Bank of Nova Scotia Lowers Position in AutoZone, Inc. (NYSE:AZO)

Key Points

• Bank of Nova Scotia decreased its stake in AutoZone, Inc. by 1.1%, now holding 12,950 shares valued at approximately $49.37 million.
• Insiders at AutoZone sold a total of 33,862 shares worth approximately $126 million over the last 90 days, with CFO Jamere Jackson reducing his ownership by 85.95%.
• Analysts have raised their price targets for AutoZone, with Bank of America setting a new target of $4,800, reflecting a strong consensus of buy ratings for the stock.

Bank of Nova Scotia lessened its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 1.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,950 shares of the company's stock after selling 145 shares during the quarter. Bank of Nova Scotia owned about 0.08% of AutoZone worth $49,366,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of AZO. GAMMA Investing LLC boosted its position in shares of AutoZone by 435,031.1% during the first quarter. GAMMA Investing LLC now owns 770,182 shares of the company's stock valued at $2,936,535,000 after buying an additional 770,005 shares during the last quarter. Barclays PLC raised its stake in shares of AutoZone by 82.6% in the fourth quarter. Barclays PLC now owns 170,216 shares of the company's stock worth $545,033,000 after buying an additional 77,015 shares during the period. Northern Trust Corp lifted its holdings in AutoZone by 22.0% in the 4th quarter. Northern Trust Corp now owns 204,748 shares of the company's stock worth $655,603,000 after purchasing an additional 36,916 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in AutoZone in the 4th quarter worth approximately $95,480,000. Finally, Deutsche Bank AG boosted its stake in AutoZone by 14.6% in the 4th quarter. Deutsche Bank AG now owns 204,822 shares of the company's stock worth $655,840,000 after purchasing an additional 26,036 shares during the period. Institutional investors own 92.74% of the company's stock.

Insider Activity at AutoZone

In other news, CFO Jamere Jackson sold 2,612 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $3,728.05, for a total value of $9,737,666.60. Following the transaction, the chief financial officer owned 427 shares in the company, valued at $1,591,877.35. This represents a 85.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman William C. Rhodes III sold 27,500 shares of the stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $3,708.93, for a total transaction of $101,995,575.00. Following the sale, the chairman directly owned 8,546 shares of the company's stock, valued at approximately $31,696,515.78. This trade represents a 76.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,862 shares of company stock valued at $126,058,789. Company insiders own 2.10% of the company's stock.

AutoZone Stock Up 1.3%

Shares of NYSE:AZO traded up $50.64 during midday trading on Wednesday, hitting $4,061.89. The stock had a trading volume of 23,952 shares, compared to its average volume of 132,589. AutoZone, Inc. has a fifty-two week low of $2,898.57 and a fifty-two week high of $4,048.00. The company has a market capitalization of $68.16 billion, a P/E ratio of 27.48, a price-to-earnings-growth ratio of 2.37 and a beta of 0.38. The company's 50-day moving average price is $3,716.88 and its 200-day moving average price is $3,628.70.

AutoZone (NYSE:AZO - Get Free Report) last announced its earnings results on Tuesday, May 27th. The company reported $35.36 EPS for the quarter, missing the consensus estimate of $37.07 by ($1.71). The firm had revenue of $4.46 billion during the quarter, compared to analysts' expectations of $4.41 billion. AutoZone had a net margin of 13.56% and a negative return on equity of 56.07%. The business's revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $36.69 EPS. Research analysts expect that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

Analyst Ratings Changes

AZO has been the topic of several analyst reports. BMO Capital Markets reissued an "outperform" rating and set a $4,100.00 target price (up previously from $3,850.00) on shares of AutoZone in a research report on Wednesday, May 28th. The Goldman Sachs Group set a $3,811.00 price target on AutoZone in a research report on Friday, May 23rd. UBS Group upped their target price on AutoZone from $4,025.00 to $4,260.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. JPMorgan Chase & Co. increased their price objective on AutoZone from $3,830.00 to $4,350.00 and gave the company an "overweight" rating in a report on Friday, May 23rd. Finally, DA Davidson raised their target price on AutoZone from $4,192.00 to $4,850.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. Two investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, AutoZone has a consensus rating of "Buy" and a consensus price target of $4,087.00.

AutoZone Company Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.