BMO Capital Markets Raises Corpay (NYSE:CPAY) Price Target to $390.00

Corpay (NYSE:CPAY) had its price objective lifted by BMO Capital Markets from $350.00 to $390.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. BMO Capital Markets’ price objective would indicate a potential upside of 23.16% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $310.00 price target on shares of Corpay in a research report on Thursday, August 8th. Bank of America cut their price objective on Corpay from $331.00 to $310.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Evercore ISI reduced their price target on Corpay from $350.00 to $345.00 and set an “outperform” rating for the company in a report on Tuesday, June 25th. Raymond James dropped their price objective on Corpay from $330.00 to $311.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Corpay from $327.00 to $353.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $337.92.

Corpay Price Performance

CPAY opened at $316.66 on Thursday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.74. Corpay has a 12 month low of $220.39 and a 12 month high of $319.94. The firm has a 50 day simple moving average of $299.18. The firm has a market cap of $22.25 billion, a PE ratio of 23.56, a P/E/G ratio of 1.24 and a beta of 1.22.

Corpay (NYSE:CPAY) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $4.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.51 by $0.04. Corpay had a return on equity of 38.93% and a net margin of 26.41%. The firm had revenue of $975.70 million during the quarter, compared to analyst estimates of $973.84 million. During the same period last year, the company posted $3.85 EPS. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. Equities analysts anticipate that Corpay will post 17.83 EPS for the current year.

Hedge Funds Weigh In On Corpay

A number of hedge funds have recently modified their holdings of CPAY. Headlands Technologies LLC bought a new position in Corpay in the 1st quarter valued at $31,000. Sunbelt Securities Inc. acquired a new position in shares of Corpay during the first quarter worth approximately $34,000. RFP Financial Group LLC bought a new stake in shares of Corpay during the first quarter valued at approximately $35,000. LGT Financial Advisors LLC acquired a new stake in shares of Corpay in the second quarter valued at approximately $33,000. Finally, Innealta Capital LLC acquired a new position in shares of Corpay during the second quarter valued at $36,000. 98.84% of the stock is owned by institutional investors and hedge funds.

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.