Corpay (NYSE:CPAY) Hits New 12-Month High After Analyst Upgrade

Corpay, Inc. (NYSE:CPAY) reached a new 52-week high on Thursday after BMO Capital Markets raised their price target on the stock from $350.00 to $390.00. BMO Capital Markets currently has an outperform rating on the stock. Corpay traded as high as $320.19 and last traded at $319.40, with a volume of 116932 shares trading hands. The stock had previously closed at $316.65.

A number of other analysts also recently weighed in on CPAY. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $310.00 target price on shares of Corpay in a research report on Thursday, August 8th. Jefferies Financial Group raised their target price on shares of Corpay from $350.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Raymond James lowered their target price on shares of Corpay from $330.00 to $311.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Bank of America cut their price target on Corpay from $331.00 to $310.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Finally, Wells Fargo & Company initiated coverage on Corpay in a research note on Wednesday, June 5th. They set an “equal weight” rating and a $285.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $337.92.

Institutional Investors Weigh In On Corpay

Several institutional investors and hedge funds have recently added to or reduced their stakes in CPAY. Los Angeles Capital Management LLC bought a new position in shares of Corpay during the 1st quarter valued at $33,840,000. GAMMA Investing LLC bought a new position in Corpay in the first quarter valued at about $149,000. Pensionfund Sabic purchased a new position in Corpay in the first quarter worth about $1,327,000. Beese Fulmer Investment Management Inc. bought a new stake in shares of Corpay during the 1st quarter valued at about $1,398,000. Finally, Massmutual Trust Co. FSB ADV bought a new stake in shares of Corpay during the 1st quarter valued at about $61,000. Hedge funds and other institutional investors own 98.84% of the company’s stock.

Corpay Stock Performance

The company’s 50-day moving average price is $300.62. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.74. The firm has a market capitalization of $23.26 billion, a PE ratio of 24.63, a PEG ratio of 1.24 and a beta of 1.22.

Corpay (NYSE:CPAY) last released its quarterly earnings results on Wednesday, August 7th. The company reported $4.55 earnings per share for the quarter, topping the consensus estimate of $4.51 by $0.04. The business had revenue of $975.70 million for the quarter, compared to the consensus estimate of $973.84 million. Corpay had a net margin of 26.41% and a return on equity of 38.93%. The company’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period last year, the firm earned $3.85 earnings per share. On average, sell-side analysts anticipate that Corpay, Inc. will post 17.83 earnings per share for the current fiscal year.

Corpay Company 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.