Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Corpay (NYSE:CPAY) Stock

Corpay (NYSE:CPAY) had its target price raised by equities research analysts at Keefe, Bruyette & Woods from $380.00 to $400.00 in a report released on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 8.08% from the stock’s previous close.

Several other equities analysts have also commented on the company. JPMorgan Chase & Co. upped their target price on Corpay from $327.00 to $353.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Morgan Stanley increased their price target on shares of Corpay from $275.00 to $325.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Bank of America lifted their price target on shares of Corpay from $344.00 to $375.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Wolfe Research upgraded Corpay from an “underperform” rating to a “peer perform” rating in a report on Tuesday, September 3rd. Finally, Wells Fargo & Company lifted their target price on Corpay from $285.00 to $320.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $356.79.

Corpay Price Performance

Shares of NYSE:CPAY traded up $23.61 during midday trading on Friday, hitting $370.11. 414,644 shares of the stock were exchanged, compared to its average volume of 468,577. Corpay has a twelve month low of $221.37 and a twelve month high of $375.35. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.74. The company has a 50 day moving average price of $324.21 and a 200-day moving average price of $295.70. The stock has a market cap of $25.70 billion, a P/E ratio of 26.92, a PEG ratio of 1.30 and a beta of 1.21.

Corpay (NYSE:CPAY) last released its quarterly earnings results on Wednesday, August 7th. The company reported $4.55 earnings per share for the quarter, topping analysts’ consensus estimates of $4.51 by $0.04. The company had revenue of $975.70 million during the quarter, compared to analysts’ expectations of $973.84 million. Corpay had a return on equity of 38.93% and a net margin of 26.41%. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.85 earnings per share. On average, research analysts forecast that Corpay will post 17.96 earnings per share for the current year.

Hedge Funds Weigh In On Corpay

A number of hedge funds have recently added to or reduced their stakes in CPAY. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Corpay by 22.7% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 184 shares of the company’s stock worth $58,000 after purchasing an additional 34 shares during the last quarter. Mather Group LLC. boosted its holdings in shares of Corpay by 21.2% during the third quarter. Mather Group LLC. now owns 200 shares of the company’s stock valued at $63,000 after acquiring an additional 35 shares during the period. Epic Trust Investment Advisors LLC boosted its holdings in shares of Corpay by 4.1% during the second quarter. Epic Trust Investment Advisors LLC now owns 998 shares of the company’s stock valued at $266,000 after acquiring an additional 39 shares during the period. Huntington National Bank grew its position in shares of Corpay by 43.0% during 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. Finally, Massmutual Trust Co. FSB ADV increased its holdings in shares of Corpay by 21.6% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 242 shares of the company’s stock worth $64,000 after acquiring an additional 43 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.