Polen Capital Management LLC Sells 6,374 Shares of Karooooo Ltd. (NASDAQ:KARO)

Key Points

• Polen Capital Management LLC has cut its position in Karooooo Ltd. by 48%, owning 6,899 shares valued at $293,000 after selling 6,374 shares during the 1st quarter.
• Analysts are generally optimistic, with Raymond James and Needham & Company LLC assigning a price target of $60.00 and an “outperform” and “buy” rating respectively.
• Karooooo recently announced a dividend of $1.25 per share, leading to a yield of 220.0%, with an ex-dividend date set for August 15th.

Polen Capital Management LLC trimmed its position in shares of Karooooo Ltd. (NASDAQ:KARO - Free Report) by 48.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,899 shares of the company's stock after selling 6,374 shares during the period. Polen Capital Management LLC's holdings in Karooooo were worth $293,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. BNP Paribas Financial Markets bought a new stake in shares of Karooooo during the 4th quarter worth about $210,000. Lazard Asset Management LLC increased its position in Karooooo by 17.5% during the 4th quarter. Lazard Asset Management LLC now owns 4,961 shares of the company's stock worth $223,000 after buying an additional 740 shares during the period. Nipun Capital L.P. bought a new position in Karooooo during the 1st quarter worth $242,000. Northern Trust Corp bought a new position in Karooooo during the 4th quarter worth $340,000. Finally, JPMorgan Chase & Co. increased its position in Karooooo by 1,727.0% during the 4th quarter. JPMorgan Chase & Co. now owns 8,934 shares of the company's stock worth $403,000 after buying an additional 8,445 shares during the period.

Karooooo Price Performance

KARO stock traded up $0.58 during mid-day trading on Tuesday, hitting $46.99. The stock had a trading volume of 29,476 shares, compared to its average volume of 64,005. The company has a current ratio of 1.17, a quick ratio of 1.16 and a debt-to-equity ratio of 0.05. Karooooo Ltd. has a 52 week low of $34.00 and a 52 week high of $63.36. The firm has a market capitalization of $1.45 billion, a P/E ratio of 27.32 and a beta of 1.07. The firm has a fifty day simple moving average of $49.34 and a 200 day simple moving average of $46.53.

Karooooo (NASDAQ:KARO - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.02. Karooooo had a return on equity of 31.48% and a net margin of 20.23%. The business had revenue of $70.49 million during the quarter, compared to the consensus estimate of $1.25 billion. As a group, research analysts forecast that Karooooo Ltd. will post 1.57 EPS for the current year.

Karooooo Announces Dividend

The firm also recently disclosed a -- dividend, which will be paid on Friday, August 22nd. Investors of record on Friday, August 15th will be given a dividend of $1.25 per share. This represents a dividend yield of 220.0%. The ex-dividend date is Friday, August 15th.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on KARO. Needham & Company LLC started coverage on Karooooo in a research report on Wednesday, July 16th. They set a "buy" rating and a $60.00 price objective on the stock. Raymond James Financial restated an "outperform" rating and set a $60.00 price objective (up previously from $58.00) on shares of Karooooo in a research note on Thursday, July 24th. Finally, Morgan Stanley restated an "overweight" rating and set a $53.00 price objective (up previously from $43.00) on shares of Karooooo in a research note on Thursday, June 26th.

Karooooo Profile

Karooooo Ltd. provides mobility software-as-a-service (SaaS) platform for connected vehicles in South Africa, rest of Africa, Europe, the Asia-Pacific, the Middle East, and the United States. The company offers Fleet Telematics, a fleet management SaaS platform that provides real-time insights; LiveVision, which offers pro-active risk management and fleet visibility; MiFleet advanced fleet administration and business intelligence that provides cost management and administration capability services; and Karooooo Logistics, a software application for management of last mile delivery and general operational logistics.