Third Point LLC Sells 155,000 Shares of Corpay, Inc. (NYSE:CPAY)

Third Point LLC lowered its position in Corpay, Inc. (NYSE:CPAY - Free Report) by 20.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 610,000 shares of the company's stock after selling 155,000 shares during the quarter. Corpay comprises 2.8% of Third Point LLC's investment portfolio, making the stock its 15th largest holding. Third Point LLC owned approximately 0.88% of Corpay worth $206,436,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Caisse DE Depot ET Placement DU Quebec purchased a new stake in shares of Corpay during the fourth quarter worth $14,485,000. Freestone Grove Partners LP purchased a new stake in Corpay during the 4th quarter worth about $333,000. Park West Asset Management LLC boosted its stake in Corpay by 18.8% in the 4th quarter. Park West Asset Management LLC now owns 142,600 shares of the company's stock worth $48,259,000 after purchasing an additional 22,600 shares during the period. AQR Capital Management LLC grew its holdings in Corpay by 89.6% during the 4th quarter. AQR Capital Management LLC now owns 161,218 shares of the company's stock valued at $54,542,000 after buying an additional 76,167 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Corpay by 17.6% during the fourth quarter. Northern Trust Corp now owns 660,091 shares of the company's stock valued at $223,388,000 after buying an additional 98,970 shares during the period. Institutional investors own 98.84% of the company's stock.

Corpay Stock Up 0.4 %

CPAY opened at $325.66 on Thursday. The company has a market capitalization of $22.88 billion, a PE ratio of 23.29, a price-to-earnings-growth ratio of 1.32 and a beta of 1.11. The firm has a 50-day simple moving average of $332.06 and a two-hundred day simple moving average of $350.90. The company has a quick ratio of 1.05, a current ratio of 1.00 and a debt-to-equity ratio of 1.66. Corpay, Inc. has a 52 week low of $247.10 and a 52 week 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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.37 by ($0.41). Corpay had a return on equity of 41.46% and a net margin of 25.25%. Analysts forecast that Corpay, Inc. will post 19.76 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CPAY has been the subject of several recent analyst reports. Wolfe Research raised shares of Corpay from a "peer perform" rating to an "outperform" rating and set a $420.00 price objective for the company in a research note on Wednesday, January 8th. Raymond James decreased their price target on shares of Corpay from $434.00 to $417.00 and set an "outperform" rating on the stock in a report on Thursday, February 6th. Royal Bank of Canada lifted their price objective on Corpay from $354.00 to $400.00 and gave the company a "sector perform" rating in a research note on Thursday, February 6th. Wells Fargo & Company reduced their target price on Corpay from $375.00 to $339.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. Finally, Barclays lowered their price target on Corpay from $440.00 to $400.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $397.62.

Insider Activity at Corpay

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

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.

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