BMO Capital Markets Forecasts Strong Price Appreciation for Corpay (NYSE:CPAY) Stock

Corpay (NYSE:CPAY) had its price objective hoisted by equities researchers at BMO Capital Markets from $400.00 to $440.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. BMO Capital Markets’ price target would suggest a potential upside of 23.23% from the stock’s current price.

A number of other research analysts also recently issued reports on CPAY. Jefferies Financial Group raised their price target on Corpay from $375.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Barclays lifted their target price on shares of Corpay from $385.00 to $415.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Citigroup increased their price target on shares of Corpay from $405.00 to $430.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Bank of America raised their price objective on shares of Corpay from $344.00 to $375.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Finally, Wolfe Research upgraded shares of Corpay from an “underperform” rating to a “peer perform” rating in a research note on Tuesday, September 3rd. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Corpay has an average rating of “Moderate Buy” and a consensus price target of $369.29.

Corpay Stock Performance

NYSE CPAY opened at $357.07 on Friday. The company has a fifty day moving average of $356.18 and a two-hundred day moving average of $310.97. The company has a market capitalization of $24.89 billion, a PE ratio of 25.47, a P/E/G ratio of 1.43 and a beta of 1.24. Corpay has a 1 year low of $247.10 and a 1 year high of $385.30. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.05 and a quick ratio of 1.05.

Insiders Place Their Bets

In other Corpay news, CAO Alissa B. Vickery sold 8,000 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $370.04, for a total transaction of $2,960,320.00. Following the transaction, the chief accounting officer now directly owns 1,797 shares in the company, valued at approximately $664,961.88. This represents a 81.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Joseph W. Farrelly sold 2,975 shares of Corpay stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $375.18, for a total transaction of $1,116,160.50. Following the sale, the director now owns 10,530 shares of the company’s stock, valued at approximately $3,950,645.40. The trade was a 22.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Corpay

Hedge funds have recently bought and sold shares of the company. Albion Financial Group UT acquired a new stake in Corpay in the third quarter valued at $27,000. LGT Financial Advisors LLC acquired a new stake in Corpay in the 2nd quarter valued at about $33,000. Huntington National Bank increased its holdings in Corpay by 43.0% during the 3rd quarter. Huntington National Bank now owns 133 shares of the company’s stock valued at $42,000 after acquiring an additional 40 shares in the last quarter. Innealta Capital LLC acquired a new position in Corpay during the second quarter worth about $36,000. Finally, Quarry LP purchased a new stake in shares of Corpay in the third quarter valued at about $42,000. 98.84% of the stock is owned by hedge funds and other 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.