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

CI Investments Inc. grew its stake in shares of AutoZone, Inc. (NYSE:AZO) by 151.2% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 2,057 shares of the company’s stock after purchasing an additional 1,238 shares during the quarter. CI Investments Inc.’s holdings in AutoZone were worth $6,948,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Turning Point Benefit Group Inc. purchased a new position in AutoZone during the third quarter valued at $25,000. Torren Management LLC bought a new stake in AutoZone in the 4th quarter valued at $27,000. Transamerica Financial Advisors LLC increased its holdings in AutoZone by 100.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock valued at $28,000 after acquiring an additional 4 shares during the last quarter. MCF Advisors LLC lifted its stake in AutoZone by 50.0% in the 4th quarter. MCF Advisors LLC now owns 9 shares of the company’s stock worth $31,000 after purchasing an additional 3 shares in the last quarter. Finally, Bard Associates Inc. purchased a new stake in AutoZone in the 4th quarter worth $31,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on AZO shares. Robert W. Baird cut their price objective on AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating for the company in a research report on Wednesday, May 27th. BMO Capital Markets decreased their target price on 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. JPMorgan Chase & Co. decreased their target price on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 27th. Mizuho dropped their price target on AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating for the company in a research note on Wednesday, May 27th. Finally, TD Cowen restated a “buy” rating and set a $3,700.00 price target on shares of AutoZone in a report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $4,040.87.

AutoZone Stock Down 1.7%

AZO stock opened at $2,923.23 on Friday. AutoZone, Inc. has a 52 week low of $2,902.20 and a 52 week high of $4,388.11. The firm has a market capitalization of $47.74 billion, a P/E ratio of 20.10, a price-to-earnings-growth ratio of 1.51 and a beta of 0.33. The company has a fifty day simple moving average of $3,108.82 and a two-hundred day simple moving average of $3,405.28.

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

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

Insider Buying and Selling

In related news, Director Brian Hannasch purchased 165 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was bought at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the transaction, the director owned 1,219 shares in the company, valued at approximately $3,641,153. The trade was a 15.65% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.60% of the company’s stock.

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.