Alissa B. Vickery, the Chief Accounting Officer of Corpay, Inc. (NYSE:CPAY), executed a significant stock transaction on November 20, 2024. Vickery sold 8,000 shares of Corpay's common stock at an average price of $370.04 per share, totaling approximately $2.96 million. Following this sale, she retains ownership of 1,797 shares.
In a related transaction, Vickery also acquired 8,000 shares through the exercise of stock options at $252.50 per share. This acquisition was part of a non-derivative transaction, adding to the shares she held before the sale.
In other recent news, Corpay has been the focus of several analyst adjustments. BMO Capital Markets has raised its price target to $400, citing strong third-quarter growth, including a 28% sales increase in its Corporate Payments division and an 18% revenue boost in Brazil. Mizuho (NYSE:MFG), however, maintained a neutral stance with a price target of $265, highlighting uncertainties in revenue composition and changes to the CEO's compensation package.
Corpay's third-quarter financial results revealed a revenue of approximately $1.029 billion and earnings per share of $3.90, following a second quarter where the company exceeded earnings and revenue estimates. However, the third-quarter guidance fell short of expectations, projecting an adjusted earnings per share of $4.90-$5.00 and revenue between $1.015-1.035 billion.
The company has also completed the acquisition of Paymerang, expected to generate an additional $25-35 million in revenue for the remainder of 2024. Other analyst assessments include CFRA's price target increase to $385 and Wolfe Research's rating adjustment to Peer Perform. These recent developments highlight Corpay's ongoing efforts to strengthen its financial performance and market position.
InvestingPro Insights
As Alissa B. Vickery's recent stock transaction reflects confidence in Corpay's current valuation, it's worth examining some key financial metrics and insights from InvestingPro to provide context for investors.
Corpay's market capitalization stands at an impressive $26.15 billion, underscoring its significant presence in the financial technology sector. The company's robust financial health is evident in its revenue of $3.88 billion over the last twelve months, with a notable revenue growth of 4.68% during the same period. This growth trajectory aligns with an InvestingPro Tip indicating that 8 analysts have revised their earnings upwards for the upcoming period, suggesting positive expectations for Corpay's future performance.
The stock's strong performance is reflected in its price movements, with a remarkable 60.68% total return over the past year and a 37.65% return over the last six months. This aligns with another InvestingPro Tip highlighting Corpay's high return over the last year. The company is currently trading near its 52-week high, with its price at 99.34% of the peak, indicating strong investor confidence.
While these metrics paint a positive picture, investors should note that Corpay is trading at a relatively high P/E ratio of 26.2, which the InvestingPro Tips suggest is high relative to its near-term earnings growth. This valuation metric, combined with a high Price/Book multiple of 8.48, may warrant careful consideration for value-oriented investors.
For those seeking a more comprehensive analysis, InvestingPro offers additional insights with 10 more tips available for Corpay, providing a deeper understanding of the company's financial position and market outlook.
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