Corpay (NYSE:CPAY) Shares Gap Down Following Analyst Downgrade

Corpay, Inc. (NYSE:CPAY)’s share price gapped down prior to trading on Thursday after BMO Capital Markets lowered their price target on the stock from $360.00 to $350.00. The stock had previously closed at $304.50, but opened at $289.00. BMO Capital Markets currently has an outperform rating on the stock. Corpay shares last traded at $289.60, with a volume of 70,108 shares traded.

Several other equities research analysts also recently commented on the company. Citigroup lifted their price objective on Corpay from $325.00 to $355.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Robert W. Baird boosted their price target on shares of Corpay from $355.00 to $376.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Jefferies Financial Group boosted their price target on shares of Corpay from $340.00 to $355.00 and gave the stock a “buy” rating in a research note on Friday, April 12th. Finally, Barclays upped their target price on shares of Corpay from $340.00 to $355.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $350.17.

Institutional Trading of Corpay

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Blair William & Co. IL purchased a new position in shares of Corpay during the 1st quarter worth $516,000. Wilkins Investment Counsel Inc. acquired a new position in Corpay during the 1st quarter worth about $5,924,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Corpay in the 1st quarter valued at about $25,389,000. Monetta Financial Services Inc. acquired a new stake in Corpay in the 1st quarter valued at about $833,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Corpay in the 1st quarter valued at about $845,000. 98.84% of the stock is currently owned by hedge funds and other institutional investors.

Corpay Price Performance

The firm has a market cap of $20.24 billion, a P/E ratio of 21.47, a PEG ratio of 1.14 and a beta of 1.21. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.04 and a quick ratio of 1.04.

Corpay (NYSE:CPAY) last released its quarterly earnings results on Wednesday, February 7th. The company reported $4.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.16 by $0.01. The firm had revenue of $937.32 million for the quarter, compared to the consensus estimate of $968.39 million. Corpay had a return on equity of 37.56% and a net margin of 26.13%. As a group, sell-side analysts forecast that Corpay, Inc. will post 18.16 earnings per share for the current year.

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.