Bank of Nova Scotia Purchases 4,661 Shares of AutoZone, Inc. $AZO

Bank of Nova Scotia raised its position in shares of AutoZone, Inc. (NYSE:AZO) by 40.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,316 shares of the company’s stock after purchasing an additional 4,661 shares during the period. Bank of Nova Scotia owned about 0.10% of AutoZone worth $69,998,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Raleigh Capital Management Inc. bought a new position in shares of AutoZone during the 3rd quarter worth $26,000. Global Trust Asset Management LLC raised its holdings in shares of AutoZone by 600.0% in the third quarter. Global Trust Asset Management LLC now owns 7 shares of the company’s stock valued at $30,000 after acquiring an additional 6 shares in the last quarter. Loomis Sayles & Co. L P bought a new stake in shares of AutoZone in the second quarter valued at about $33,000. Salomon & Ludwin LLC purchased a new stake in AutoZone in the third quarter worth about $34,000. Finally, AlphaCore Capital LLC lifted its stake in AutoZone by 42.9% in the second quarter. AlphaCore Capital LLC now owns 10 shares of the company’s stock worth $37,000 after acquiring an additional 3 shares during the period. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

AutoZone Stock Down 1.6%

Shares of AutoZone stock opened at $3,557.90 on Monday. The company has a market cap of $58.95 billion, a P/E ratio of 24.93, a PEG ratio of 1.82 and a beta of 0.41. The firm’s 50 day moving average price is $3,649.70 and its 200-day moving average price is $3,799.52. AutoZone, Inc. has a 52-week low of $3,210.72 and a 52-week high of $4,388.11.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, March 3rd. The company reported $27.63 EPS for the quarter, beating analysts’ consensus estimates of $27.59 by $0.04. The company had revenue of $4.27 billion during the quarter, compared to analysts’ expectations of $4.31 billion. AutoZone had a net margin of 12.47% and a negative return on equity of 72.31%. AutoZone’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $28.29 earnings per share. As a group, equities research analysts forecast that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Wolfe Research downgraded shares of AutoZone from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, December 16th. UBS Group set a $4,800.00 price target on shares of AutoZone in a research report on Tuesday, March 3rd. Roth Mkm dropped their price objective on shares of AutoZone from $4,650.00 to $4,526.00 and set a “buy” rating on the stock in a research note on Wednesday, March 4th. Jefferies Financial Group reissued a “buy” rating and set a $4,400.00 price objective on shares of AutoZone in a report on Wednesday, December 10th. Finally, Raymond James Financial reduced their price objective on shares of AutoZone from $4,800.00 to $4,600.00 and set a “strong-buy” rating for the company in a research note on Wednesday, December 10th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, AutoZone currently has an average rating of “Moderate Buy” and a consensus target price of $4,318.38.

Insiders Place Their Bets

In other news, Director George R. Mrkonic, Jr. sold 97 shares of the firm’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $3,341.99, for a total value of $324,173.03. Following the completion of the sale, the director owned 3,564 shares of the company’s stock, valued at $11,910,852.36. This trade represents a 2.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brian Hannasch bought 147 shares of the company’s stock in a transaction that occurred on Thursday, December 18th. The shares were acquired at an average price of $3,393.09 per share, for a total transaction of $498,784.23. Following the completion of the purchase, the director owned 962 shares in the company, valued at $3,264,152.58. The trade was a 18.04% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders sold 9,447 shares of company stock valued at $34,179,923. 2.60% of the stock is currently owned by company insiders.

AutoZone 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.