Bridgewater Associates LP Decreases Stock Position in Corpay, Inc. (NYSE:CPAY)

Bridgewater Associates LP reduced its holdings in shares of Corpay, Inc. (NYSE:CPAY) by 3.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 134,084 shares of the company’s stock after selling 4,243 shares during the quarter. Bridgewater Associates LP’s holdings in Corpay were worth $41,936,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Boston Partners acquired a new position in Corpay in the 1st quarter valued at about $553,667,000. American Century Companies Inc. grew its stake in Corpay by 1,734.1% in the 2nd quarter. American Century Companies Inc. now owns 400,662 shares of the company’s stock worth $106,740,000 after acquiring an additional 378,817 shares during the period. TD Asset Management Inc purchased a new stake in Corpay in the 2nd quarter worth approximately $41,475,000. Assenagon Asset Management S.A. purchased a new position in shares of Corpay during the 2nd quarter worth $35,655,000. Finally, International Assets Investment Management LLC purchased a new position in shares of Corpay during the 3rd quarter worth $40,497,000. Institutional investors and hedge funds own 98.84% of the company’s stock.

Corpay Trading Up 0.1 %

NYSE:CPAY opened at $382.04 on Wednesday. The business’s 50-day moving average is $341.36 and its two-hundred day moving average is $302.59. The firm has a market capitalization of $26.63 billion, a PE ratio of 27.25, a price-to-earnings-growth ratio of 1.49 and a beta of 1.21. Corpay, Inc. has a 12 month low of $230.68 and a 12 month high of $385.30. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.05 and a quick ratio of 1.05.

Analysts Set New Price Targets

CPAY has been the subject of several analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $310.00 target price on shares of Corpay in a research note on Thursday, August 8th. Keefe, Bruyette & Woods increased their price objective on shares of Corpay from $380.00 to $400.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Bank of America boosted their target price on shares of Corpay from $344.00 to $375.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Wolfe Research raised shares of Corpay from an “underperform” rating to a “peer perform” rating in a research note on Tuesday, September 3rd. Finally, Wells Fargo & Company boosted their price objective on shares of Corpay from $285.00 to $320.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Corpay presently has a consensus rating of “Moderate Buy” and an average target price of $363.93.

Insider Activity

In other news, CAO Alissa B. Vickery sold 8,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief accounting officer now directly owns 1,797 shares in the company, valued at $664,961.88. This trade represents a 81.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph W. Farrelly sold 2,975 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $375.18, for a total value of $1,116,160.50. Following the completion of the transaction, the director now owns 10,530 shares in the company, valued at approximately $3,950,645.40. This trade represents a 22.03 % decrease in their position. The disclosure for this sale can be found here. Insiders own 6.10% of the company’s stock.

Corpay 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.