CIBC Bancorp USA Inc. Makes New $9.90 Million Investment in AutoZone, Inc. $AZO

CIBC Bancorp USA Inc. purchased a new position in shares of AutoZone, Inc. (NYSE:AZO) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 2,308 shares of the company’s stock, valued at approximately $9,902,000.

A number of other hedge funds have also recently modified their holdings of the business. Turning Point Benefit Group Inc. purchased a new stake in AutoZone in the third quarter worth about $25,000. Raleigh Capital Management Inc. bought a new position in shares of AutoZone in the third quarter worth about $26,000. Global Trust Asset Management LLC lifted its position in shares of AutoZone by 600.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 7 shares of the company’s stock valued at $30,000 after buying an additional 6 shares in the last quarter. Loomis Sayles & Co. L P bought a new position in shares of AutoZone during the 2nd quarter valued at approximately $33,000. Finally, Salomon & Ludwin LLC bought a new position in shares of AutoZone during the 3rd quarter valued at approximately $34,000. Institutional investors own 92.74% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. DA Davidson set a $4,300.00 target price on shares of AutoZone in a research note on Thursday, March 5th. TD Cowen dropped their price target on shares of AutoZone from $4,400.00 to $4,250.00 and set a “buy” rating for the company in a research report on Monday, March 16th. Zacks Research raised shares of AutoZone from a “strong sell” rating to a “hold” rating in a research note on Monday, November 24th. Robert W. Baird downgraded shares of AutoZone from an “outperform” rating to a “neutral” rating and set a $3,900.00 price objective on the stock. in a research report on Monday, February 9th. Finally, Truist Financial lowered their target price on shares of AutoZone from $4,076.00 to $4,045.00 and set a “buy” rating on the stock in a research note on Wednesday, March 4th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $4,312.13.

AutoZone Price Performance

Shares of AZO stock opened at $3,287.09 on Friday. AutoZone, Inc. has a 1-year low of $3,210.72 and a 1-year high of $4,388.11. The company has a market cap of $54.47 billion, a price-to-earnings ratio of 23.03, a PEG ratio of 1.71 and a beta of 0.41. The stock has a 50 day simple moving average of $3,656.84 and a 200-day simple moving average of $3,776.69.

AutoZone (NYSE:AZO) last released its quarterly earnings results on Tuesday, March 3rd. The company reported $27.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $27.59 by $0.04. The firm had revenue of $4.27 billion for 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%. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter last year, the company earned $28.29 EPS. Analysts anticipate that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

Insider Activity at AutoZone

In other news, Director George R. Mrkonic, Jr. sold 97 shares of AutoZone stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $3,341.99, for a total value of $324,173.03. Following the sale, the director owned 3,564 shares in the company, valued at $11,910,852.36. This trade represents a 2.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael A. George bought 145 shares of the business’s stock in a transaction dated Monday, December 22nd. The shares were bought at an average cost of $3,398.13 per share, with a total value of $492,728.85. Following the purchase, the director directly owned 566 shares of the company’s stock, valued at approximately $1,923,341.58. This represents a 34.44% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold 9,447 shares of company stock worth $34,179,923 in the last ninety days. 2.60% of the stock is 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.