Principal Financial Group Inc. Increases Stock Position in Corpay, Inc. (NYSE:CPAY)

Principal Financial Group Inc. raised its holdings in Corpay, Inc. (NYSE:CPAY - Free Report) by 2.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 86,539 shares of the company's stock after purchasing an additional 2,175 shares during the period. Principal Financial Group Inc. owned 0.12% of Corpay worth $27,066,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of CPAY. Albion Financial Group UT bought a new stake in shares of Corpay in the 3rd quarter worth about $27,000. Headlands Technologies LLC bought a new stake in shares of Corpay in the 1st quarter worth approximately $31,000. LGT Financial Advisors LLC acquired a new position in Corpay during the 2nd quarter valued at approximately $33,000. RFP Financial Group LLC acquired a new stake in Corpay in the first quarter worth $35,000. Finally, Blue Trust Inc. lifted its stake in Corpay by 246.2% in the second quarter. Blue Trust Inc. now owns 135 shares of the company's stock valued at $36,000 after buying an additional 96 shares during the last quarter. 98.84% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on CPAY. BMO Capital Markets upped their target price on shares of Corpay from $350.00 to $390.00 and gave the stock an "outperform" rating in a research report on Thursday, October 3rd. William Blair upgraded Corpay to a "strong-buy" rating in a report on Thursday, August 8th. Wells Fargo & Company raised their price objective on Corpay from $285.00 to $320.00 and gave the company an "equal weight" rating in a research note on Monday, October 21st. Jefferies Financial Group raised their price target on shares of Corpay from $375.00 to $425.00 and gave the stock a "buy" rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley raised their price target on shares of Corpay from $325.00 to $350.00 and gave the company an "equal weight" rating in a report on Monday. Four 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. According to data from MarketBeat.com, Corpay presently has a consensus rating of "Moderate Buy" and an average price target of $358.57.

Corpay Stock Performance

NYSE CPAY traded down $4.04 on Wednesday, hitting $370.44. 162,946 shares of the company traded hands, compared to its average volume of 473,064. The business's 50 day moving average price is $328.28 and its 200-day moving average price is $297.35. The company has a market capitalization of $25.82 billion, a price-to-earnings ratio of 26.61, a P/E/G ratio of 1.46 and a beta of 1.21. Corpay, Inc. has a 52-week low of $230.68 and a 52-week high of $375.98. The company has a current ratio of 1.05, a quick ratio of 1.02 and a debt-to-equity ratio of 1.69.

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.