AutoZone, Inc. (NYSE:AZO) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its holdings in AutoZone, Inc. by 28.8% during the first quarter, owning 4,569 shares valued at approximately $17.4 million after selling 1,849 shares.
• Vanguard Group Inc. and GAMMA Investing LLC increased their positions in AutoZone, with GAMMA notably raising its stake by an astounding 435,031.1%, resulting in ownership of 770,182 shares valued at approximately $2.9 billion.
• AutoZone's latest earnings report revealed a miss on EPS estimates, reporting $35.36 against an expected $37.07, although revenues grew by 5.4% year-over-year.

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 28.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,569 shares of the company's stock after selling 1,849 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in AutoZone were worth $17,421,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Donoghue Forlines LLC purchased a new position in AutoZone during the first quarter worth about $2,421,000. Zions Bancorporation National Association UT purchased a new position in shares of AutoZone in the 1st quarter worth about $111,000. Townsquare Capital LLC boosted its holdings in shares of AutoZone by 18.9% in the 1st quarter. Townsquare Capital LLC now owns 1,464 shares of the company's stock worth $5,582,000 after purchasing an additional 233 shares in the last quarter. Bristlecone Advisors LLC purchased a new position in shares of AutoZone in the 1st quarter worth about $244,000. Finally, Savvy Advisors Inc. purchased a new position in shares of AutoZone in the 1st quarter worth about $240,000. 92.74% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on AZO shares. Roth Capital set a $4,135.00 target price on AutoZone and gave the company a "buy" rating in a report on Monday, June 2nd. Truist Financial set a $3,995.00 price objective on AutoZone in a research report on Friday, May 23rd. The Goldman Sachs Group set a $3,811.00 target price on AutoZone in a research note on Friday, May 23rd. Morgan Stanley reiterated an "overweight" rating and set a $4,000.00 target price (up from $3,750.00) on shares of AutoZone in a research report on Wednesday, May 28th. Finally, UBS Group lifted their price objective on AutoZone from $4,025.00 to $4,260.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Two research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $4,087.00.

AutoZone Stock Up 0.3%

Shares of AZO stock traded up $12.43 during mid-day trading on Friday, hitting $4,004.91. 32,543 shares of the stock were exchanged, compared to its average volume of 130,909. The firm has a fifty day moving average of $3,759.83 and a 200 day moving average of $3,661.16. AutoZone, Inc. has a 52-week low of $2,898.57 and a 52-week high of $4,094.69. The company has a market cap of $67.20 billion, a PE ratio of 27.11, a price-to-earnings-growth ratio of 2.41 and a beta of 0.38.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings results on Tuesday, May 27th. The company reported $35.36 earnings per share for the quarter, missing analysts' consensus estimates of $37.07 by ($1.71). The company 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 company's quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the business posted $36.69 earnings per share. Equities analysts predict that AutoZone, Inc. will post 152.94 EPS for the current year.

Insider Buying and Selling at AutoZone

In related news, CFO Jamere Jackson sold 2,612 shares of AutoZone 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 completion of the sale, the chief financial officer owned 427 shares in the company, valued at approximately $1,591,877.35. This trade represents a 85.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Richard Craig Smith sold 3,000 shares of AutoZone stock in a transaction that occurred 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 completion of the sale, the vice president owned 2,925 shares of the company's stock, valued at $11,337,007.50. This trade represents a 50.63% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,862 shares of company stock valued at $126,058,789. 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.