Canoe Financial LP Sells 4,930 Shares of AutoZone, Inc. $AZO

Canoe Financial LP lowered its stake in AutoZone, Inc. (NYSE:AZO) by 10.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 44,461 shares of the company’s stock after selling 4,930 shares during the period. AutoZone makes up approximately 2.0% of Canoe Financial LP’s holdings, making the stock its 21st biggest position. Canoe Financial LP’s holdings in AutoZone were worth $150,179,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Morgan Stanley boosted its position in AutoZone by 17.8% during the fourth quarter. Morgan Stanley now owns 492,794 shares of the company’s stock worth $1,671,323,000 after purchasing an additional 74,555 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of AutoZone by 1.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company’s stock valued at $1,312,654,000 after purchasing an additional 7,390 shares during the period. Norges Bank acquired a new stake in shares of AutoZone in the fourth quarter worth $939,205,000. PineStone Asset Management Inc. lifted its stake in shares of AutoZone by 1.5% in the fourth quarter. PineStone Asset Management Inc. now owns 269,173 shares of the company’s stock worth $912,900,000 after buying an additional 3,868 shares during the last quarter. Finally, First Manhattan CO. LLC. boosted its holdings in shares of AutoZone by 2.7% during the 4th quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company’s stock worth $886,246,000 after buying an additional 6,765 shares during the period. Institutional investors own 92.74% of the company’s stock.

Insider Transactions at AutoZone

In other news, Director Brian Hannasch bought 165 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the transaction, the director directly owned 1,219 shares in the company, valued at $3,641,153. This represents a 15.65% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Earl G. Graves, Jr. sold 50 shares of the business’s stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total value of $173,936.00. Following the transaction, the director owned 4,837 shares in the company, valued at $16,826,568.64. This represents a 1.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on AZO shares. Oppenheimer reiterated an “outperform” rating and issued a $4,300.00 target price (up from $4,150.00) on shares of AutoZone in a research note on Tuesday, March 10th. Raymond James Financial restated a “strong-buy” rating on shares of AutoZone in a report on Wednesday, May 27th. Argus raised AutoZone from a “hold” rating to a “buy” rating and set a $4,325.00 price target on the stock in a research report on Monday, March 9th. TD Cowen reiterated a “buy” rating and issued a $3,700.00 price objective on shares of AutoZone in a research note on Thursday, June 4th. Finally, Jefferies Financial Group cut their price objective on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $4,040.87.

AutoZone Price Performance

NYSE:AZO opened at $3,127.52 on Monday. The stock has a market cap of $51.07 billion, a P/E ratio of 21.50, a PEG ratio of 1.59 and a beta of 0.35. AutoZone, Inc. has a one year low of $2,928.11 and a one year high of $4,388.11. The company has a fifty day moving average price of $3,288.33 and a 200 day moving average price of $3,454.36.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating analysts’ consensus estimates of $36.22 by $1.85. The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The business’s revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm earned $35.36 EPS. As a group, equities research analysts anticipate that AutoZone, Inc. will post 150.51 EPS for the current year.

AutoZone announced that its Board of Directors has approved a share buyback program on Tuesday, June 16th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to buy up to 3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

About AutoZone

AutoZone, Inc (NYSE: AZO) is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.