National Bank of Canada FI Has $47.90 Million Position in AutoZone, Inc. (NYSE:AZO)

Key Points

• National Bank of Canada FI has reduced its stake in AutoZone, Inc. by 11.1%, currently holding approximately 0.07% of the company valued at $47.9 million.
• Research analysts are optimistic about AutoZone's stock, with a consensus rating of "Buy" and a current average target price of $4,087.00.
• AutoZone reported earnings of $35.36 per share, missing estimates, but showed revenue growth of 5.4% year-over-year.

National Bank of Canada FI reduced its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 11.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,553 shares of the company's stock after selling 1,563 shares during the quarter. National Bank of Canada FI owned 0.07% of AutoZone worth $47,896,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of AZO. United Capital Financial Advisors LLC raised its holdings in shares of AutoZone by 0.3% during the fourth quarter. United Capital Financial Advisors LLC now owns 1,120 shares of the company's stock valued at $3,585,000 after acquiring an additional 3 shares during the last quarter. Forum Financial Management LP grew its position in shares of AutoZone by 2.2% in the fourth quarter. Forum Financial Management LP now owns 138 shares of the company's stock valued at $443,000 after purchasing an additional 3 shares in the last quarter. Wealthcare Advisory Partners LLC grew its position in shares of AutoZone by 2.2% in the first quarter. Wealthcare Advisory Partners LLC now owns 141 shares of the company's stock valued at $538,000 after purchasing an additional 3 shares in the last quarter. Focus Financial Network Inc. grew its position in shares of AutoZone by 2.9% in the first quarter. Focus Financial Network Inc. now owns 105 shares of the company's stock valued at $400,000 after purchasing an additional 3 shares in the last quarter. Finally, Blue Trust Inc. grew its position in shares of AutoZone by 3.5% in the first quarter. Blue Trust Inc. now owns 89 shares of the company's stock valued at $339,000 after purchasing an additional 3 shares in the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Oppenheimer upgraded AutoZone from a "market perform" rating to an "outperform" rating and set a $4,600.00 price target for the company in a research report on Friday, May 2nd. Mizuho upped their price target on AutoZone from $3,740.00 to $4,050.00 and gave the company an "outperform" rating in a research report on Thursday, July 3rd. Raymond James Financial restated a "strong-buy" rating on shares of AutoZone in a research report on Wednesday, May 28th. Morgan Stanley reiterated an "overweight" rating and issued a $4,000.00 price objective (up from $3,750.00) on shares of AutoZone in a research report on Wednesday, May 28th. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $4,100.00 price objective (up from $3,850.00) on shares of AutoZone in a research report on Wednesday, May 28th. Two equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, AutoZone presently has an average rating of "Buy" and a consensus target price of $4,087.00.

Insider Activity

In other AutoZone news, Chairman William C. Rhodes III sold 27,500 shares of the firm's 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 value of $101,995,575.00. Following the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jamere Jackson sold 2,612 shares of AutoZone stock in a transaction on Friday, May 30th. The stock was sold at an average price of $3,728.05, for a total transaction of $9,737,666.60. Following the transaction, the chief financial officer directly owned 427 shares in the company, valued at approximately $1,591,877.35. This represents a 85.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,862 shares of company stock worth $126,058,789. Corporate insiders own 2.10% of the company's stock.

AutoZone Price Performance

Shares of AZO stock traded down $36.20 on Tuesday, hitting $4,000.59. The company's stock had a trading volume of 95,646 shares, compared to its average volume of 112,056. AutoZone, Inc. has a fifty-two week low of $2,898.57 and a fifty-two week high of $4,094.69. The firm's fifty day moving average price is $3,747.90 and its 200-day moving average price is $3,654.19. The stock has a market capitalization of $67.13 billion, a price-to-earnings ratio of 27.08, a P/E/G ratio of 2.41 and a beta of 0.38.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings data on Tuesday, May 27th. The company reported $35.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $37.07 by ($1.71). AutoZone had a negative return on equity of 56.07% and a net margin of 13.56%. The company had revenue of $4.46 billion for the quarter, compared to the consensus estimate of $4.41 billion. During the same quarter in the previous year, the firm posted $36.69 EPS. The business's revenue for the quarter was up 5.4% compared to the same quarter last year. Analysts predict that AutoZone, Inc. will post 152.94 EPS for the current fiscal 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.