Canada Pension Plan Investment Board Makes New Investment in AutoZone, Inc. $AZO

Canada Pension Plan Investment Board bought a new stake in shares of AutoZone, Inc. (NYSE:AZO) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 40,650 shares of the company’s stock, valued at approximately $129,915,000. Canada Pension Plan Investment Board owned about 0.25% of AutoZone as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Brighton Jones LLC increased its holdings in shares of AutoZone by 14.4% in the 4th quarter. Brighton Jones LLC now owns 111 shares of the company’s stock worth $356,000 after buying an additional 14 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of AutoZone in the 2nd quarter valued at about $356,000. Guggenheim Capital LLC lifted its holdings in shares of AutoZone by 3.8% in the 2nd quarter. Guggenheim Capital LLC now owns 248 shares of the company’s stock valued at $921,000 after acquiring an additional 9 shares during the last quarter. NewEdge Advisors LLC grew its position in AutoZone by 8.9% in the second quarter. NewEdge Advisors LLC now owns 1,376 shares of the company’s stock worth $5,110,000 after acquiring an additional 112 shares in the last quarter. Finally, Treasurer of the State of North Carolina grew its position in AutoZone by 52.3% in the second quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company’s stock worth $43,667,000 after acquiring an additional 4,039 shares in the last quarter. Institutional investors own 92.74% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Morgan Stanley decreased their price objective on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 27th. BNP Paribas Exane cut their target price on AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. JPMorgan Chase & Co. decreased their price target on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a report on Wednesday, May 27th. Truist Financial set a $3,700.00 price target on AutoZone in a research report on Wednesday, May 27th. Finally, Robert W. Baird dropped their price objective on shares of AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating for the company in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $4,029.43.

AutoZone Trading Down 1.1%

Shares of AZO opened at $2,995.37 on Thursday. The firm has a market capitalization of $48.91 billion, a P/E ratio of 20.59, a P/E/G ratio of 1.54 and a beta of 0.33. AutoZone, Inc. has a 12-month low of $2,902.20 and a 12-month high of $4,388.11. The firm has a fifty day moving average price of $3,049.65 and a 200-day moving average price of $3,315.31.

AutoZone (NYSE:AZO) last posted its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, topping the consensus estimate of $36.22 by $1.85. The company had revenue of $4.84 billion for 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 firm’s revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the firm posted $35.36 EPS. Analysts predict that AutoZone, Inc. will post 150.39 earnings per share for the current year.

AutoZone declared that its Board of Directors has approved a stock repurchase plan on Tuesday, June 16th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity at AutoZone

In related news, VP Dennis W. Leriche sold 1,455 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the transaction, the vice president owned 441 shares of the company’s stock, valued at $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brian Hannasch acquired 165 shares of AutoZone stock in a transaction on Friday, May 29th. The shares were purchased at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the acquisition, the director directly owned 1,219 shares in the company, valued at $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 2.60% of the company’s stock.

AutoZone Company Profile

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.