Corpay (NYSE:CPAY) Price Target Cut to $310.00

Corpay (NYSE:CPAY) had its target price dropped by investment analysts at Bank of America from $331.00 to $310.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s target price would suggest a potential upside of 9.14% from the stock’s previous close.

Several other equities research analysts also recently commented on CPAY. Citigroup lifted their price objective on shares of Corpay from $325.00 to $355.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. BMO Capital Markets reduced their price target on shares of Corpay from $360.00 to $350.00 and set an “outperform” rating for the company in a research report on Thursday, May 9th. Barclays dropped their price objective on shares of Corpay from $355.00 to $350.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. Jefferies Financial Group raised their target price on shares of Corpay from $295.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Finally, Wells Fargo & Company assumed coverage on shares of Corpay in a report on Wednesday, June 5th. They issued an “equal weight” rating and a $285.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $330.33.

Corpay Trading Down 0.8 %

Shares of NYSE CPAY traded down $2.29 during mid-day trading on Thursday, reaching $284.04. The company had a trading volume of 474,184 shares, compared to its average volume of 468,703. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market cap of $19.96 billion, a PE ratio of 21.13, a price-to-earnings-growth ratio of 1.09 and a beta of 1.20. The stock’s 50-day moving average price is $273.01. Corpay has a 52 week low of $220.39 and a 52 week high of $319.94.

Corpay (NYSE:CPAY) last released its quarterly earnings data on Wednesday, August 7th. The company reported $4.55 earnings per share for the quarter, topping analysts’ consensus estimates of $4.51 by $0.04. Corpay had a net margin of 26.29% and a return on equity of 36.97%. The company had revenue of $975.70 million during the quarter, compared to analyst estimates of $973.84 million. During the same period in the prior year, the firm earned $3.85 earnings per share. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, equities research analysts forecast that Corpay will post 17.82 earnings per share for the current year.

Hedge Funds Weigh In On Corpay

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. acquired a new position in Corpay in the first quarter valued at $2,431,089,000. JPMorgan Chase & Co. acquired a new stake in Corpay in the 1st quarter valued at about $1,429,445,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Corpay during the 1st quarter worth approximately $1,355,377,000. Boston Partners acquired a new position in shares of Corpay in the first quarter worth $553,667,000. Finally, Sustainable Growth Advisers LP acquired a new position in Corpay in the 1st quarter valued at about $553,279,000. 98.84% of the stock is owned by institutional investors and hedge funds.

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.