Canoe Financial LP Lowers Position in AutoZone, Inc. $AZO

Key Points

• Canoe Financial LP reduced its stake in AutoZone, Inc. by 7.8%, now holding 55,911 shares valued at approximately $207.55 million, making it the 8th largest holding in their portfolio.
• Institutional ownership of AutoZone is high, with 92.74% of the stock owned by institutional investors, reflecting strong market support for the company.
• Several equity analysts have recently increased their price targets for AutoZone, with new targets reaching as high as $4,850, showcasing positive market sentiment for the stock.

Canoe Financial LP decreased its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 7.8% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 55,911 shares of the company's stock after selling 4,710 shares during the period. AutoZone comprises about 3.0% of Canoe Financial LP's investment portfolio, making the stock its 8th biggest holding. Canoe Financial LP owned 0.33% of AutoZone worth $207,554,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of AZO. AlphaCore Capital LLC acquired a new stake in shares of AutoZone during the 1st quarter valued at $27,000. Saudi Central Bank acquired a new stake in shares of AutoZone during the 1st quarter valued at $27,000. Financial Network Wealth Advisors LLC boosted its stake in shares of AutoZone by 66.7% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 10 shares of the company's stock valued at $38,000 after buying an additional 4 shares during the period. Cornerstone Planning Group LLC acquired a new stake in shares of AutoZone during the 1st quarter valued at $44,000. Finally, Clearstead Trust LLC acquired a new stake in shares of AutoZone during the 1st quarter valued at $46,000. Institutional investors and hedge funds own 92.74% of the company's stock.

AutoZone Stock Down 2.1%

AZO traded down $88.49 during trading hours on Tuesday, hitting $4,032.51. 145,024 shares of the company's stock were exchanged, compared to its average volume of 129,866. The stock's 50-day moving average is $4,041.27 and its two-hundred day moving average is $3,805.01. AutoZone, Inc. has a 1-year low of $2,898.57 and a 1-year high of $4,388.11. The stock has a market cap of $67.67 billion, a price-to-earnings ratio of 27.37, a PEG ratio of 2.29 and a beta of 0.41.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings results on Tuesday, September 23rd. The company reported $48.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $50.52 by ($1.81). AutoZone had a negative return on equity of 56.07% and a net margin of 13.56%.The firm had revenue of $6.24 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same period last year, the company posted $51.58 earnings per share. The business's revenue was up .6% compared to the same quarter last year. On average, equities research analysts anticipate that AutoZone, Inc. will post 152.94 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. TD Cowen lifted their target price on shares of AutoZone from $4,300.00 to $4,900.00 and gave the company a "buy" rating in a research note on Thursday, September 18th. Truist Financial lifted their price objective on shares of AutoZone from $4,038.00 to $4,504.00 and gave the company a "buy" rating in a research note on Wednesday, September 17th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $4,900.00 price target (up previously from $4,200.00) on shares of AutoZone in a research report on Tuesday, September 16th. JPMorgan Chase & Co. boosted their price target on AutoZone from $4,200.00 to $4,850.00 and gave the stock an "overweight" rating in a research report on Monday, September 15th. Finally, BMO Capital Markets reaffirmed 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. Three analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $4,449.18.

Insider Transactions at AutoZone

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the company's stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $3,875.90, for a total transaction of $11,627,700.00. Following the sale, the vice president directly owned 2,925 shares of the company's stock, valued at approximately $11,337,007.50. This represents a 50.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 2.10% of the company's stock.

About AutoZone

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.