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

Canoe Financial LP trimmed its position in AutoZone, Inc. (NYSE:AZO) by 4.6% during the 4th quarter, Holdings Channel.com reports. The fund owned 49,391 shares of the company’s stock after selling 2,355 shares during the period. AutoZone accounts for 2.3% of Canoe Financial LP’s investment portfolio, making the stock its 13th biggest holding. Canoe Financial LP’s holdings in AutoZone were worth $167,510,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AZO. Turning Point Benefit Group Inc. acquired a new stake in AutoZone during the 3rd quarter worth about $25,000. Raleigh Capital Management Inc. acquired a new position in shares of AutoZone in the third quarter valued at about $26,000. Global Trust Asset Management LLC increased its holdings 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 valued at $30,000 after purchasing an additional 6 shares during the period. Loomis Sayles & Co. L P purchased a new position in shares of AutoZone in the second quarter worth about $33,000. Finally, Salomon & Ludwin LLC acquired a new stake in shares of AutoZone during the third quarter worth about $34,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on AZO shares. Roth Mkm dropped their target price on AutoZone from $4,650.00 to $4,526.00 and set a “buy” rating on the stock in a research report on Wednesday, March 4th. BNP Paribas Exane reduced their price target on shares of AutoZone from $4,811.00 to $4,268.00 and set an “outperform” rating for the company in a research report on Wednesday, December 10th. Evercore lifted their price objective on shares of AutoZone from $4,100.00 to $4,125.00 and gave the company an “outperform” rating in a research note on Friday, February 27th. Oppenheimer reiterated an “outperform” rating and issued a $4,300.00 price objective (up from $4,150.00) on shares of AutoZone in a research note on Tuesday, March 10th. Finally, Guggenheim reduced their target price on shares of AutoZone from $4,600.00 to $4,400.00 and set a “buy” rating for the company in a report on Wednesday, December 10th. 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 company. Based on data from MarketBeat, AutoZone presently has a consensus rating of “Moderate Buy” and a consensus price target of $4,312.13.

Insider Activity at AutoZone

In related news, Director Earl G. Graves, Jr. sold 250 shares of the stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $3,295.00, for a total transaction of $823,750.00. Following the sale, the director directly owned 4,887 shares of the company’s stock, valued at approximately $16,102,665. This represents a 4.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director George R. Mrkonic, Jr. sold 97 shares of the firm’s stock in a transaction on 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 sale, the director owned 3,564 shares in the company, valued at approximately $11,910,852.36. This represents a 2.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 9,447 shares of company stock worth $34,179,923 in the last three months. Company insiders own 2.60% of the company’s stock.

AutoZone Trading Down 2.4%

Shares of AZO stock opened at $3,315.90 on Friday. AutoZone, Inc. has a twelve month low of $3,210.72 and a twelve month high of $4,388.11. The stock has a market cap of $54.65 billion, a P/E ratio of 23.23, a P/E/G ratio of 1.70 and a beta of 0.41. The stock has a 50 day moving average of $3,643.05 and a 200 day moving average of $3,743.30.

AutoZone (NYSE:AZO) last released its quarterly earnings data on Tuesday, March 3rd. The company reported $27.63 EPS for the quarter, topping the consensus estimate of $27.59 by $0.04. The business had revenue of $4.27 billion for the quarter, compared to analyst estimates of $4.31 billion. AutoZone had a negative return on equity of 72.31% and a net margin of 12.47%.The business’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $28.29 EPS. On average, research analysts predict that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

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.