Corpay (NYSE:CPAY) Earns Buy Rating from Analysts at Citigroup

Equities research analysts at Citigroup initiated coverage on shares of Corpay (NYSE:CPAY) in a research report issued on Tuesday. The firm set a “buy” rating and a $430.00 price target on the stock. Citigroup’s target price indicates a potential upside of 18.60% from the company’s current price.

Other analysts have also issued reports about the stock. Morgan Stanley upped their price target on shares of Corpay from $325.00 to $350.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Keefe, Bruyette & Woods decreased their price target on Corpay from $425.00 to $415.00 and set an “outperform” rating for the company in a research note on Monday, January 6th. Jefferies Financial Group boosted their price objective on Corpay from $375.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Bank of America raised their target price on Corpay from $344.00 to $375.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Finally, BMO Capital Markets boosted their price target on shares of Corpay from $400.00 to $440.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Three research 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 company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $377.50.

Corpay Price Performance

Shares of NYSE CPAY opened at $362.57 on Tuesday. The stock has a market cap of $25.28 billion, a P/E ratio of 25.86, a P/E/G ratio of 1.40 and a beta of 1.26. The firm’s 50-day simple moving average is $359.11 and its 200 day simple moving average is $324.55. Corpay has a fifty-two week low of $247.10 and a fifty-two week high of $385.30. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.69.

Insider Activity at Corpay

In other news, Director Joseph W. Farrelly sold 2,975 shares of Corpay stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $375.18, for a total transaction of $1,116,160.50. Following the transaction, the director now owns 10,530 shares in the company, valued at approximately $3,950,645.40. The trade was a 22.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Alissa B. Vickery sold 8,000 shares of the stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $370.04, for a total value of $2,960,320.00. Following the completion of the sale, the chief accounting officer now directly owns 1,797 shares of the company’s stock, valued at approximately $664,961.88. This represents a 81.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Corpay

Large investors have recently made changes to their positions in the business. Albion Financial Group UT purchased a new position in Corpay during the third quarter valued at approximately $27,000. Versant Capital Management Inc grew its holdings in shares of Corpay by 130.4% during the 4th quarter. Versant Capital Management Inc now owns 106 shares of the company’s stock valued at $36,000 after acquiring an additional 60 shares in the last quarter. Huntington National Bank increased its stake in shares of Corpay by 43.0% in the third quarter. Huntington National Bank now owns 133 shares of the company’s stock worth $42,000 after acquiring an additional 40 shares during the last quarter. Quarry LP purchased a new stake in shares of Corpay during the third quarter worth $42,000. Finally, Continuum Advisory LLC boosted its position in Corpay by 47.9% during the third quarter. Continuum Advisory LLC now owns 142 shares of the company’s stock valued at $44,000 after purchasing an additional 46 shares during the last quarter. Institutional investors and hedge funds own 98.84% of the company’s stock.

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.