Bank of America Corp DE grew its holdings in AutoZone, Inc. (NYSE:AZO) by 54.2% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 190,203 shares of the company’s stock after buying an additional 66,858 shares during the period. Bank of America Corp DE owned 0.72% of AutoZone worth $127,612,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Synovus Financial Corp purchased a new stake in shares of AutoZone in the first quarter valued at about $135,000. Bronfman E.L. Rothschild L.P. raised its holdings in shares of AutoZone by 197.5% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 235 shares of the company’s stock valued at $158,000 after buying an additional 156 shares during the last quarter. First Interstate Bank raised its holdings in shares of AutoZone by 332.7% in the second quarter. First Interstate Bank now owns 238 shares of the company’s stock valued at $160,000 after buying an additional 183 shares during the last quarter. Ledyard National Bank raised its holdings in shares of AutoZone by 62.5% in the second quarter. Ledyard National Bank now owns 260 shares of the company’s stock valued at $174,000 after buying an additional 100 shares during the last quarter. Finally, Truepoint Inc. purchased a new stake in shares of AutoZone in the second quarter valued at about $201,000. 91.60% of the stock is owned by institutional investors and hedge funds.
In other AutoZone news, insider Albert Saltiel sold 2,150 shares of the stock in a transaction dated Thursday, August 2nd. The shares were sold at an average price of $717.90, for a total value of $1,543,485.00. Following the completion of the transaction, the insider now directly owns 2,297 shares of the company’s stock, valued at $1,649,016.30. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Philip B. Daniele sold 740 shares of the stock in a transaction dated Friday, June 22nd. The shares were sold at an average price of $683.54, for a total transaction of $505,819.60. Following the completion of the transaction, the insider now directly owns 1,072 shares of the company’s stock, valued at $732,754.88. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.
NYSE AZO opened at $749.20 on Friday. The stock has a market cap of $20.20 billion, a P/E ratio of 17.41, a PEG ratio of 1.01 and a beta of 0.87. AutoZone, Inc. has a 52-week low of $533.00 and a 52-week high of $797.89. The company has a debt-to-equity ratio of -3.64, a current ratio of 0.95 and a quick ratio of 0.14.
A number of equities research analysts have recently commented on AZO shares. Wedbush reduced their target price on shares of AutoZone from $750.00 to $680.00 and set an “outperform” rating for the company in a report on Wednesday, May 23rd. MED raised shares of AutoZone from a “hold” rating to a “buy” rating and increased their price target for the stock from $675.00 to $805.00 in a report on Wednesday, August 1st. They noted that the move was a valuation call. Morgan Stanley cut their price target on shares of AutoZone from $750.00 to $700.00 and set an “equal weight” rating for the company in a report on Wednesday, May 23rd. Royal Bank of Canada cut their price target on shares of AutoZone to $668.00 and set a “market perform” rating for the company in a report on Wednesday, May 23rd. Finally, Wells Fargo & Co reissued a “buy” rating and set a $700.00 price target on shares of AutoZone in a report on Tuesday, May 22nd. Eight research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $759.07.
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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