Oppenheimer Asset Management Inc. purchased a new stake in shares of AutoZone, Inc. (NYSE:AZO – Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 2,830 shares of the company’s stock, valued at approximately $9,045,000.
Several other institutional investors have also recently made changes to their positions in AZO. Turning Point Benefit Group Inc. bought a new stake in AutoZone during the third quarter valued at $25,000. Torren Management LLC bought a new position in AutoZone in the 4th quarter worth about $27,000. Transamerica Financial Advisors LLC increased its stake in AutoZone by 100.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock worth $28,000 after acquiring an additional 4 shares during the last quarter. MCF Advisors LLC raised its holdings in shares of AutoZone by 50.0% in the 4th quarter. MCF Advisors LLC now owns 9 shares of the company’s stock valued at $31,000 after acquiring an additional 3 shares in the last quarter. Finally, Bard Associates Inc. purchased a new stake in shares of AutoZone in the 4th quarter valued at about $31,000. Institutional investors own 92.74% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on AZO. Evercore reiterated an “outperform” rating on shares of AutoZone in a research report on Tuesday, May 26th. BNP Paribas Exane decreased their price objective on shares of AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Truist Financial set a $3,700.00 target price on shares of AutoZone in a research note on Wednesday, May 27th. Roth Capital dropped their target price on shares of AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Finally, Raymond James Financial reiterated a “strong-buy” rating on shares of AutoZone in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $4,029.43.
Insider Buying and Selling
In other AutoZone news, VP Dennis W. Leriche sold 1,455 shares of the company’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 value of $4,510,500.00. Following the completion of the sale, the vice president owned 441 shares of the company’s stock, valued at $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brian Hannasch purchased 165 shares of AutoZone stock in a transaction on Friday, May 29th. The shares were acquired at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the transaction, the director directly owned 1,219 shares of the company’s stock, valued at approximately $3,641,153. The trade was a 15.65% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 2.60% of the company’s stock.
AutoZone Stock Down 0.4%
Shares of AZO stock opened at $3,026.92 on Friday. The business has a 50-day moving average price of $3,063.49 and a two-hundred day moving average price of $3,357.72. AutoZone, Inc. has a 12-month low of $2,902.20 and a 12-month high of $4,388.11. The firm has a market cap of $49.41 billion, a P/E ratio of 20.81, a price-to-earnings-growth ratio of 1.54 and a beta of 0.33.
AutoZone (NYSE:AZO – Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the prior year, the business earned $35.36 EPS. As a group, research analysts expect that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.
AutoZone declared that its board has approved a stock buyback plan on Tuesday, June 16th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.
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.
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