Canoe Financial LP Lowers Position in AutoZone, Inc. (NYSE:AZO)

Canoe Financial LP cut its stake in shares of AutoZone, Inc. (NYSE:AZO) by 83.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,718 shares of the company’s stock after selling 48,578 shares during the period. Canoe Financial LP’s holdings in AutoZone were worth $31,065,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Mattern Capital Management LLC lifted its position in AutoZone by 23.6% during the third quarter. Mattern Capital Management LLC now owns 152 shares of the company’s stock valued at $479,000 after purchasing an additional 29 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of AutoZone by 0.4% in the third quarter. DekaBank Deutsche Girozentrale now owns 15,359 shares of the company’s stock valued at $48,742,000 after acquiring an additional 60 shares in the last quarter. Arkadios Wealth Advisors lifted its position in shares of AutoZone by 42.6% in the third quarter. Arkadios Wealth Advisors now owns 1,115 shares of the company’s stock valued at $3,514,000 after acquiring an additional 333 shares in the last quarter. Forsta AP Fonden lifted its position in shares of AutoZone by 9.4% in the third quarter. Forsta AP Fonden now owns 3,500 shares of the company’s stock valued at $11,025,000 after acquiring an additional 300 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of AutoZone by 44.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,235 shares of the company’s stock valued at $7,040,000 after acquiring an additional 685 shares in the last quarter. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

AutoZone Stock Performance

Shares of NYSE AZO opened at $3,130.96 on Monday. The firm has a market capitalization of $53.49 billion, a price-to-earnings ratio of 21.65, a PEG ratio of 1.59 and a beta of 0.70. The stock has a 50 day moving average price of $3,132.96 and a 200 day moving average price of $3,010.24. AutoZone, Inc. has a 52-week low of $2,425.00 and a 52-week high of $3,256.37.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, September 24th. The company reported $48.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $53.31 by ($5.20). AutoZone had a net margin of 14.40% and a negative return on equity of 52.99%. The firm had revenue of $6.21 billion during the quarter, compared to analysts’ expectations of $6.25 billion. During the same quarter in the previous year, the firm posted $46.46 EPS. The firm’s revenue for the quarter was up 9.0% on a year-over-year basis. Analysts forecast that AutoZone, Inc. will post 157.99 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Mizuho boosted their price objective on AutoZone from $3,280.00 to $3,350.00 and gave the company an “outperform” rating in a research report on Wednesday, September 25th. Roth Mkm reaffirmed a “buy” rating and issued a $3,634.00 target price on shares of AutoZone in a report on Wednesday, October 16th. Morgan Stanley lifted their target price on AutoZone from $3,038.00 to $3,125.00 and gave the stock an “overweight” rating in a report on Wednesday, September 25th. UBS Group lifted their target price on AutoZone from $3,340.00 to $3,500.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Finally, The Goldman Sachs Group cut AutoZone from a “buy” rating to a “sell” rating and reduced their target price for the stock from $3,205.00 to $2,917.00 in a report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, fourteen have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $3,202.71.

Insider Activity at AutoZone

In related news, Chairman William C. Rhodes III sold 300 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $3,075.20, for a total transaction of $922,560.00. Following the sale, the chairman now owns 13,857 shares of the company’s stock, valued at $42,613,046.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other AutoZone news, VP John Scott Murphy sold 1,580 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $3,107.69, for a total value of $4,910,150.20. Following the completion of the sale, the vice president now owns 1,218 shares of the company’s stock, valued at approximately $3,785,166.42. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman William C. Rhodes III sold 300 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $3,075.20, for a total value of $922,560.00. Following the completion of the sale, the chairman now directly owns 13,857 shares of the company’s stock, valued at approximately $42,613,046.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,880 shares of company stock valued at $46,225,660 over the last quarter. 2.50% of the stock is owned by corporate insiders.

AutoZone Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.