Corpay (NYSE:CPAY) Hits New 52-Week High Following Analyst Upgrade

Corpay, Inc. (NYSE:CPAY) reached a new 52-week high during mid-day trading on Thursday after Jefferies Financial Group raised their price target on the stock from $375.00 to $425.00. Jefferies Financial Group currently has a buy rating on the stock. Corpay traded as high as $349.40 and last traded at $349.40, with a volume of 245 shares trading hands. The stock had previously closed at $344.92.

Other research analysts have also recently issued research reports about the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $310.00 price target on shares of Corpay in a report on Thursday, August 8th. JPMorgan Chase & Co. increased their price objective on shares of Corpay from $327.00 to $353.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Barclays increased their price objective on shares of Corpay from $330.00 to $385.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. William Blair upgraded shares of Corpay to a “strong-buy” rating in a research note on Thursday, August 8th. Finally, Raymond James cut their price objective on shares of Corpay from $330.00 to $311.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $350.42.

Hedge Funds Weigh In On Corpay

Hedge funds and other institutional investors have recently modified their holdings of the business. Albion Financial Group UT purchased a new position in Corpay during the third quarter worth about $27,000. Headlands Technologies LLC purchased a new position in Corpay during the first quarter worth about $31,000. Sunbelt Securities Inc. purchased a new position in Corpay during the first quarter worth about $34,000. RFP Financial Group LLC purchased a new position in Corpay during the first quarter worth about $35,000. Finally, LGT Financial Advisors LLC purchased a new position in Corpay during the second quarter worth about $33,000. 98.84% of the stock is owned by hedge funds and other institutional investors.

Corpay Stock Up 0.9 %

The company has a debt-to-equity ratio of 1.74, a current ratio of 1.02 and a quick ratio of 1.02. The business’s 50 day simple moving average is $312.40 and its 200 day simple moving average is $292.47. The company has a market capitalization of $24.84 billion, a PE ratio of 26.30, a P/E/G ratio of 1.33 and a beta of 1.22.

Corpay (NYSE:CPAY) last released 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. The business had revenue of $975.70 million for the quarter, compared to the consensus estimate of $973.84 million. Corpay had a net margin of 26.41% and a return on equity of 38.93%. The business’s revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the firm earned $3.85 EPS. As a group, analysts anticipate that Corpay, Inc. will post 17.83 earnings per share for the current fiscal year.

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.