Raymond James Financial Inc. Invests $134.95 Million in Corpay, Inc. (NYSE:CPAY)

Raymond James Financial Inc. bought a new stake in Corpay, Inc. (NYSE:CPAY) during the fourth quarter, Holdings Channel.com reports. The fund bought 398,766 shares of the company’s stock, valued at approximately $134,950,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Exchange Traded Concepts LLC raised its stake in Corpay by 16.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 204 shares of the company’s stock valued at $69,000 after purchasing an additional 29 shares in the last quarter. Tealwood Asset Management Inc. raised its stake in Corpay by 0.7% in the fourth quarter. Tealwood Asset Management Inc. now owns 4,197 shares of the company’s stock valued at $1,420,000 after purchasing an additional 30 shares in the last quarter. Oregon Public Employees Retirement Fund raised its stake in Corpay by 0.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 5,963 shares of the company’s stock valued at $2,018,000 after purchasing an additional 30 shares in the last quarter. IFP Advisors Inc raised its stake in Corpay by 2.7% in the fourth quarter. IFP Advisors Inc now owns 1,151 shares of the company’s stock valued at $390,000 after purchasing an additional 30 shares in the last quarter. Finally, Lake Street Advisors Group LLC raised its stake in Corpay by 3.5% in the fourth quarter. Lake Street Advisors Group LLC now owns 939 shares of the company’s stock valued at $318,000 after purchasing an additional 32 shares in the last quarter. 98.84% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Richard Macchia sold 2,427 shares of the firm’s 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 completion of the sale, the director now owns 12,215 shares of the company’s stock, valued at $4,583,434.45. This trade represents a 16.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 6.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CPAY has been the topic of a number of recent analyst reports. BMO Capital Markets raised their target price on shares of Corpay from $400.00 to $440.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Keefe, Bruyette & Woods increased their price target on shares of Corpay from $415.00 to $445.00 and gave the company an “outperform” rating in a research report on Thursday, February 6th. Wolfe Research upgraded shares of 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. Wells Fargo & Company increased their price target on shares of Corpay from $340.00 to $375.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Finally, Raymond James reduced their price target on shares of Corpay from $434.00 to $417.00 and set an “outperform” rating on the stock in a research report on Thursday, February 6th. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $399.71.

Corpay Stock Down 2.0 %

Shares of Corpay stock opened at $335.78 on Friday. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.05 and a current ratio of 1.00. Corpay, Inc. has a 52-week low of $247.10 and a 52-week high of $400.81. The stock has a market capitalization of $23.59 billion, a price-to-earnings ratio of 24.02, a P/E/G ratio of 1.32 and a beta of 1.25. The company’s 50 day moving average price is $365.56 and its 200-day moving average price is $347.36.

Corpay (NYSE:CPAY) last issued its earnings results on Wednesday, February 5th. The company reported $4.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.37 by ($0.41). Corpay had a return on equity of 41.46% and a net margin of 25.25%. Equities research analysts forecast that Corpay, Inc. will post 19.76 EPS for the current year.

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.