ProVise Management Group LLC Purchases 9,610 Shares of CarMax, Inc. (NYSE:KMX)

Key Points

• ProVise Management Group LLC increased its stake in CarMax, Inc. by 11.4%, owning approximately 93,765 shares worth $7.3 million by the end of the quarter.
• CarMax reported a quarterly EPS of $1.38, surpassing estimates, and its revenue reached $7.55 billion, showing a 6.1% increase compared to the same quarter last year.
• Multiple analysts have issued ratings on CarMax, with consensus showing a moderate buy rating and an average price target of $83.67.

ProVise Management Group LLC raised its stake in CarMax, Inc. (NYSE:KMX - Free Report) by 11.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,765 shares of the company's stock after acquiring an additional 9,610 shares during the period. ProVise Management Group LLC owned 0.06% of CarMax worth $7,306,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Kovitz Investment Group Partners LLC raised its stake in shares of CarMax by 348.0% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 6,595,067 shares of the company's stock worth $539,213,000 after purchasing an additional 5,122,850 shares during the last quarter. Janus Henderson Group PLC grew its holdings in CarMax by 0.6% during the fourth quarter. Janus Henderson Group PLC now owns 4,671,950 shares of the company's stock worth $381,978,000 after acquiring an additional 29,715 shares during the period. Geode Capital Management LLC grew its holdings in CarMax by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 3,710,267 shares of the company's stock worth $302,564,000 after acquiring an additional 47,058 shares during the period. Baird Financial Group Inc. grew its holdings in CarMax by 4.3% during the fourth quarter. Baird Financial Group Inc. now owns 2,887,526 shares of the company's stock worth $236,084,000 after acquiring an additional 119,666 shares during the period. Finally, Invesco Ltd. grew its holdings in CarMax by 1.0% during the fourth quarter. Invesco Ltd. now owns 2,729,965 shares of the company's stock worth $223,202,000 after acquiring an additional 27,716 shares during the period.

Analysts Set New Price Targets

Several brokerages recently weighed in on KMX. Evercore ISI cut their target price on shares of CarMax from $85.00 to $84.00 and set an "outperform" rating for the company in a research note on Wednesday, May 28th. Cfra Research upgraded shares of CarMax to a "strong-buy" rating in a report on Thursday, April 10th. Mizuho lowered their target price on CarMax from $80.00 to $78.00 and set a "neutral" rating for the company in a research note on Thursday, July 3rd. Royal Bank Of Canada upped their price objective on shares of CarMax from $80.00 to $81.00 and gave the company an "outperform" rating in a research report on Monday, June 23rd. Finally, Wedbush reissued an "outperform" rating and issued a $90.00 price objective on shares of CarMax in a research report on Wednesday, June 18th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $83.67.

Insider Transactions at CarMax

In related news, EVP Jon G. Daniels sold 1,540 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $70.64, for a total transaction of $108,785.60. Following the sale, the executive vice president directly owned 2,779 shares in the company, valued at $196,308.56. This represents a 35.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.70% of the stock is owned by corporate insiders.

CarMax Stock Performance

Shares of CarMax stock traded down $0.63 on Friday, reaching $55.98. The stock had a trading volume of 3,828,338 shares, compared to its average volume of 2,868,409. The company has a debt-to-equity ratio of 2.86, a quick ratio of 0.80 and a current ratio of 2.39. The business's 50-day moving average price is $64.82 and its two-hundred day moving average price is $71.56. The stock has a market cap of $8.40 billion, a P/E ratio of 15.46, a price-to-earnings-growth ratio of 0.91 and a beta of 1.36. CarMax, Inc. has a fifty-two week low of $55.37 and a fifty-two week high of $91.25.

CarMax (NYSE:KMX - Get Free Report) last released its earnings results on Friday, June 20th. The company reported $1.38 earnings per share for the quarter, topping analysts' consensus estimates of $1.18 by $0.20. CarMax had a return on equity of 9.11% and a net margin of 2.09%. The business had revenue of $7.55 billion for the quarter, compared to the consensus estimate of $7.58 billion. During the same period last year, the business earned $0.97 earnings per share. The firm's revenue for the quarter was up 6.1% compared to the same quarter last year. On average, sell-side analysts forecast that CarMax, Inc. will post 3.23 EPS for the current year.

CarMax Profile

CarMax, Inc, through its subsidiaries, operates as a retailer of used vehicles and related products in the United States. It operates in two segments: CarMax Sales Operations and CarMax Auto Finance. The CarMax Sales Operations segment offers customers a range of makes and models of used vehicles, including domestic, imported, and luxury vehicles, as well as hybrid and electric vehicles; used vehicle auctions; extended protection plans to customers at the time of sale; and reconditioning and vehicle repair services.