Allstate Corp Takes Position in Corpay, Inc. (NYSE:CPAY)

Allstate Corp purchased a new position in shares of Corpay, Inc. (NYSE:CPAY) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,966 shares of the company’s stock, valued at approximately $665,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Maridea Wealth Management LLC bought a new stake in Corpay in the fourth quarter valued at about $245,000. Norges Bank bought a new stake in shares of Corpay in the 4th quarter valued at about $241,739,000. AssuredPartners Investment Advisors LLC acquired a new stake in shares of Corpay in the 4th quarter valued at approximately $424,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Corpay by 3.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 103,660 shares of the company’s stock worth $35,436,000 after acquiring an additional 3,017 shares during the last quarter. Finally, Korea Investment CORP grew its holdings in Corpay by 79.9% during the fourth quarter. Korea Investment CORP now owns 75,861 shares of the company’s stock valued at $25,673,000 after purchasing an additional 33,683 shares during the period. 98.84% of the stock is owned by institutional investors.

Insider Transactions at Corpay

In other news, Director Richard Macchia sold 2,427 shares of Corpay stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $375.23, for a total transaction of $910,683.21. Following the completion of the transaction, the director now directly owns 12,215 shares in the company, valued at approximately $4,583,434.45. The trade was a 16.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 6.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CPAY shares. Wells Fargo & Company increased their target price on shares of Corpay from $340.00 to $375.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Raymond James decreased their target price on Corpay from $434.00 to $417.00 and set an “outperform” rating for the company in a research note on Thursday, February 6th. Wolfe Research raised Corpay from a “peer perform” rating to an “outperform” rating and set a $420.00 price target on the stock in a research report on Wednesday, January 8th. Morgan Stanley boosted their price objective on Corpay from $350.00 to $380.00 and gave the company an “equal weight” rating in a research report on Thursday, February 6th. Finally, BMO Capital Markets raised their target price on shares of Corpay from $400.00 to $440.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $399.71.

Corpay Price Performance

Shares of NYSE CPAY opened at $348.68 on Tuesday. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.00 and a quick ratio of 1.05. The business has a 50-day moving average of $363.31 and a 200-day moving average of $352.48. The stock has a market capitalization of $24.49 billion, a price-to-earnings ratio of 24.94, a PEG ratio of 1.32 and a beta of 1.25. Corpay, Inc. has a fifty-two week low of $247.10 and a fifty-two week high of $400.81.

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

Corpay Company Profile

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.