Vancity Investment Management Ltd Cuts Stock Holdings in AutoZone, Inc. $AZO

Vancity Investment Management Ltd lowered its position in AutoZone, Inc. (NYSE:AZO) by 4.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,987 shares of the company’s stock after selling 363 shares during the period. AutoZone comprises approximately 3.2% of Vancity Investment Management Ltd’s holdings, making the stock its 11th largest position. Vancity Investment Management Ltd’s holdings in AutoZone were worth $23,696,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the business. Turning Point Benefit Group Inc. purchased a new position in shares of AutoZone during the 3rd quarter worth approximately $25,000. Torren Management LLC purchased a new stake in shares of AutoZone in the fourth quarter valued at approximately $27,000. Transamerica Financial Advisors LLC boosted its stake 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 grew its holdings in AutoZone by 50.0% during the fourth quarter. MCF Advisors LLC now owns 9 shares of the company’s stock worth $31,000 after acquiring an additional 3 shares during the period. Finally, Bard Associates Inc. acquired a new position in AutoZone during the fourth quarter worth $31,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Insider Activity

In other AutoZone news, Director Earl G. Graves, Jr. sold 50 shares of the firm’s stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total transaction of $173,936.00. Following the completion of the transaction, the director directly owned 4,837 shares in the company, valued at approximately $16,826,568.64. This trade represents a 1.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Brian Hannasch bought 165 shares of the business’s stock in a transaction on Friday, May 29th. The shares were acquired at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the transaction, the director owned 1,219 shares of the company’s stock, valued at $3,641,153. The trade was a 15.65% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Truist Financial set a $3,700.00 target price on AutoZone in a report on Wednesday, May 27th. JPMorgan Chase & Co. lowered their price target on shares of AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 27th. Roth Mkm cut their price target on shares of AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. BNP Paribas Exane reduced their price objective on shares of AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating for the company in a research note on Wednesday, May 27th. Finally, Citigroup decreased their price objective on shares of AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $4,040.87.

AutoZone Stock Performance

AZO opened at $3,064.22 on Friday. The business’s fifty day moving average is $3,341.84 and its two-hundred day moving average is $3,487.41. The company has a market cap of $50.04 billion, a price-to-earnings ratio of 21.07, a PEG ratio of 1.55 and a beta of 0.35. AutoZone, Inc. has a one year low of $2,928.11 and a one year high of $4,388.11.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $4.86 billion. During the same quarter last year, the business posted $35.36 earnings per share. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. On average, analysts predict that AutoZone, Inc. will post 150.51 EPS for the current fiscal year.

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

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.