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

Principal Financial Group Inc. raised its stake in shares of Corpay, Inc. (NYSE:CPAY - Free Report) by 2.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 86,539 shares of the company's stock after acquiring an additional 2,175 shares during the period. Principal Financial Group Inc. owned about 0.12% of Corpay worth $27,066,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. American Century Companies Inc. increased its position in shares of Corpay by 1,734.1% during the second quarter. American Century Companies Inc. now owns 400,662 shares of the company's stock valued at $106,740,000 after acquiring an additional 378,817 shares during the last quarter. TD Asset Management Inc purchased a new stake in shares of Corpay during the 2nd quarter valued at $41,475,000. International Assets Investment Management LLC bought a new stake in shares of Corpay during the 3rd quarter worth $40,497,000. Prana Capital Management LP purchased a new position in shares of Corpay in the 3rd quarter worth about $31,541,000. Finally, FMR LLC grew its position in Corpay by 3.0% during the third quarter. FMR LLC now owns 2,692,847 shares of the company's stock valued at $842,215,000 after buying an additional 78,880 shares during the period. Institutional investors own 98.84% of the company's stock.

Insider Transactions at Corpay

In other news, CAO Alissa B. Vickery sold 8,000 shares of the business's 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 completion of the sale, the chief accounting officer now directly owns 1,797 shares in the company, valued at approximately $664,961.88. The trade was a 81.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Joseph W. Farrelly sold 2,975 shares of Corpay stock in a transaction 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 completion of the transaction, the director now owns 10,530 shares in the company, valued at approximately $3,950,645.40. The trade was a 22.03 % decrease in their position. The disclosure for this sale can be found here. 6.10% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on CPAY. Wolfe Research upgraded shares of Corpay from an "underperform" rating to a "peer perform" rating in a research note on Tuesday, September 3rd. Wells Fargo & Company lifted their price target on shares of Corpay from $285.00 to $320.00 and gave the stock an "equal weight" rating in a report on Monday, October 21st. Jefferies Financial Group increased their price objective on Corpay from $375.00 to $425.00 and gave the company a "buy" rating in a report on Wednesday, October 16th. BMO Capital Markets boosted their target price on Corpay from $400.00 to $440.00 and gave the company an "outperform" rating in a research note on Friday, December 13th. Finally, Morgan Stanley upped their price target on Corpay from $325.00 to $350.00 and gave the company an "equal weight" rating in a research report on Monday, November 11th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $369.29.

Corpay Price Performance

Shares of CPAY stock traded up $3.19 on Wednesday, reaching $346.25. The company's stock had a trading volume of 150,207 shares, compared to its average volume of 471,363. The stock's 50 day simple moving average is $357.38 and its 200-day simple moving average is $315.46. Corpay, Inc. has a 12-month low of $247.10 and a 12-month high of $385.30. The company has a market capitalization of $24.14 billion, a P/E ratio of 24.70, a PEG ratio of 1.43 and a beta of 1.23. The company has a quick ratio of 1.05, a current ratio of 1.05 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.