Royal Bank of Canada Increases Corpay (NYSE:CPAY) Price Target to $400.00

Corpay (NYSE:CPAY) had its price objective lifted by equities researchers at Royal Bank of Canada from $354.00 to $400.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 6.52% from the stock’s current price.

A number of other equities research analysts have also commented on the company. BMO Capital Markets raised their price objective on Corpay from $400.00 to $440.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Wolfe Research raised shares of Corpay from a “peer perform” rating to an “outperform” rating and set a $420.00 price objective on the stock in a research report on Wednesday, January 8th. Jefferies Financial Group increased their target price on shares of Corpay from $375.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Morgan Stanley lifted their target price on shares of Corpay from $350.00 to $380.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, Bank of America increased their price objective on Corpay from $344.00 to $375.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Corpay currently has an average rating of “Moderate Buy” and an average price target of $399.71.

Corpay Price Performance

Shares of NYSE:CPAY opened at $375.53 on Thursday. The company has a debt-to-equity ratio of 1.69, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $26.18 billion, a PE ratio of 26.79, a price-to-earnings-growth ratio of 1.30 and a beta of 1.28. Corpay has a one year low of $247.10 and a one year high of $400.81. The stock has a fifty day moving average of $361.72 and a 200-day moving average of $335.59.

Corpay (NYSE:CPAY) last announced its earnings results on Wednesday, February 5th. The company reported $4.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.37 by ($0.41). Corpay had a net margin of 26.14% and a return on equity of 39.44%. As a group, equities analysts anticipate that Corpay will post 17.84 EPS for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Corpay

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CPAY. Sequoia Financial Advisors LLC boosted its position in shares of Corpay by 9.6% in the fourth quarter. Sequoia Financial Advisors LLC now owns 1,524 shares of the company’s stock valued at $516,000 after acquiring an additional 134 shares during the period. Vista Investment Partners II LLC bought a new stake in shares of Corpay in the fourth quarter valued at approximately $891,000. Daiwa Securities Group Inc. boosted its position in shares of Corpay by 7.7% in the fourth quarter. Daiwa Securities Group Inc. now owns 8,984 shares of the company’s stock valued at $3,040,000 after acquiring an additional 641 shares during the period. Moran Wealth Management LLC boosted its position in shares of Corpay by 4.6% in the fourth quarter. Moran Wealth Management LLC now owns 14,619 shares of the company’s stock valued at $4,947,000 after acquiring an additional 647 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Corpay by 12.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,260 shares of the company’s stock valued at $4,826,000 after acquiring an additional 1,591 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.