Royal London Asset Management Ltd. Cuts Stock Position in Corpay, Inc. (NYSE:CPAY)

Royal London Asset Management Ltd. reduced its holdings in Corpay, Inc. (NYSE:CPAY - Free Report) by 8.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 29,683 shares of the company's stock after selling 2,570 shares during the quarter. Royal London Asset Management Ltd.'s holdings in Corpay were worth $9,284,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. American Century Companies Inc. grew its stake in Corpay by 1,734.1% in the second quarter. American Century Companies Inc. now owns 400,662 shares of the company's stock valued at $106,740,000 after acquiring an additional 378,817 shares during the period. TD Asset Management Inc purchased a new position in shares of Corpay during the second quarter valued at approximately $41,475,000. Assenagon Asset Management S.A. purchased a new position in shares of Corpay during the second quarter valued at approximately $35,655,000. International Assets Investment Management LLC purchased a new position in shares of Corpay during the third quarter valued at approximately $40,497,000. Finally, Prana Capital Management LP purchased a new position in shares of Corpay during the third quarter valued at approximately $31,541,000. 98.84% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Corpay

In related news, Director Joseph W. Farrelly sold 2,975 shares of the business'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 sale, the director now directly owns 10,530 shares in the company, valued at approximately $3,950,645.40. The trade was a 22.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Alissa B. Vickery sold 8,000 shares of the company's stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $370.04, for a total value of $2,960,320.00. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 6.10% of the company's stock.

Corpay Stock Performance

Shares of CPAY traded down $1.82 during mid-day trading on Friday, hitting $365.76. The stock had a trading volume of 323,241 shares, compared to its average volume of 494,575. The firm has a market cap of $25.50 billion, a P/E ratio of 26.09, a PEG ratio of 1.45 and a beta of 1.24. The business has a fifty day moving average price of $352.03 and a 200-day moving average price of $307.75. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.05 and a quick ratio of 1.05. Corpay, Inc. has a 52 week low of $247.10 and a 52 week high of $385.30.

Analysts Set New Price Targets

Several research analysts recently issued reports on CPAY shares. JPMorgan Chase & Co. lifted their target price on Corpay from $327.00 to $353.00 and gave the company an "overweight" rating in a research report on Tuesday, August 20th. Barclays lifted their target price on Corpay from $385.00 to $415.00 and gave the company an "overweight" rating in a research report on Monday, October 28th. Wolfe Research raised Corpay from an "underperform" rating to a "peer perform" rating in a research report on Tuesday, September 3rd. BMO Capital Markets lifted their target price on Corpay from $350.00 to $390.00 and gave the company an "outperform" rating in a research report on Thursday, October 3rd. Finally, Jefferies Financial Group boosted their price objective on Corpay from $375.00 to $425.00 and gave the stock a "buy" rating in a research report on Wednesday, October 16th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Corpay has a consensus rating of "Moderate Buy" and a consensus target price of $363.93.

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.