2% during the 2nd quarter. Blue Trust Inc. now owns 135 shares of the company's stock worth $36,000 after buying an additional 96 shares in the last quarter. Innealta Capital LLC purchased a new position in shares of Corpay in the 2nd quarter worth approximately $36,000. Finally, Whittier Trust Co. of Nevada Inc. bought a new position in shares of Corpay in the second quarter valued at approximately $40,000. Institutional investors own 98.84% of the company's stock.

Corpay Price Performance

Shares of Corpay stock traded down $4.45 on Friday, reaching $357.10. The stock had a trading volume of 231,336 shares, compared to its average volume of 471,125. The business's 50 day moving average is $355.66 and its two-hundred day moving average is $310.01. The company has a market cap of $24.89 billion, a P/E ratio of 25.77, a price-to-earnings-growth ratio of 1.43 and a beta of 1.24. Corpay, Inc. has a 1 year low of $247.10 and a 1 year high of $385.30. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.69.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CPAY. Morgan Stanley boosted their price objective on Corpay from $325.00 to $350.00 and gave the stock an "equal weight" rating in a research report on Monday, November 11th. Bank of America increased their price target on shares of Corpay from $344.00 to $375.00 and gave the company a "buy" rating in a research report on Tuesday, October 15th. Wolfe Research raised shares of Corpay from an "underperform" rating to a "peer perform" rating in a research report on Tuesday, September 3rd. Barclays increased their target price on shares of Corpay from $385.00 to $415.00 and gave the company an "overweight" rating in a research report on Monday, October 28th. Finally, Jefferies Financial Group lifted their price target on shares of Corpay from $375.00 to $425.00 and gave the stock a "buy" rating in a report on Wednesday, October 16th. Four 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 stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $369.29.

Insider Buying and Selling

In other news, Director Joseph W. Farrelly sold 2,975 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $375.18, for a total value of $1,116,160.50. Following the transaction, the director now owns 10,530 shares of the company's stock, 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 at this link. 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 sale, the chief accounting officer now directly owns 1,797 shares of the company's stock, valued at $664,961.88. This represents a 81.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.10% of the stock is currently owned by company 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.