Legal & General Group Plc Lowers Stock Position in Corpay, Inc. (NYSE:CPAY)

Legal & General Group Plc cut its holdings in shares of Corpay, Inc. (NYSE:CPAY - Free Report) by 20.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 385,474 shares of the company's stock after selling 98,687 shares during the period. Legal & General Group Plc owned about 0.55% of Corpay worth $130,452,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Invesco Ltd. boosted its stake in shares of Corpay by 163.7% in the fourth quarter. Invesco Ltd. now owns 1,686,665 shares of the company's stock worth $570,801,000 after buying an additional 1,047,080 shares during the last quarter. Cerity Partners LLC boosted its position in Corpay by 7.3% in the 4th quarter. Cerity Partners LLC now owns 31,443 shares of the company's stock worth $10,542,000 after purchasing an additional 2,133 shares in the last quarter. Federated Hermes Inc. grew its stake in shares of Corpay by 6,150.0% during the 4th quarter. Federated Hermes Inc. now owns 250 shares of the company's stock worth $85,000 after purchasing an additional 246 shares during the period. Unigestion Holding SA purchased a new position in shares of Corpay during the 4th quarter valued at approximately $846,000. Finally, Aster Capital Management DIFC Ltd acquired a new position in shares of Corpay in the 4th quarter valued at $136,000. 98.84% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Richard Macchia sold 2,427 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $375.23, for a total value of $910,683.21. Following the completion of the sale, the director now owns 12,215 shares of the company's stock, valued at $4,583,434.45. This represents a 16.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 6.10% of the stock is currently owned by company insiders.

Corpay Price Performance

Shares of Corpay stock traded down $1.16 during trading hours on Wednesday, reaching $311.68. 51,095 shares of the company's stock were exchanged, compared to its average volume of 480,903. The business has a fifty day moving average of $345.06 and a two-hundred day moving average of $352.07. The company has a quick ratio of 1.05, a current ratio of 1.00 and a debt-to-equity ratio of 1.66. The company has a market capitalization of $21.90 billion, a P/E ratio of 22.29, a price-to-earnings-growth ratio of 1.32 and a beta of 1.11. Corpay, Inc. has a 1 year low of $247.10 and a 1 year high of $400.81.

Corpay (NYSE:CPAY - Get Free Report) last released its quarterly earnings data 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 net margin of 25.25% and a return on equity of 41.46%. As a group, research analysts predict that Corpay, Inc. will post 19.76 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on CPAY shares. Citigroup began coverage on shares of Corpay in a report on Tuesday, January 14th. They issued a "buy" rating and a $430.00 price objective for the company. Morgan Stanley upped their price target on Corpay from $350.00 to $380.00 and gave the stock an "equal weight" rating in a report on Thursday, February 6th. Barclays dropped their price objective on Corpay from $440.00 to $400.00 and set an "overweight" rating on the stock in a report on Monday. Wells Fargo & Company upped their target price on Corpay from $340.00 to $375.00 and gave the stock an "equal weight" rating in a research note on Thursday, January 16th. Finally, Keefe, Bruyette & Woods lifted their price target 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. Three research 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 presently has a consensus rating of "Moderate Buy" and an average target price of $400.38.

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.