Corpay (NYSE:CPAY) Price Target Cut to $356.00 by Analysts at Morgan Stanley

Corpay (NYSE:CPAY) had its price target reduced by research analysts at Morgan Stanley from $360.00 to $356.00 in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 16.42% from the stock’s previous close.

Several other research firms also recently commented on CPAY. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Corpay in a report on Thursday, July 17th. They issued a “buy” rating and a $390.00 price objective on the stock. Oppenheimer assumed coverage on shares of Corpay in a research report on Monday, April 28th. They set a “market perform” rating for the company. Barclays reduced their target price on shares of Corpay from $440.00 to $400.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. UBS Group reduced their target price on shares of Corpay from $365.00 to $340.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, Wall Street Zen raised shares of Corpay from a “hold” rating to a “buy” rating in a report on Friday, July 18th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $396.33.

Corpay Trading Up 1.4%

CPAY traded up $4.09 on Monday, reaching $305.79. 298,576 shares of the company traded hands, compared to its average volume of 496,131. Corpay has a one year low of $269.02 and a one year high of $400.81. The firm has a fifty day simple moving average of $329.21 and a two-hundred day simple moving average of $338.07. The company has a market cap of $21.59 billion, a P/E ratio of 20.79, a price-to-earnings-growth ratio of 1.14 and a beta of 0.96. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 1.48.

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

Hedge Funds Weigh In On Corpay

A number of hedge funds and other institutional investors have recently modified their holdings of CPAY. Cerity Partners LLC lifted its holdings in shares of Corpay by 6.2% during the 1st quarter. Cerity Partners LLC now owns 33,385 shares of the company’s stock valued at $11,642,000 after buying an additional 1,942 shares during the last quarter. DAVENPORT & Co LLC bought a new position in Corpay in the 1st quarter worth approximately $213,000. GAMMA Investing LLC increased its position in shares of Corpay by 9.9% during the first quarter. GAMMA Investing LLC now owns 1,605 shares of the company’s stock valued at $560,000 after purchasing an additional 145 shares during the period. Janney Montgomery Scott LLC grew its position in Corpay by 9.2% in the first quarter. Janney Montgomery Scott LLC now owns 2,913 shares of the company’s stock valued at $1,016,000 after acquiring an additional 246 shares during the period. Finally, Park Avenue Securities LLC grew its position in Corpay by 15.2% in the first quarter. Park Avenue Securities LLC now owns 1,898 shares of the company’s stock valued at $662,000 after acquiring an additional 250 shares during the period. 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.