CI Investments Inc. Buys 1,238 Shares of AutoZone, Inc. $AZO

CI Investments Inc. raised its stake in shares of AutoZone, Inc. (NYSE:AZO) by 151.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,057 shares of the company’s stock after buying an additional 1,238 shares during the period. CI Investments Inc.’s holdings in AutoZone were worth $6,948,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of AZO. Norges Bank purchased a new stake in AutoZone during the fourth quarter valued at $939,205,000. Morgan Stanley grew its stake in shares of AutoZone by 17.8% during the 4th quarter. Morgan Stanley now owns 492,794 shares of the company’s stock valued at $1,671,323,000 after purchasing an additional 74,555 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in shares of AutoZone by 387.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company’s stock valued at $263,832,000 after purchasing an additional 61,821 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of AutoZone by 39.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company’s stock worth $584,730,000 after purchasing an additional 50,071 shares during the period. Finally, AQR Capital Management LLC lifted its stake in shares of AutoZone by 80.8% in the 3rd quarter. AQR Capital Management LLC now owns 101,185 shares of the company’s stock worth $432,059,000 after purchasing an additional 45,212 shares during the period. 92.74% of the stock is owned by institutional investors.

Analyst Ratings Changes

AZO has been the subject of several recent research reports. Jefferies Financial Group cut their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. BMO Capital Markets decreased their price target on shares of AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Robert W. Baird dropped their price target on shares of AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 27th. Morgan Stanley cut their price objective on shares of AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a research report on Wednesday, May 27th. Finally, DA Davidson reduced their price objective on AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $4,040.87.

AutoZone Trading Down 1.7%

Shares of NYSE:AZO opened at $2,923.23 on Friday. The stock has a 50 day moving average of $3,108.82 and a 200 day moving average of $3,405.28. The company has a market cap of $47.74 billion, a PE ratio of 20.10, a price-to-earnings-growth ratio of 1.51 and a beta of 0.33. AutoZone, Inc. has a 12-month low of $2,902.20 and a 12-month high of $4,388.11.

AutoZone (NYSE:AZO) last released its earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, topping analysts’ consensus estimates of $36.22 by $1.85. The company had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The firm’s revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the business earned $35.36 EPS. Equities research analysts predict that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

AutoZone declared that its board has authorized a share repurchase program on Tuesday, June 16th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to reacquire up to 3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other AutoZone news, Director Brian Hannasch purchased 165 shares of the business’s stock in a transaction on Friday, May 29th. The stock was acquired at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the purchase, the director owned 1,219 shares of the company’s stock, valued at approximately $3,641,153. This represents a 15.65% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.60% of the company’s stock.

AutoZone Company Profile

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.