Canoe Financial LP Sells 4,165 Shares of AutoZone, Inc. $AZO

Canoe Financial LP lowered its stake in AutoZone, Inc. (NYSE:AZO) by 7.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 51,746 shares of the company’s stock after selling 4,165 shares during the period. AutoZone accounts for 3.2% of Canoe Financial LP’s portfolio, making the stock its 6th largest position. Canoe Financial LP owned 0.31% of AutoZone worth $222,003,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. SFM LLC increased its stake in shares of AutoZone by 13.2% in the 3rd quarter. SFM LLC now owns 308 shares of the company’s stock valued at $1,321,000 after buying an additional 36 shares during the period. Blue Zone Wealth Advisors LLC lifted its stake in shares of AutoZone by 2.5% during the third quarter. Blue Zone Wealth Advisors LLC now owns 2,384 shares of the company’s stock valued at $10,228,000 after acquiring an additional 58 shares during the period. Cadent Capital Advisors LLC bought a new position in AutoZone in the third quarter valued at about $403,000. Norden Group LLC acquired a new stake in AutoZone in the third quarter worth about $270,000. Finally, Brookstone Capital Management raised its holdings in AutoZone by 2.9% during the 3rd quarter. Brookstone Capital Management now owns 144 shares of the company’s stock worth $618,000 after purchasing an additional 4 shares during the last quarter. Institutional investors own 92.74% of the company’s stock.

Insider Buying and Selling

In other AutoZone news, Director Michael A. George purchased 145 shares of the company’s stock in a transaction dated Monday, December 22nd. The shares were bought at an average price of $3,398.13 per share, with a total value of $492,728.85. Following the completion of the transaction, the director directly owned 566 shares in the company, valued at $1,923,341.58. This trade represents a 34.44% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jamere Jackson acquired 55 shares of the business’s stock in a transaction dated Wednesday, December 10th. The shares were acquired at an average price of $3,413.50 per share, for a total transaction of $187,742.50. Following the acquisition, the chief financial officer directly owned 488 shares in the company, valued at $1,665,788. This represents a 12.70% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders purchased 347 shares of company stock valued at $1,179,256. 2.60% of the stock is owned by company insiders.

AutoZone Stock Performance

AZO opened at $3,459.81 on Friday. The firm’s fifty day moving average is $3,727.06 and its two-hundred day moving average is $3,875.47. The firm has a market cap of $57.33 billion, a PE ratio of 24.13, a price-to-earnings-growth ratio of 1.64 and a beta of 0.40. AutoZone, Inc. has a twelve month low of $3,162.00 and a twelve month high of $4,388.11.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, December 9th. The company reported $31.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $32.69 by ($1.65). The firm had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.64 billion. AutoZone had a net margin of 12.78% and a negative return on equity of 65.38%. AutoZone’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period last year, the firm earned $32.52 EPS. Equities analysts forecast that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

AutoZone announced that its Board of Directors has initiated a stock buyback program on Wednesday, October 8th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

AZO has been the topic of several recent research reports. Citigroup reduced their target price on shares of AutoZone from $4,775.00 to $4,200.00 and set a “buy” rating on the stock in a research note on Thursday, December 11th. The Goldman Sachs Group cut their price objective on shares of AutoZone from $4,262.00 to $4,234.00 and set a “buy” rating on the stock in a report on Wednesday, December 10th. Evercore ISI reaffirmed an “outperform” rating and set a $4,100.00 target price on shares of AutoZone in a report on Wednesday, December 10th. Cowen reiterated a “buy” rating on shares of AutoZone in a research report on Thursday, September 18th. Finally, Weiss Ratings lowered AutoZone from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $4,317.27.

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.