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

Corpay, Inc. (NYSE:CPAY)’s share price reached a new 52-week high during mid-day trading on Thursday after Morgan Stanley raised their price target on the stock from $350.00 to $380.00. Morgan Stanley currently has an equal weight rating on the stock. Corpay traded as high as $400.68 and last traded at $391.99, with a volume of 118109 shares. The stock had previously closed at $388.67.

A number of other brokerages have also weighed in on CPAY. Keefe, Bruyette & Woods lowered their target price on Corpay from $425.00 to $415.00 and set an “outperform” rating for the company in a research note on Monday, January 6th. Barclays raised their price objective on shares of Corpay from $385.00 to $415.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Wolfe Research upgraded Corpay from a “peer perform” rating to an “outperform” rating and set a $420.00 target price for the company in a research report on Wednesday, January 8th. Jefferies Financial Group lifted their price target on shares of Corpay from $375.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Finally, Citigroup started coverage on Corpay in a report on Tuesday, January 14th. They set a “buy” rating and a $430.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $383.57.

Insider Buying and Selling

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 completion of the sale, the director now owns 10,530 shares of the company’s stock, valued at approximately $3,950,645.40. This trade represents a 22.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Alissa B. Vickery sold 8,000 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $370.04, for a total transaction 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. The trade was a 81.66 % decrease in their position. The disclosure for this sale can be found here. 6.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Corpay

Several institutional investors and hedge funds have recently added to or reduced their stakes in CPAY. Swedbank AB grew its holdings in shares of Corpay by 46.3% during the third quarter. Swedbank AB now owns 186,117 shares of the company’s stock worth $58,210,000 after purchasing an additional 58,900 shares during the last quarter. Oppenheimer Asset Management Inc. grew its holdings in Corpay by 66.7% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 5,888 shares of the company’s stock worth $1,842,000 after acquiring an additional 2,355 shares during the last quarter. Retireful LLC acquired a new position in Corpay in the 3rd quarter valued at approximately $702,000. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Corpay during the third quarter valued at $527,000. Finally, Banco Santander S.A. acquired a new position in shares of Corpay during the third quarter worth $668,000. 98.84% of the stock is currently owned by institutional investors.

Corpay Trading Down 0.5 %

The company has a market cap of $26.96 billion, a P/E ratio of 27.49, a PEG ratio of 1.30 and a beta of 1.28. The firm’s 50 day moving average is $361.54 and its two-hundred day moving average is $335.21. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.69.

Corpay (NYSE:CPAY) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $4.96 EPS for the quarter, missing analysts’ consensus estimates of $5.37 by ($0.41). Corpay had a net margin of 26.14% and a return on equity of 39.44%. As a group, equities research analysts anticipate that Corpay, Inc. will post 17.84 EPS for the current year.

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.