Caisse de depot et placement du Quebec Buys Shares of 23,871 AutoZone, Inc. $AZO

Caisse de depot et placement du Quebec purchased a new position in shares of AutoZone, Inc. (NYSE:AZO) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 23,871 shares of the company’s stock, valued at approximately $76,290,000.

A number of other institutional investors have also made changes to their positions in AZO. BlackRock Inc. acquired a new stake in shares of AutoZone in the 2nd quarter valued at approximately $3,938,566,000. Morgan Stanley increased its holdings in AutoZone by 17.8% during the fourth quarter. Morgan Stanley now owns 492,794 shares of the company’s stock worth $1,671,323,000 after buying an additional 74,555 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in AutoZone by 1.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company’s stock worth $1,312,654,000 after acquiring an additional 7,390 shares in the last quarter. Norges Bank acquired a new stake in AutoZone in the fourth quarter valued at $939,205,000. Finally, First Manhattan CO. LLC. grew its position in shares of AutoZone by 2.7% in the 4th quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company’s stock valued at $886,246,000 after acquiring an additional 6,765 shares during the period. Institutional investors own 92.74% of the company’s stock.

AutoZone Trading Down 2.2%

Shares of AZO opened at $2,932.02 on Friday. AutoZone, Inc. has a 12 month low of $2,902.20 and a 12 month high of $4,388.11. The firm’s 50 day moving average is $3,047.01 and its 200-day moving average is $3,310.04. The stock has a market capitalization of $47.88 billion, a PE ratio of 20.16, a P/E/G ratio of 1.52 and a beta of 0.33.

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

AutoZone announced that its board has authorized a stock buyback program on Tuesday, June 16th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to buy up to 3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, VP Dennis W. Leriche sold 1,455 shares of the company’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the completion of the sale, the vice president directly owned 441 shares in the company, valued at approximately $1,367,100. This represents a 76.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

AZO has been the topic of a number of research analyst reports. The Goldman Sachs Group dropped their target price on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Truist Financial set a $3,700.00 price objective on AutoZone in a research report on Wednesday, May 27th. Weiss Ratings downgraded AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, July 23rd. Evercore reissued an “outperform” rating on shares of AutoZone in a report on Tuesday, May 26th. Finally, DA Davidson cut their price target on AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $4,029.43.

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.