Yahoo Finance Should You Expect a Multiyear Run Ahead for Copart (CPRT)?
Wedgewood Partners, an investment management company, released its first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, Wedgewood Composite’s net return was 11.5% compared to the Standard & Poor’s 10.6%, Russell 1000 Growth Index’s 11.4%, and Russell 1000 Value Index’s 9.0% return for the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Wedgewood Partners featured stocks like Copart, Inc. (NASDAQ:CPRT) in the first quarter 2024 investor letter. Headquartered in Dallas, Texas, Copart, Inc. (NASDAQ:CPRT) is an online auction and vehicle remarketing services providing company. On April 16, 2024, Copart, Inc. (NASDAQ:CPRT) stock closed at $54.38 per share. One-month return of Copart, Inc. (NASDAQ:CPRT) was -3.36%, and its shares gained 39.96% of their value over the last 52 weeks. Copart, Inc. (NASDAQ:CPRT) has a market capitalization of $52.284 billion.
Wedgewood Partners stated the following regarding Copart, Inc. (NASDAQ:CPRT) in its first quarter 2024 investor letter:
"Copart, Inc. (NASDAQ:CPRT) was a top contributor to performance during the first quarter. First quarter gross margin dollars grew +9% and earnings per share grew +11% as the Company's salvage vehicle auctions processed more volume, driven by skyrocketing vehicle repair costs in the U.S. and strong demand for salvage vehicles in emerging markets. The pullback in vehicle total-loss frequency that began during the pandemic has reversed. We expect another multiyear run ahead as repair costs inexorably rise along with vehicle complexity. In addition, Copart's key insurance carrier customers are always looking to maximize recoveries from vehicle losses, and the Company has done an excellent and growingly efficient job developing a significant market for these totaled vehicles by finding a growing list of buyers in developing markets."
A busy car auction being held at a leading car dealership, buyers and sellers engaging in active bidding.
Copart, Inc. (NASDAQ:CPRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Copart, Inc. (NASDAQ:CPRT) was held by 50 hedge fund portfolios, up from 47 in the previous quarter, according to our database.
We previously discussed Copart, Inc. (NASDAQ:CPRT) in another article, where we shared the list of biggest internet companies in the US. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
