AutoZone, Inc. $AZO Shares Sold by Canoe Financial LP

Key Points

• Canoe Financial LP reduced its AutoZone stake by 5.2% in the third quarter, selling 2,140 shares and retaining 38,941 shares valued at approximately $109.8 million. Institutional investors collectively own 92.74% of the company.
• Analysts maintain a generally positive view, with AutoZone receiving a “Moderate Buy” consensus rating and an average price target of $3,669.12, despite several recent price-target cuts.
• AutoZone reported quarterly revenue of $6.59 billion, up 5.6% year over year, while its stock opened at $3,159.17 and remained below its one-year high of $4,040. An AutoZone vice president also sold 1,455 shares worth $4.51 million.

Canoe Financial LP trimmed its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 5.2% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 38,941 shares of the company's stock after selling 2,140 shares during the period. Canoe Financial LP owned about 0.24% of AutoZone worth $109,776,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Crown Wealth Group LLC boosted its holdings in shares of AutoZone by 3.7% in the 1st quarter. Crown Wealth Group LLC now owns 84 shares of the company's stock worth $284,000 after buying an additional 3 shares during the last quarter. KFG Wealth Management LLC increased its holdings in AutoZone by 2.2% during the first quarter. KFG Wealth Management LLC now owns 142 shares of the company's stock worth $480,000 after buying an additional 3 shares during the last quarter. Apollon Financial LLC raised its position in AutoZone by 1.9% in the first quarter. Apollon Financial LLC now owns 163 shares of the company's stock worth $551,000 after acquiring an additional 3 shares during the period. Vision Retirement LLC raised its position in AutoZone by 0.5% in the first quarter. Vision Retirement LLC now owns 602 shares of the company's stock worth $2,033,000 after acquiring an additional 3 shares during the period. Finally, State of Wyoming boosted its stake in AutoZone by 13.6% in the first quarter. State of Wyoming now owns 25 shares of the company's stock valued at $84,000 after acquiring an additional 3 shares during the last quarter. 92.74% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Weiss Ratings downgraded shares of AutoZone from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, July 23rd. Evercore reaffirmed an "outperform" rating on shares of AutoZone in a report on Wednesday, September 23rd. Barclays dropped their price objective on AutoZone from $3,637.00 to $3,400.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 23rd. BMO Capital Markets dropped their price objective on AutoZone from $4,000.00 to $3,500.00 and set an "outperform" rating on the stock in a research note on Wednesday, September 23rd. Finally, Raymond James Financial reduced their price objective on AutoZone from $4,000.00 to $3,700.00 and set a "strong-buy" rating for the company in a report on Wednesday, September 23rd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, AutoZone has an average rating of "Moderate Buy" and an average price target of $3,669.12.

Insider Transactions at AutoZone

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the sale, the vice president directly owned 441 shares in the company, valued at $1,367,100. This represents a 76.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.60% of the stock is owned by corporate insiders.

AutoZone Price Performance

AutoZone stock opened at $3,159.17 on Thursday. AutoZone, Inc. has a one year low of $2,730.65 and a one year high of $4,040.00. The business has a fifty day moving average price of $2,943.01 and a 200-day moving average price of $3,124.62. The firm has a market capitalization of $51.59 billion, a P/E ratio of 20.68, a PEG ratio of 1.47 and a beta of 0.40.

AutoZone (NYSE:AZO - Get Free Report) last announced its quarterly earnings results on Tuesday, September 22nd. The company reported $56.05 earnings per share for the quarter, beating the consensus estimate of $0.54 by $55.51. The company had revenue of $6.59 billion during the quarter, compared to analysts' expectations of $6.70 billion. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%. The firm's quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the business earned $48.71 earnings per share. Sell-side analysts expect that AutoZone, Inc. will post 171.53 earnings per share for the current fiscal year.

AutoZone Profile

AutoZone, Inc is a specialty retailer and distributor of automotive replacement parts, equipment and accessories. The company serves do-it-yourself customers, professional automotive technicians and commercial repair businesses through its retail stores, distribution network and digital platforms.

Its merchandise includes replacement batteries, brakes, filters, belts, hoses, ignition components, tools, fluids, lighting products and other maintenance items. AutoZone also offers private-label products under brands such as Duralast, as well as vehicle diagnostic services and parts delivery for commercial customers.

Founded in 1979 as Auto Shack by Pitt Hyde, the company adopted the AutoZone name in 1987.

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