Bank of Nova Scotia Purchases 4,837 Shares of AutoZone, Inc. (NYSE:AZO)

Bank of Nova Scotia raised its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 58.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,095 shares of the company’s stock after buying an additional 4,837 shares during the period. Bank of Nova Scotia’s holdings in AutoZone were worth $41,934,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Rathbones Group PLC purchased a new stake in shares of AutoZone in the 4th quarter worth $2,008,000. Invesco Ltd. increased its position in AutoZone by 8.1% in the fourth quarter. Invesco Ltd. now owns 89,385 shares of the company’s stock worth $286,210,000 after buying an additional 6,686 shares in the last quarter. Cerity Partners LLC raised its stake in shares of AutoZone by 0.3% in the fourth quarter. Cerity Partners LLC now owns 3,302 shares of the company’s stock worth $10,522,000 after buying an additional 10 shares during the period. Aristides Capital LLC lifted its position in shares of AutoZone by 12.5% during the 4th quarter. Aristides Capital LLC now owns 450 shares of the company’s stock valued at $1,441,000 after buying an additional 50 shares in the last quarter. Finally, Alcosta Capital Management Inc. grew its stake in shares of AutoZone by 0.4% during the 4th quarter. Alcosta Capital Management Inc. now owns 1,251 shares of the company’s stock valued at $4,006,000 after acquiring an additional 5 shares during the period. 92.74% of the stock is currently owned by institutional investors.

AutoZone Price Performance

Shares of NYSE:AZO opened at $3,500.11 on Wednesday. The firm has a market capitalization of $58.74 billion, a PE ratio of 23.38, a price-to-earnings-growth ratio of 1.86 and a beta of 0.54. The business has a 50 day simple moving average of $3,540.75 and a two-hundred day simple moving average of $3,312.81. AutoZone, Inc. has a 1 year low of $2,728.97 and a 1 year high of $3,916.81.

AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, March 4th. The company reported $28.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $29.11 by ($0.82). The business had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.98 billion. AutoZone had a net margin of 14.18% and a negative return on equity of 53.89%. Equities research analysts expect that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Citigroup upped their price target on shares of AutoZone from $3,500.00 to $3,900.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Guggenheim increased their price target on AutoZone from $3,750.00 to $3,850.00 and gave the stock a “buy” rating in a research note on Wednesday, March 5th. Wells Fargo & Company boosted their price objective on AutoZone from $3,750.00 to $3,850.00 and gave the company an “overweight” rating in a research report on Wednesday, March 5th. Morgan Stanley increased their target price on AutoZone from $3,490.00 to $3,750.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 5th. Finally, Bank of America boosted their price target on AutoZone from $3,600.00 to $3,700.00 and gave the stock a “neutral” rating in a report on Wednesday, March 5th. Five research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $3,724.00.

Insider Activity

In related news, SVP Bailey L. Childress sold 160 shares of AutoZone stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $3,550.00, for a total transaction of $568,000.00. Following the completion of the sale, the senior vice president now owns 50 shares in the company, valued at $177,500. This trade represents a 76.19 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Richard Craig Smith sold 2,850 shares of the company’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $3,610.00, for a total transaction of $10,288,500.00. Following the completion of the transaction, the vice president now owns 2,924 shares in the company, valued at $10,555,640. This represents a 49.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,721 shares of company stock valued at $24,609,331. 2.10% of the stock is currently owned by company insiders.

AutoZone Company 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.