AutoZone, Inc. $AZO Stock: Beutel Goodman & Co Ltd. Grows Position

Key Points

• Beutel Goodman increased its AutoZone stake by 23.9% in the third quarter, adding 11,257 shares to hold 58,300 shares worth about $165 million. Institutional investors and hedge funds own 92.74% of the stock.
• AutoZone CFO Jamere Jackson sold 6,900 shares for about $22.9 million, reducing his direct stake by 93.29% to 496 shares.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $3,674.36. Quarterly revenue rose 5.6% year over year to $6.59 billion, below analysts’ $6.70 billion estimate.

Beutel Goodman & Co Ltd. raised its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 23.9% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 58,300 shares of the company's stock after purchasing an additional 11,257 shares during the period. Beutel Goodman & Co Ltd. owned 0.36% of AutoZone worth $164,990,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Edmond DE Rothschild Holding S.A. purchased a new position in shares of AutoZone in the second quarter worth about $29,000. Asset Dedication LLC boosted its position in AutoZone by 150.0% during the first quarter. Asset Dedication LLC now owns 10 shares of the company's stock worth $34,000 after acquiring an additional 6 shares during the last quarter. Tacita Capital Inc acquired a new position in AutoZone during the second quarter worth about $32,000. Burkett Financial Services LLC acquired a new position in AutoZone during the third quarter worth about $31,000. Finally, Heritage Family Offices LLP purchased a new stake in AutoZone during the 3rd quarter valued at about $31,000. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other AutoZone news, CFO Jamere Jackson sold 6,900 shares of the business's stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $3,319.71, for a total value of $22,905,999.00. Following the transaction, the chief financial officer directly owned 496 shares in the company, valued at $1,646,576.16. The trade was a 93.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have commented on AZO. UBS Group set a $3,850.00 price objective on shares of AutoZone in a report on Wednesday, September 23rd. Weiss Ratings restated a "hold (c)" rating on shares of AutoZone in a report on Wednesday, October 21st. Mizuho lowered their target price on AutoZone from $3,200.00 to $3,000.00 and set a "neutral" rating on the stock in a report on Wednesday, September 23rd. TD Cowen restated a "buy" rating on shares of AutoZone in a research report on Monday, October 26th. Finally, Roth Capital cut their price target on AutoZone from $4,023.00 to $3,850.00 and set a "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 six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $3,674.36.

AutoZone Stock Up 1.2%

NYSE AZO opened at $3,254.78 on Tuesday. The business's fifty day simple moving average is $2,998.38 and its 200-day simple moving average is $3,253.06. The firm has a market cap of $52.37 billion, a PE ratio of 21.30, a P/E/G ratio of 1.71 and a beta of 0.37. AutoZone, Inc. has a 52 week low of $2,730.65 and a 52 week high of $3,996.25.

AutoZone (NYSE:AZO - Get Free Report) last announced its quarterly earnings data on Tuesday, September 22nd. The company reported $56.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.54 by $55.51. AutoZone had a net margin of 12.65% and a negative return on equity of 90.08%. The firm had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.70 billion. During the same quarter in the prior year, the firm posted $48.71 earnings per share. AutoZone's quarterly revenue was up 5.6% on a year-over-year basis. Research analysts expect that AutoZone, Inc. will post 170.30 EPS for the current year.

About AutoZone

AutoZone is a retailer and distributor of automotive replacement parts and accessories, serving do-it-yourself customers as well as professional repair shops. Its products include new and remanufactured parts, maintenance supplies, and accessories for cars, sport utility vehicles, and light trucks. The company also offers services such as battery testing and tool-loan programs at many stores.

Founded in 1979 and headquartered in Memphis, Tennessee, the company operates stores in the United States, Mexico, and Brazil.

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