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

Principal Financial Group Inc. reduced its position in shares of Corpay, Inc. (NYSE:CPAY - Free Report) by 1.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 90,193 shares of the company's stock after selling 1,358 shares during the quarter. Principal Financial Group Inc. owned approximately 0.13% of Corpay worth $31,452,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Invesco Ltd. grew its position in shares of Corpay by 163.7% in the 4th quarter. Invesco Ltd. now owns 1,686,665 shares of the company's stock worth $570,801,000 after buying an additional 1,047,080 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Corpay by 20.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,840,818 shares of the company's stock valued at $1,976,651,000 after buying an additional 1,000,699 shares in the last quarter. Norges Bank purchased a new position in shares of Corpay in the fourth quarter valued at $241,739,000. GAMMA Investing LLC lifted its position in Corpay by 38,235.3% in the first quarter. GAMMA Investing LLC now owns 559,696 shares of the company's stock worth $195,177,000 after buying an additional 558,236 shares during the last quarter. Finally, Bessemer Group Inc. lifted its position in Corpay by 4,811.9% in the first quarter. Bessemer Group Inc. now owns 557,252 shares of the company's stock worth $194,326,000 after buying an additional 545,907 shares during the last quarter. 98.84% of the stock is currently owned by institutional investors.

Corpay Stock Performance

CPAY traded down $11.35 during trading on Friday, hitting $324.33. 430,162 shares of the stock were exchanged, compared to its average volume of 473,810. The firm has a market capitalization of $22.86 billion, a P/E ratio of 22.74, a PEG ratio of 1.41 and a beta of 0.95. Corpay, Inc. has a 1-year low of $265.06 and a 1-year high of $400.81. The stock has a fifty day moving average price of $332.90 and a two-hundred day moving average price of $342.37. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.69.

Corpay (NYSE:CPAY - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $4.51 earnings per share for the quarter, beating the consensus estimate of $4.50 by $0.01. Corpay had a return on equity of 41.61% and a net margin of 25.15%. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same period last year, the business posted $4.10 EPS. The company's revenue was up 7.5% on a year-over-year basis. As a group, sell-side analysts predict that Corpay, Inc. will post 19.76 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Barclays decreased their price objective on Corpay from $440.00 to $400.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Oppenheimer started coverage on Corpay in a research note on Monday, April 28th. They issued a "market perform" rating for the company. Wells Fargo & Company cut their target price on Corpay from $375.00 to $339.00 and set an "equal weight" rating for the company in a research note on Thursday, April 24th. UBS Group lowered their price target on Corpay from $400.00 to $365.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. Finally, Raymond James Financial restated an "outperform" rating and set a $414.00 target price (down from $417.00) on shares of Corpay in a report on Wednesday, May 7th. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $401.86.

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.