Connor Clark & Lunn Investment Management Ltd. Takes $55.03 Million Position in AutoZone, Inc. $AZO

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

A number of other large investors have also recently added to or reduced their stakes in the stock. Brighton Jones LLC grew its holdings in AutoZone by 14.4% during the 4th quarter. Brighton Jones LLC now owns 111 shares of the company’s stock worth $356,000 after acquiring an additional 14 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of AutoZone in the 2nd quarter valued at about $356,000. Guggenheim Capital LLC lifted its position in shares of AutoZone by 3.8% during the second quarter. Guggenheim Capital LLC now owns 248 shares of the company’s stock worth $921,000 after purchasing an additional 9 shares during the last quarter. NewEdge Advisors LLC lifted its position in shares of AutoZone by 8.9% during the second quarter. NewEdge Advisors LLC now owns 1,376 shares of the company’s stock worth $5,110,000 after purchasing an additional 112 shares during the last quarter. Finally, Treasurer of the State of North Carolina grew its stake in AutoZone by 52.3% in the second quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company’s stock worth $43,667,000 after purchasing an additional 4,039 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Mizuho lowered their price objective on AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating for the company in a report on Wednesday, May 27th. Citigroup reduced their target price on AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Jefferies Financial Group decreased their target price on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Barclays lowered their price target on AutoZone from $3,900.00 to $3,637.00 and set an “overweight” rating for the company in a report on Tuesday, August 4th. Finally, Robert W. Baird dropped their price target 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. One 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 company. According to MarketBeat.com, AutoZone has a consensus rating of “Moderate Buy” and a consensus target price of $4,029.43.

AutoZone Stock Up 0.1%

Shares of NYSE:AZO opened at $2,960.64 on Monday. 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, Inc. has a fifty-two week low of $2,902.20 and a fifty-two week high of $4,388.11. The firm has a 50-day simple moving average of $3,054.94 and a 200 day simple moving average of $3,329.19.

AutoZone (NYSE:AZO) last issued its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) 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 for the quarter, compared to analysts’ expectations of $4.86 billion. During the same quarter last year, the company posted $35.36 earnings per share. AutoZone’s revenue was up 8.4% on a year-over-year basis. As a group, research analysts forecast that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.

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

Insider Buying and Selling

In related news, VP Dennis W. Leriche sold 1,455 shares of the business’s stock in a transaction that occurred 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. The trade was a 76.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Brian Hannasch acquired 165 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were bought at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the purchase, the director owned 1,219 shares in the company, valued at $3,641,153. The trade was a 15.65% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 2.60% of the stock is currently owned by corporate insiders.

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.