Principal Financial Group Inc. Has $22.48 Million Stake in Corpay, Inc. (NYSE:CPAY)

Principal Financial Group Inc. lowered its position in Corpay, Inc. (NYSE:CPAY) by 4.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 84,364 shares of the company’s stock after selling 3,698 shares during the period. Principal Financial Group Inc. owned 0.12% of Corpay worth $22,475,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Global Retirement Partners LLC acquired a new position in shares of Corpay during the 1st quarter worth $25,000. Headlands Technologies LLC bought a new stake in Corpay in the first quarter worth $31,000. Sunbelt Securities Inc. acquired a new position in Corpay during the first quarter worth $34,000. RFP Financial Group LLC bought a new position in Corpay during the first quarter valued at about $35,000. Finally, Blue Trust Inc. lifted its position in shares of Corpay by 246.2% in the second quarter. Blue Trust Inc. now owns 135 shares of the company’s stock worth $36,000 after buying an additional 96 shares during the last quarter. Institutional investors own 98.84% of the company’s stock.

Corpay Stock Up 1.5 %

Shares of CPAY opened at $315.55 on Tuesday. The firm’s 50-day moving average price is $285.76. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.74. Corpay, Inc. has a 12-month low of $220.39 and a 12-month high of $319.94. The company has a market capitalization of $21.91 billion, a price-to-earnings ratio of 23.48, a price-to-earnings-growth ratio of 1.26 and a beta of 1.20.

Corpay (NYSE:CPAY) last issued its earnings results on Wednesday, August 7th. The company reported $4.55 EPS for the quarter, beating analysts’ consensus estimates of $4.51 by $0.04. Corpay had a return on equity of 38.93% and a net margin of 26.41%. The business had revenue of $975.70 million during the quarter, compared to analyst estimates of $973.84 million. During the same period in the prior year, the company posted $3.85 earnings per share. Corpay’s revenue was up 2.9% on a year-over-year basis. Equities research analysts expect that Corpay, Inc. will post 17.81 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Wolfe Research downgraded Corpay from a “peer perform” rating to an “underperform” rating and set a $295.00 price objective on the stock. in a research note on Friday, May 17th. Wells Fargo & Company began coverage on shares of Corpay in a research report on Wednesday, June 5th. They issued an “equal weight” rating and a $285.00 price target on the stock. BMO Capital Markets decreased their price objective on shares of Corpay from $360.00 to $350.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. Raymond James lowered their target price on shares of Corpay from $330.00 to $311.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Finally, Jefferies Financial Group boosted their target price on shares of Corpay from $295.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $332.50.

Corpay Profile

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.