Meiji Yasuda Life Insurance Co Invests $4.22 Million in Copart, Inc. $CPRT

Key Points

• Meiji Yasuda Life Insurance Co invested $4.22 million in Copart, Inc., acquiring 74,560 shares during the first quarter of this year.
• Several hedge funds, including Cloud Capital Management and Sunbelt Securities, have also increased their stakes in Copart, leading to institutional investors owning 85.78% of the company's stock.
• Research analysts have varied ratings on Copart stock, with price targets ranging from $46.00 to $64.00 and a consensus rating of "Moderate Buy."

Meiji Yasuda Life Insurance Co acquired a new position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 74,560 shares of the business services provider's stock, valued at approximately $4,219,000.

Other hedge funds also recently modified their holdings of the company. Cloud Capital Management LLC acquired a new stake in shares of Copart during the first quarter worth approximately $26,000. Sunbelt Securities Inc. acquired a new stake in shares of Copart in the fourth quarter valued at approximately $31,000. Accent Capital Management LLC acquired a new stake in shares of Copart in the first quarter valued at approximately $36,000. Financial Network Wealth Advisors LLC increased its holdings in shares of Copart by 152.6% in the first quarter. Financial Network Wealth Advisors LLC now owns 783 shares of the business services provider's stock valued at $44,000 after purchasing an additional 473 shares in the last quarter. Finally, SouthState Corp acquired a new stake in shares of Copart in the first quarter valued at approximately $45,000. Institutional investors and hedge funds own 85.78% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on CPRT shares. Robert W. Baird reduced their price objective on shares of Copart from $64.00 to $55.00 and set an "outperform" rating on the stock in a research note on Thursday, July 17th. Stephens reduced their price objective on shares of Copart from $50.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Friday. Hsbc Global Res raised shares of Copart from a "hold" rating to a "strong-buy" rating in a research note on Thursday. JPMorgan Chase & Co. reduced their price target on shares of Copart from $60.00 to $55.00 and set a "neutral" rating on the stock in a research report on Friday, May 23rd. Finally, HSBC set a $62.00 price target on shares of Copart and gave the stock a "buy" rating in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $54.50.

Insider Buying and Selling at Copart

In other news, CEO Jeffrey Liaw sold 24,088 shares of the business's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $46.43, for a total transaction of $1,118,405.84. Following the transaction, the chief executive officer directly owned 31,527 shares in the company, valued at $1,463,798.61. The trade was a 43.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 9.68% of the stock is owned by corporate insiders.

Copart Trading Down 2.8%

Shares of CPRT stock opened at $48.57 on Monday. The firm has a market capitalization of $46.96 billion, a P/E ratio of 30.36 and a beta of 1.03. The firm's fifty day moving average price is $47.47 and its two-hundred day moving average price is $52.73. Copart, Inc. has a 1 year low of $45.05 and a 1 year high of $64.38.

Copart (NASDAQ:CPRT - Get Free Report) last released its quarterly earnings data on Thursday, September 4th. The business services provider reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.04. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.14 billion. Copart had a net margin of 33.41% and a return on equity of 18.17%. Copart's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.33 EPS. As a group, equities research analysts forecast that Copart, Inc. will post 1.57 EPS for the current fiscal year.

Copart Profile

Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.