Beutel Goodman & Co Ltd. lessened its position in AutoZone, Inc. (NYSE:AZO) by 25.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 226,368 shares of the company’s stock after selling 75,443 shares during the period. AutoZone accounts for approximately 1.0% of Beutel Goodman & Co Ltd.’s holdings, making the stock its 27th biggest position. Beutel Goodman & Co Ltd.’s holdings in AutoZone were worth $135,839,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the company. Tyers Asset Management LLC lifted its stake in shares of AutoZone by 3.1% in the 2nd quarter. Tyers Asset Management LLC now owns 2,640 shares of the company’s stock worth $1,771,000 after acquiring an additional 80 shares during the period. State of Alaska Department of Revenue lifted its stake in shares of AutoZone by 1.9% in the 2nd quarter. State of Alaska Department of Revenue now owns 4,429 shares of the company’s stock worth $2,970,000 after acquiring an additional 81 shares during the period. Oppenheimer & Co. Inc. lifted its stake in shares of AutoZone by 2.0% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 4,718 shares of the company’s stock worth $3,165,000 after acquiring an additional 93 shares during the period. Gyroscope Capital Management Group LLC lifted its stake in shares of AutoZone by 15.2% in the 3rd quarter. Gyroscope Capital Management Group LLC now owns 706 shares of the company’s stock worth $545,000 after acquiring an additional 93 shares during the period. Finally, Ledyard National Bank lifted its stake in shares of AutoZone by 62.5% in the 2nd quarter. Ledyard National Bank now owns 260 shares of the company’s stock worth $174,000 after acquiring an additional 100 shares during the period. Institutional investors own 91.82% of the company’s stock.
Shares of AZO opened at $733.47 on Thursday. The stock has a market capitalization of $19.10 billion, a PE ratio of 14.57, a P/E/G ratio of 1.04 and a beta of 0.88. AutoZone, Inc. has a 52-week low of $576.13 and a 52-week high of $797.89.
AutoZone declared that its board has authorized a stock buyback plan on Wednesday, September 26th that allows the company to buyback $1.25 billion in shares. This buyback authorization allows the company to repurchase up to 6.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
In other AutoZone news, Director William Andrew Mckenna sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, October 30th. The shares were sold at an average price of $747.15, for a total transaction of $2,241,450.00. Following the completion of the transaction, the director now directly owns 8,268 shares in the company, valued at approximately $6,177,436.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman William C. Rhodes III sold 23,700 shares of the firm’s stock in a transaction dated Thursday, September 27th. The shares were sold at an average price of $780.06, for a total transaction of $18,487,422.00. Following the transaction, the chairman now owns 37,918 shares of the company’s stock, valued at $29,578,315.08. The disclosure for this sale can be found here. Insiders have sold a total of 55,100 shares of company stock valued at $42,620,840 over the last 90 days. 2.60% of the stock is currently owned by insiders.
Several analysts have recently commented on AZO shares. MED upgraded shares of AutoZone from a “hold” rating to a “buy” rating and raised their target price for the stock from $675.00 to $805.00 in a research note on Wednesday, August 1st. They noted that the move was a valuation call. Bank of America downgraded shares of AutoZone from a “buy” rating to a “neutral” rating and set a $830.00 price target for the company. in a report on Monday, September 17th. Citigroup increased their price target on shares of AutoZone from $765.00 to $850.00 and gave the company a “buy” rating in a report on Wednesday, September 19th. Royal Bank of Canada cut their price target on shares of AutoZone from $779.00 to $775.00 and set a “sector perform” rating for the company in a report on Wednesday, September 19th. Finally, Wells Fargo & Co increased their price target on shares of AutoZone from $800.00 to $850.00 and gave the company a “positive” rating in a report on Thursday, September 13th. They noted that the move was a valuation call. Eight investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $784.77.
AutoZone, Inc retails and distributes automotive replacement parts and accessories. It offers 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. The company's products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, carburetors, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, thermostats, starters and alternators, and water pumps.
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