Morgan Stanley Cuts Corpay (NYSE:CPAY) Price Target to $356.00

Corpay (NYSE:CPAY) had its price target cut by stock analysts at Morgan Stanley from $360.00 to $356.00 in a research note issued on Monday, August 11th, Marketbeat.com reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 13.17% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. UBS Group dropped their price objective on Corpay from $365.00 to $340.00 and set a “neutral” rating on the stock in a research note on Thursday, August 7th. Oppenheimer started coverage on Corpay in a research report on Monday, April 28th. They issued a “market perform” rating for the company. Barclays decreased their target price on Corpay from $440.00 to $400.00 and set an “overweight” rating on the stock in a report on Monday, April 14th. Wells Fargo & Company reduced their price objective on shares of Corpay from $375.00 to $339.00 and set an “equal weight” rating for the company in a research report on Thursday, April 24th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Corpay in a research report on Thursday, July 17th. They issued a “buy” rating and a $390.00 price objective on the stock. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $396.33.

Corpay Price Performance

Shares of NYSE:CPAY traded down $3.08 during midday trading on Monday, reaching $314.58. The company’s stock had a trading volume of 166,204 shares, compared to its average volume of 497,361. Corpay has a fifty-two week low of $269.02 and a fifty-two week high of $400.81. The business’s fifty day simple moving average is $327.66 and its 200-day simple moving average is $335.70. The company has a market capitalization of $22.21 billion, a P/E ratio of 21.35, a P/E/G ratio of 1.20 and a beta of 0.96. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.12 and a quick ratio of 1.12.

Corpay (NYSE:CPAY) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $5.13 earnings per share for the quarter, topping the consensus estimate of $5.11 by $0.02. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.09 billion. Corpay had a return on equity of 39.13% and a net margin of 25.17%. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the business posted $4.55 EPS. As a group, equities research analysts expect that Corpay will post 19.76 EPS for the current fiscal year.

Institutional Trading of Corpay

Institutional investors have recently added to or reduced their stakes in the stock. Select Equity Group L.P. boosted its stake in shares of Corpay by 1,302.3% during the 1st quarter. Select Equity Group L.P. now owns 1,218,898 shares of the company’s stock worth $425,054,000 after acquiring an additional 1,131,975 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Corpay by 20.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,840,818 shares of the company’s stock valued at $1,976,651,000 after buying an additional 1,000,699 shares in the last quarter. Norges Bank purchased a new stake in shares of Corpay during the 2nd quarter valued at about $266,246,000. GAMMA Investing LLC boosted its holdings in Corpay by 38,235.3% in the 1st quarter. GAMMA Investing LLC now owns 559,696 shares of the company’s stock worth $195,177,000 after acquiring an additional 558,236 shares during the period. Finally, Bessemer Group Inc. raised its stake in shares of Corpay by 4,811.9% during the first quarter. Bessemer Group Inc. now owns 557,252 shares of the company’s stock valued at $194,326,000 after purchasing an additional 545,907 shares during the period. Institutional investors and hedge funds own 98.84% of the company’s stock.

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.