Brown Capital Management LLC Sells 12,339 Shares of Corpay, Inc. (NYSE:CPAY)

Brown Capital Management LLC cut its stake in Corpay, Inc. (NYSE:CPAY) by 75.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,038 shares of the company’s stock after selling 12,339 shares during the quarter. Brown Capital Management LLC’s holdings in Corpay were worth $1,263,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Albion Financial Group UT purchased a new position in Corpay in the third quarter worth $27,000. LGT Financial Advisors LLC acquired a new position in shares of Corpay during the second quarter valued at about $33,000. Blue Trust Inc. boosted its stake in Corpay by 246.2% in the 2nd quarter. Blue Trust Inc. now owns 135 shares of the company’s stock worth $36,000 after purchasing an additional 96 shares in the last quarter. Innealta Capital LLC purchased a new stake in Corpay during the 2nd quarter worth approximately $36,000. Finally, Whittier Trust Co. of Nevada Inc. purchased a new stake in Corpay during the 2nd quarter worth approximately $40,000. 98.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Joseph W. Farrelly sold 2,975 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $375.18, for a total value of $1,116,160.50. Following the completion of the sale, the director now owns 10,530 shares of the company’s stock, valued at approximately $3,950,645.40. The trade was a 22.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 6.10% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on CPAY. Wells Fargo & Company lifted their price objective on shares of Corpay from $285.00 to $320.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. BMO Capital Markets boosted their price target on Corpay from $350.00 to $390.00 and gave the company an “outperform” rating in a research note on Thursday, October 3rd. Wolfe Research raised Corpay from an “underperform” rating to a “peer perform” rating in a report on Tuesday, September 3rd. Morgan Stanley lifted their target price on Corpay from $325.00 to $350.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Finally, Bank of America increased their price target on shares of Corpay from $344.00 to $375.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $363.93.

Corpay Stock Performance

Shares of NYSE CPAY opened at $369.24 on Thursday. The company has a market capitalization of $25.74 billion, a PE ratio of 26.34, a price-to-earnings-growth ratio of 1.44 and a beta of 1.21. The company has a debt-to-equity ratio of 1.69, a quick ratio of 1.05 and a current ratio of 1.05. The company’s fifty day moving average price is $335.54 and its 200 day moving average price is $300.20. Corpay, Inc. has a 1 year low of $230.68 and a 1 year high of $375.98.

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.