CIBC Private Wealth Group LLC Decreases Stock Holdings in AutoZone, Inc. $AZO

CIBC Private Wealth Group LLC lowered its holdings in AutoZone, Inc. (NYSE:AZO) by 1.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,886 shares of the company’s stock after selling 383 shares during the period. CIBC Private Wealth Group LLC owned approximately 0.12% of AutoZone worth $85,316,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Turning Point Benefit Group Inc. acquired a new stake in AutoZone in the 3rd quarter valued at $25,000. Raleigh Capital Management Inc. acquired a new position in shares of AutoZone during the third quarter worth about $26,000. Global Trust Asset Management LLC boosted its position in shares of AutoZone by 600.0% in the third quarter. Global Trust Asset Management LLC now owns 7 shares of the company’s stock worth $30,000 after buying an additional 6 shares during the period. Loomis Sayles & Co. L P purchased a new stake in shares of AutoZone in the second quarter worth about $33,000. Finally, Salomon & Ludwin LLC acquired a new stake in shares of AutoZone in the third quarter valued at about $34,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

AutoZone Stock Down 2.2%

AZO stock opened at $3,363.12 on Thursday. AutoZone, Inc. has a 52-week low of $3,210.72 and a 52-week high of $4,388.11. The stock’s 50 day moving average is $3,658.76 and its two-hundred day moving average is $3,786.15. The company has a market capitalization of $55.73 billion, a PE ratio of 23.56, a P/E/G ratio of 1.76 and a beta of 0.41.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, March 3rd. The company reported $27.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $27.59 by $0.04. AutoZone had a negative return on equity of 72.31% and a net margin of 12.47%.The company had revenue of $4.27 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same period in the prior year, the company posted $28.29 EPS. AutoZone’s quarterly revenue was up 8.2% on a year-over-year basis. As a group, sell-side analysts anticipate that AutoZone, Inc. will post 152.94 EPS for the current year.

Insider Activity at AutoZone

In other news, Director George R. Mrkonic, Jr. sold 97 shares of the stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $3,341.99, for a total transaction of $324,173.03. Following the transaction, the director owned 3,564 shares of the company’s stock, valued at approximately $11,910,852.36. This trade represents a 2.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Richard Craig Smith sold 5,910 shares of AutoZone stock in a transaction dated Friday, January 23rd. The stock was sold at an average price of $3,700.00, for a total value of $21,867,000.00. Following the completion of the transaction, the vice president owned 2,627 shares of the company’s stock, valued at $9,719,900. This trade represents a 69.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 9,447 shares of company stock valued at $34,179,923. 2.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

AZO has been the topic of several analyst reports. JPMorgan Chase & Co. raised their target price on AutoZone from $4,100.00 to $4,300.00 and gave the company an “overweight” rating in a report on Thursday, February 26th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $4,400.00 price objective on shares of AutoZone in a research report on Wednesday, December 10th. Wolfe Research lowered shares of AutoZone from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, December 16th. Morgan Stanley boosted their target price on shares of AutoZone from $4,000.00 to $4,020.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 4th. Finally, TD Cowen decreased their target price on shares of AutoZone from $4,400.00 to $4,250.00 and set a “buy” rating for the company in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, AutoZone has an average rating of “Moderate Buy” and an average price target of $4,312.13.

About AutoZone

AutoZone, Inc (NYSE: AZO) is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.