Alissa B. Vickery, the Chief Accounting Officer of Corpay, Inc. (NYSE:CPAY), has recently sold a significant amount of company stock, according to the latest SEC filings. On August 16, 2024, Vickery disposed of 5,276 shares at a price of $292.38 each, totaling approximately $1,542,596.
The transactions did not stop at sales. On the same day, Vickery also acquired shares through option exercises, with a total of 5,276 shares purchased at prices ranging from $133.4 to $150.74, amounting to $738,498. The acquisitions and sales have led to a notable change in Vickery's holdings in the company, with a remaining direct ownership of 1,797 shares of common stock following the sales.
These transactions come as part of the regular financial activities of corporate executives, who often buy or sell shares in their own companies. The exact reasons behind Vickery's decision to sell such a substantial number of shares were not disclosed in the filings.
Investors and market watchers frequently scrutinize such insider transactions for insights into executive sentiment towards their company's stock. However, it is essential to consider that these transactions can be influenced by various factors, including personal financial planning and diversification strategies.
Corpay, Inc., formerly known as Fleetcor Technologies (NYSE:CPAY) Inc., operates in the business services sector, providing a range of services under the broader industry category. The company's stock, traded under the ticker CPAY, is watched by investors interested in the business services space.
For those keeping an eye on insider activities, the recent moves by Vickery represent a significant change in her investment in Corpay, and it remains to be seen how these transactions might influence the market's perception of the company's stock.
In other recent news, Corpay, Inc. reported Q2 adjusted earnings per share of $4.55, surpassing analyst estimates, and a revenue of $975.7 million, slightly above the consensus. The company saw a 3% YoY revenue increase and a 5% rise in net income. Corporate Payments revenue grew 17% YoY, while Lodging Payments revenue saw a decline. Recent developments include Corpay's Q3 guidance, which falls below estimates, with an expected adjusted EPS of $4.90-$5.00 and revenue guidance of $1.015-1.035 billion, short of analysts' $1.049 billion projection. The company also adjusted its full year 2024 outlook, now forecasting an adjusted EPS of $18.85-$19.15 on revenue of $3.975-4.025 billion. Additionally, Corpay completed its acquisition of Paymerang, expected to contribute $25-35 million in revenue for the remainder of 2024.
InvestingPro Insights
As investors analyze the insider trading activities of Alissa B. Vickery at Corpay, Inc. (NYSE:CPAY), it is also important to consider the broader financial metrics and market performance of the company. Corpay's market capitalization stands at a robust $20.31 billion, reflecting a significant presence in the business services sector. The company's P/E ratio, a key indicator of market expectations, is currently at 20.81, with a slight adjustment to 20.39 when considering the last twelve months as of Q2 2024. This suggests that investors are willing to pay a premium for Corpay's earnings, which aligns with the confidence shown by management's aggressive share buyback program—an InvestingPro Tip highlighting their bullish stance on the company's value.
Despite the earnings revisions by analysts, another InvestingPro Tip indicates that Corpay is anticipated to be profitable this year, a sentiment backed by the company's solid gross profit margin of 78.36% over the last twelve months leading up to Q2 2024. With a Price / Book multiple of 7.4, the company is trading at a high valuation in terms of its book value, which could be a point of consideration for value-focused investors. It's worth noting that Corpay does not pay a dividend, which may influence the investment strategy of income-seeking shareholders.
Additional insights and tips for Corpay are available on InvestingPro, providing a deeper dive into the company's financial health and market performance. As of now, there are 6 more InvestingPro Tips listed for Corpay, offering valuable information for investors looking to make informed decisions.
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