17,219 Shares in AutoZone, Inc. $AZO Purchased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in AutoZone, Inc. (NYSE:AZO) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 17,219 shares of the company’s stock, valued at approximately $55,031,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.11% of AutoZone at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AZO. Capital Square LLC acquired a new position in shares of AutoZone during the 2nd quarter valued at about $1,085,000. Meiji Yasuda Asset Management Co Ltd. acquired a new stake in shares of AutoZone in the second quarter worth approximately $572,000. Benchmark Investment Advisors LLC acquired a new stake in shares of AutoZone in the second quarter worth approximately $713,000. First Nebraska Trust Co purchased a new stake in AutoZone in the second quarter valued at approximately $1,889,000. Finally, Bank of Nova Scotia purchased a new stake in AutoZone in the second quarter valued at approximately $25,935,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Insider Transactions at AutoZone

In other news, Director Brian Hannasch acquired 165 shares of the stock in a transaction on Friday, May 29th. The stock was bought at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the transaction, the director directly owned 1,219 shares of the company’s stock, valued at $3,641,153. The trade was a 15.65% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Dennis W. Leriche sold 1,455 shares of the business’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 transaction, the vice president owned 441 shares in the company, valued at $1,367,100. This represents a 76.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.60% of the company’s stock.

AutoZone Trading Up 0.1%

Shares of AZO stock opened at $2,960.64 on Monday. The company’s fifty day simple moving average is $3,054.94 and its 200-day simple moving average is $3,329.19. AutoZone, Inc. has a 52 week low of $2,902.20 and a 52 week high of $4,388.11. The company has a market cap of $48.35 billion, a PE ratio of 20.36, a P/E/G ratio of 1.50 and a beta of 0.33.

AutoZone (NYSE:AZO) last announced its quarterly 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. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The firm had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.86 billion. During the same period in the prior year, the company earned $35.36 EPS. The firm’s revenue was up 8.4% on a year-over-year basis. Equities research analysts expect that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.

AutoZone declared that its Board of Directors has approved a share repurchase plan on Tuesday, June 16th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to reacquire up to 3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AZO. Raymond James Financial reaffirmed a “strong-buy” rating on shares of AutoZone in a research note on Wednesday, May 27th. Jefferies Financial Group lowered their price objective on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. JPMorgan Chase & Co. dropped their price objective on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating for the company in a report on Wednesday, May 27th. Robert W. Baird cut their target price on AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 27th. Finally, The Goldman Sachs Group reduced their target price on AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $4,029.43.

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.