Royal Bank of Canada Lowers CarMax (NYSE:KMX) Price Target to $80.00

CarMax (NYSE:KMX) had its price target lowered by Royal Bank of Canada from $103.00 to $80.00 in a report released on Friday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

A number of other research analysts also recently weighed in on KMX. Stephens upgraded shares of CarMax from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $86.00 to $90.00 in a research report on Wednesday, March 26th. Wedbush decreased their target price on shares of CarMax from $100.00 to $90.00 and set an “outperform” rating for the company in a research note on Friday. JPMorgan Chase & Co. dropped their price target on CarMax from $72.00 to $65.00 and set an “underweight” rating on the stock in a research note on Thursday, March 27th. Robert W. Baird reduced their price objective on CarMax from $95.00 to $90.00 and set an “outperform” rating for the company in a research report on Friday. Finally, Truist Financial increased their target price on CarMax from $72.00 to $88.00 and gave the company a “hold” rating in a report on Friday, December 20th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $87.73.

CarMax Price Performance

Shares of NYSE:KMX opened at $68.53 on Friday. The company has a debt-to-equity ratio of 2.92, a quick ratio of 0.55 and a current ratio of 2.30. The firm has a market cap of $10.54 billion, a price-to-earnings ratio of 23.23, a price-to-earnings-growth ratio of 1.67 and a beta of 1.58. The business has a 50-day simple moving average of $78.61 and a two-hundred day simple moving average of $79.17. CarMax has a fifty-two week low of $63.23 and a fifty-two week high of $91.25.

Insiders Place Their Bets

In other news, SVP Tyler Tuite sold 4,869 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $84.58, for a total transaction of $411,820.02. Following the sale, the senior vice president now directly owns 227 shares in the company, valued at $19,199.66. This trade represents a 95.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Enrique N. Mayor-Mora sold 5,000 shares of CarMax stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $81.43, for a total transaction of $407,150.00. Following the transaction, the chief financial officer now owns 20,260 shares in the company, valued at approximately $1,649,771.80. This trade represents a 19.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,878 shares of company stock worth $1,872,699 over the last quarter. 1.66% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CarMax

Institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank bought a new position in shares of CarMax in the fourth quarter worth about $423,187,000. Kovitz Investment Group Partners LLC lifted its holdings in CarMax by 348.0% in the 4th 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 in the last quarter. AQR Capital Management LLC lifted its holdings in CarMax by 82.9% in the 4th quarter. AQR Capital Management LLC now owns 1,400,012 shares of the company’s stock worth $114,465,000 after purchasing an additional 634,390 shares in the last quarter. GAMMA Investing LLC boosted its stake in CarMax by 8,675.6% in the 1st quarter. GAMMA Investing LLC now owns 515,830 shares of the company’s stock worth $40,193,000 after purchasing an additional 509,952 shares during the period. Finally, ThornTree Capital Partners LP purchased a new stake in CarMax during the 4th quarter valued at approximately $35,612,000.

About CarMax

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.