Morgan Stanley Forecasts Strong Price Appreciation for Corpay (NYSE:CPAY) Stock

Corpay (NYSE:CPAY) had its price target increased by Morgan Stanley from $325.00 to $350.00 in a report published on Monday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Other equities analysts also recently issued reports about the stock. Bank of America increased their price objective on shares of Corpay from $344.00 to $375.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Wells Fargo & Company raised their price target on Corpay from $285.00 to $320.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. BMO Capital Markets upped their price objective on Corpay from $350.00 to $390.00 and gave the stock an “outperform” rating in a research note on Thursday, October 3rd. Jefferies Financial Group raised their target price on shares of Corpay from $375.00 to $425.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, Barclays upped their price target on shares of Corpay from $385.00 to $415.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $363.93.

Corpay Stock Performance

Shares of CPAY opened at $370.39 on Monday. The stock has a market capitalization of $25.82 billion, a price-to-earnings ratio of 26.42, a PEG ratio of 1.46 and a beta of 1.21. Corpay has a 12 month low of $230.68 and a 12 month high of $375.98. The firm has a fifty day simple moving average of $329.45 and a 200 day simple moving average of $297.86. The company has a current ratio of 1.05, a quick ratio of 1.02 and a debt-to-equity ratio of 1.69.

Insider Activity at Corpay

In related news, Director Joseph W. Farrelly sold 2,975 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $375.18, for a total value of $1,116,160.50. Following the completion of the sale, the director now directly owns 10,530 shares in the company, valued at $3,950,645.40. The trade was a 22.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 6.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Corpay

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. acquired a new stake in Corpay in the 1st quarter worth about $2,431,089,000. JPMorgan Chase & Co. bought a new stake in shares of Corpay in the first quarter valued at approximately $1,429,445,000. Price T Rowe Associates Inc. MD acquired a new stake in Corpay during the first quarter worth approximately $1,355,377,000. FMR LLC lifted its position in shares of Corpay by 3.0% during the 3rd quarter. FMR LLC now owns 2,692,847 shares of the company’s stock valued at $842,215,000 after acquiring an additional 78,880 shares during the period. Finally, Boston Partners acquired a new position in Corpay in the first quarter valued at about $553,667,000. 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.