Bank of Nova Scotia Sells 349 Shares of AutoZone, Inc. $AZO

Bank of Nova Scotia trimmed its position in AutoZone, Inc. (NYSE:AZO) by 2.3% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 14,777 shares of the company’s stock after selling 349 shares during the period. Bank of Nova Scotia’s holdings in AutoZone were worth $49,916,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of AZO. Turning Point Benefit Group Inc. acquired a new stake in AutoZone in the 3rd quarter worth about $25,000. Torren Management LLC bought a new position in shares of AutoZone during the fourth quarter worth approximately $27,000. Transamerica Financial Advisors LLC raised its position in shares of AutoZone by 100.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock valued at $28,000 after buying an additional 4 shares in the last quarter. MCF Advisors LLC boosted its stake in shares of AutoZone by 50.0% in the fourth quarter. MCF Advisors LLC now owns 9 shares of the company’s stock valued at $31,000 after buying an additional 3 shares during the period. Finally, Bard Associates Inc. acquired a new stake in AutoZone during the fourth quarter worth approximately $31,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on AZO. TD Cowen reaffirmed a “buy” rating and set a $3,700.00 price objective on shares of AutoZone in a research report on Thursday, June 4th. Robert W. Baird reduced their price objective on 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. Truist Financial set a $3,700.00 target price on AutoZone in a research note on Wednesday, May 27th. JPMorgan Chase & Co. dropped their target price on shares of AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating for the company in a report on Wednesday, May 27th. Finally, Citigroup dropped their price target on AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. One research 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 stock. According to data from MarketBeat, AutoZone currently has an average rating of “Moderate Buy” and an average price target of $4,040.87.

Insider Activity

In related news, Director Brian Hannasch purchased 165 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were purchased at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the transaction, the director directly owned 1,219 shares in the company, valued at approximately $3,641,153. This represents a 15.65% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 2.60% of the stock is currently owned by corporate insiders.

AutoZone Price Performance

Shares of AZO stock opened at $2,953.62 on Friday. The company has a market cap of $48.22 billion, a P/E ratio of 20.31, a P/E/G ratio of 1.48 and a beta of 0.33. The firm has a 50-day moving average of $3,101.53 and a 200-day moving average of $3,402.12. AutoZone, Inc. has a one year low of $2,902.20 and a one year 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 negative return on equity of 80.35% and a net margin of 12.40%.The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the previous year, the business posted $35.36 EPS. As a group, research analysts expect that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

AutoZone announced that its board has initiated a stock repurchase plan on Tuesday, June 16th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to repurchase up to 3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

AutoZone 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.