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

Corpay (NYSE:CPAY) had its target price cut by Morgan Stanley from $360.00 to $356.00 in a research note issued to investors on Monday, MarketBeat Ratings reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 17.19% from the company’s current price.

A number of other analysts have also commented on CPAY. Deutsche Bank Aktiengesellschaft started coverage on shares of Corpay in a research note on Thursday, July 17th. They set a “buy” rating and a $390.00 price objective for the company. Wall Street Zen raised shares of Corpay from a “hold” rating to a “buy” rating in a research note on Friday, July 18th. Raymond James Financial set a $392.00 price objective on shares of Corpay and gave the company an “outperform” rating in a research note on Thursday. UBS Group reduced their price objective on shares of Corpay from $365.00 to $340.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, 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 note on Thursday, April 24th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Corpay currently has an average rating of “Moderate Buy” and an average price target of $396.33.

Corpay Price Performance

Shares of NYSE:CPAY traded up $2.07 during trading hours on Monday, hitting $303.77. 522,771 shares of the company’s stock traded hands, compared to its average volume of 497,634. Corpay has a 52 week low of $269.02 and a 52 week high of $400.81. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.12 and a current ratio of 1.12. The company’s fifty day simple moving average is $329.21 and its two-hundred day simple moving average is $338.07. The company has a market cap of $21.45 billion, a price-to-earnings ratio of 20.64, a price-to-earnings-growth ratio of 1.14 and a beta of 0.96.

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

Hedge Funds Weigh In On Corpay

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Corpay by 3.2% during the second quarter. Vanguard Group Inc. now owns 8,124,437 shares of the company’s stock valued at $2,695,851,000 after purchasing an additional 251,651 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Corpay by 20.7% during 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 acquiring an additional 1,000,699 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Corpay by 11.1% in the first quarter. JPMorgan Chase & Co. now owns 4,728,635 shares of the company’s stock valued at $1,648,970,000 after buying an additional 472,147 shares during the last quarter. Boston Partners raised its holdings in shares of Corpay by 5.5% in the second quarter. Boston Partners now owns 2,283,730 shares of the company’s stock valued at $756,697,000 after buying an additional 119,790 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. increased its position in Corpay by 1.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,949,913 shares of the company’s stock worth $659,890,000 after purchasing an additional 20,937 shares during the period. Institutional investors 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.