AutoZone, Inc. $AZO Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia decreased its stake in shares of AutoZone, Inc. (NYSE:AZO) by 2.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,777 shares of the company’s stock after selling 349 shares during the period. Bank of Nova Scotia owned 0.09% of AutoZone worth $49,916,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Turning Point Benefit Group Inc. purchased a new position in shares of AutoZone in the 3rd quarter worth about $25,000. Torren Management LLC acquired a new stake in AutoZone during the 4th quarter valued at approximately $27,000. Transamerica Financial Advisors LLC boosted its stake in AutoZone by 100.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock valued at $28,000 after acquiring an additional 4 shares during the last quarter. MCF Advisors LLC grew its stake in AutoZone by 50.0% in the fourth quarter. MCF Advisors LLC now owns 9 shares of the company’s stock worth $31,000 after purchasing an additional 3 shares in the last quarter. Finally, Bard Associates Inc. bought a new stake in shares of AutoZone in the 4th quarter valued at approximately $31,000. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AZO has been the subject of a number of research reports. Truist Financial set a $3,700.00 target price on AutoZone in a research note on Wednesday, May 27th. TD Cowen reiterated a “buy” rating and issued a $3,700.00 price objective on shares of AutoZone in a report on Thursday, June 4th. Evercore reiterated an “outperform” rating on shares of AutoZone in a research report on Tuesday, May 26th. Roth Capital decreased their target price on AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Finally, The Goldman Sachs Group cut their target price on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, AutoZone presently has a consensus rating of “Moderate Buy” and a consensus target price of $4,040.87.

AutoZone Stock Performance

NYSE AZO opened at $2,953.62 on Friday. AutoZone, Inc. has a 52 week low of $2,902.20 and a 52 week high of $4,388.11. The stock has a market capitalization of $48.22 billion, a P/E ratio of 20.31, a price-to-earnings-growth ratio of 1.48 and a beta of 0.33. The stock has a fifty day moving average of $3,101.53 and a 200-day moving average of $3,402.12.

AutoZone (NYSE:AZO) last released its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating the consensus estimate of $36.22 by $1.85. The firm had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $35.36 earnings per share. Equities research analysts forecast that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

AutoZone declared that its board has approved a share repurchase program on Tuesday, June 16th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to reacquire up to 3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other AutoZone news, Director Brian Hannasch bought 165 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was acquired at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the transaction, the director owned 1,219 shares in the company, valued at approximately $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.60% of the company’s stock.

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.