Caisse de depot et placement du Quebec Takes $76.29 Million Position in AutoZone, Inc. $AZO

Caisse de depot et placement du Quebec bought a new position in AutoZone, Inc. (NYSE:AZO) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 23,871 shares of the company’s stock, valued at approximately $76,290,000. Caisse de depot et placement du Quebec owned 0.15% of AutoZone at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Benchmark Investment Advisors LLC bought a new position in shares of AutoZone during the 2nd quarter worth approximately $713,000. Jupiter Asset Management Ltd. acquired a new position in AutoZone during the fourth quarter worth $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund lifted its holdings in shares of AutoZone by 15.2% during the fourth quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 14,224 shares of the company’s stock valued at $48,241,000 after acquiring an additional 1,882 shares during the period. CIBC Asset Management Inc boosted its stake in shares of AutoZone by 67.1% in the 4th quarter. CIBC Asset Management Inc now owns 3,941 shares of the company’s stock valued at $13,366,000 after purchasing an additional 1,582 shares in the last quarter. Finally, BlackRock Inc. bought a new stake in shares of AutoZone in the 2nd quarter worth about $3,938,566,000. Institutional investors own 92.74% of the company’s stock.

Insider Activity

In other AutoZone news, VP Dennis W. Leriche sold 1,455 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the sale, the vice president directly owned 441 shares in the company, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.60% of the company’s stock.

AutoZone Trading Down 2.2%

NYSE:AZO opened at $2,932.02 on Friday. AutoZone, Inc. has a 1-year low of $2,902.20 and a 1-year high of $4,388.11. The firm has a market capitalization of $47.88 billion, a price-to-earnings ratio of 20.16, a PEG ratio of 1.52 and a beta of 0.33. The business’s 50-day moving average price is $3,047.01 and its two-hundred day moving average price is $3,310.04.

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 net margin of 12.40% and a negative return on equity of 80.35%. The business had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.86 billion. During the same period last year, the company posted $35.36 EPS. AutoZone’s revenue for the quarter was up 8.4% on a year-over-year basis. Sell-side analysts predict that AutoZone, Inc. will post 150.39 earnings per share for the current year.

AutoZone announced that its Board of Directors has initiated a stock buyback program on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes 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 shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Raymond James Financial restated a “strong-buy” rating on shares of AutoZone in a research report on Wednesday, May 27th. Roth Capital decreased their price target on AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating on the stock in a research 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 cut AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, July 23rd. Finally, BNP Paribas Exane lowered their target price on 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. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average 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.