Mackenzie Financial Corp Has $94.94 Million Stock Position in AutoZone, Inc. (NYSE:AZO)

Key Points

• Mackenzie Financial Corp reduced its stake in AutoZone, Inc. by 38.5%, now holding 24,900 shares valued at approximately $94.9 million.
• AutoZone's stock price recently reached $3,874.70, with a market capitalization of $65.02 billion and a year-over-year revenue increase of 5.4%.
• Equities analysts maintain a positive outlook on AutoZone, with two analysts rating it as a hold, nineteen as a buy, and three as a strong buy, targeting an average price of $4,087.00.

Mackenzie Financial Corp cut its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 38.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,900 shares of the company's stock after selling 15,601 shares during the quarter. Mackenzie Financial Corp owned 0.15% of AutoZone worth $94,938,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Headlands Technologies LLC purchased a new position in shares of AutoZone in the fourth quarter valued at $29,000. Cornerstone Planning Group LLC bought a new position in AutoZone during the 1st quarter valued at $44,000. Tradewinds Capital Management LLC boosted its stake in AutoZone by 30.0% during the 1st quarter. Tradewinds Capital Management LLC now owns 13 shares of the company's stock valued at $50,000 after acquiring an additional 3 shares during the last quarter. Minot DeBlois Advisors LLC bought a new position in AutoZone during the 4th quarter valued at $45,000. Finally, Golden State Wealth Management LLC boosted its stake in AutoZone by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 14 shares of the company's stock valued at $53,000 after acquiring an additional 7 shares during the last quarter. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at AutoZone

In other news, SVP K. Michelle Borninkhof sold 750 shares of the firm's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $3,597.13, for a total transaction of $2,697,847.50. Following the completion of the transaction, the senior vice president owned 406 shares in the company, valued at approximately $1,460,434.78. This trade represents a 64.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Richard Craig Smith sold 3,000 shares of the firm's stock in a transaction dated 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 transaction, the vice president owned 2,925 shares of the company's stock, valued at approximately $11,337,007.50. This trade represents a 50.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,862 shares of company stock worth $126,058,789 in the last 90 days. Corporate insiders own 2.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on AZO. Bank of America upgraded shares of AutoZone from a "neutral" rating to a "buy" rating and increased their price objective for the company from $3,900.00 to $4,800.00 in a research note on Wednesday, May 21st. Roth Capital set a $4,135.00 price objective on shares of AutoZone and gave the company a "buy" rating in a research note on Monday, June 2nd. DA Davidson increased their price objective on shares of AutoZone from $4,192.00 to $4,850.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Evercore ISI set a $3,950.00 price objective on shares of AutoZone in a research note on Monday, May 19th. Finally, BMO Capital Markets reiterated an "outperform" rating and set a $4,100.00 price objective (up from $3,850.00) on shares of AutoZone in a research note on Wednesday, May 28th. Two research 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 company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $4,087.00.

AutoZone Price Performance

Shares of AZO stock traded up $67.51 during trading hours on Friday, reaching $3,835.89. The stock had a trading volume of 56,617 shares, compared to its average volume of 133,002. AutoZone, Inc. has a twelve month low of $2,898.57 and a twelve month high of $3,919.50. The firm has a 50-day simple moving average of $3,707.01 and a 200-day simple moving average of $3,610.63. The firm has a market capitalization of $64.37 billion, a PE ratio of 25.98, a price-to-earnings-growth ratio of 2.29 and a beta of 0.39.

AutoZone (NYSE:AZO - Get Free Report) last released 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 company had revenue of $4.46 billion for the quarter, compared to analyst estimates of $4.41 billion. AutoZone had a net margin of 13.56% and a negative return on equity of 56.07%. The firm's quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the business posted $36.69 EPS. On average, equities analysts anticipate that AutoZone, Inc. will post 152.94 earnings per share for the current year.

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.