Corpay (NYSE:CPAY) Given New $310.00 Price Target at Bank of America

Corpay (NYSE:CPAY) had its price target reduced by Bank of America from $331.00 to $310.00 in a research note published on Thursday, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts also recently weighed in on CPAY. Wolfe Research downgraded Corpay from a peer perform rating to an underperform rating and set a $295.00 price target for the company. in a report on Friday, May 17th. Wells Fargo & Company assumed coverage on Corpay in a research note on Wednesday, June 5th. They issued an equal weight rating and a $285.00 target price on the stock. Royal Bank of Canada restated a sector perform rating and set a $310.00 price target on shares of Corpay in a research report on Friday, June 21st. JPMorgan Chase & Co. lifted their price objective on shares of Corpay from $326.00 to $327.00 and gave the company an overweight rating in a research report on Thursday. Finally, Barclays decreased their target price on shares of Corpay from $355.00 to $350.00 and set an overweight rating for the company in a research report on Monday, May 13th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $330.33.

Corpay Trading Down 0.7 %

CPAY stock traded down $1.98 during midday trading on Thursday, hitting $284.35. 474,184 shares of the company’s stock were exchanged, compared to its average volume of 468,703. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.48. Corpay has a 12-month low of $220.39 and a 12-month high of $319.94. The business has a 50 day moving average of $272.68. The firm has a market capitalization of $19.98 billion, a PE ratio of 21.30, a price-to-earnings-growth ratio of 1.09 and a beta of 1.20.

Corpay (NYSE:CPAY) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $4.55 earnings per share for the quarter, beating analysts’ consensus estimates of $4.51 by $0.04. Corpay had a return on equity of 36.97% and a net margin of 26.29%. The business had revenue of $975.70 million during the quarter, compared to the consensus estimate of $973.84 million. During the same period in the previous year, the business earned $3.85 EPS. The business’s quarterly revenue was up 2.9% on a year-over-year basis. On average, sell-side analysts forecast that Corpay will post 17.82 EPS for the current fiscal year.

Hedge Funds Weigh In On Corpay

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Global Retirement Partners LLC bought a new position in Corpay during the 1st quarter valued at $25,000. Headlands Technologies LLC bought a new position in Corpay during the 1st quarter valued at $31,000. LGT Financial Advisors LLC bought a new position in Corpay during the 2nd quarter valued at $33,000. Sunbelt Securities Inc. bought a new position in Corpay during the 1st quarter valued at $34,000. Finally, RFP Financial Group LLC bought a new stake in shares of Corpay during the 1st quarter worth $35,000. 98.84% of the stock is owned by institutional investors.

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.