Danske Bank A S bought a new stake in shares of AutoZone, Inc. (NYSE:AZO – Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 17,358 shares of the company’s stock, valued at approximately $55,475,000. Danske Bank A S owned about 0.11% of AutoZone at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC lifted its stake in AutoZone by 14.4% during the 4th quarter. Brighton Jones LLC now owns 111 shares of the company’s stock valued at $356,000 after acquiring an additional 14 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of AutoZone in the 2nd quarter worth $356,000. Guggenheim Capital LLC boosted its stake in shares of AutoZone by 3.8% in the 2nd quarter. Guggenheim Capital LLC now owns 248 shares of the company’s stock worth $921,000 after buying an additional 9 shares during the last quarter. NewEdge Advisors LLC grew its holdings in shares of AutoZone by 8.9% in the second quarter. NewEdge Advisors LLC now owns 1,376 shares of the company’s stock worth $5,110,000 after acquiring an additional 112 shares during the period. Finally, Treasurer of the State of North Carolina grew its holdings in shares of 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 acquiring an additional 4,039 shares during the period. Institutional investors own 92.74% of the company’s stock.
AutoZone Trading Up 1.9%
Shares of NYSE:AZO opened at $3,077.21 on Wednesday. The stock has a 50 day moving average of $3,061.14 and a 200 day moving average of $3,344.23. The company has a market cap of $50.25 billion, a PE ratio of 21.16, a price-to-earnings-growth ratio of 1.54 and a beta of 0.33. AutoZone, Inc. has a 12-month low of $2,902.20 and a 12-month high of $4,388.11.
AutoZone declared that its board has approved a share buyback program on Tuesday, June 16th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
Insiders Place Their Bets
In other AutoZone news, VP Dennis W. Leriche sold 1,455 shares of the firm’s stock in a transaction dated 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 sale, the vice president directly owned 441 shares of the company’s stock, valued at $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brian Hannasch acquired 165 shares of the stock in a transaction dated Friday, May 29th. The stock was 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. This represents a 15.65% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.60% of the stock is currently owned by insiders.
Analyst Ratings Changes
A number of research analysts have weighed in on AZO shares. BMO Capital Markets lowered their target price on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Evercore restated an “outperform” rating on shares of AutoZone in a research note on Tuesday, May 26th. Truist Financial set a $3,700.00 price target on shares of AutoZone in a research report on Wednesday, May 27th. Raymond James Financial reiterated a “strong-buy” rating on shares of AutoZone in a research note on Wednesday, May 27th. Finally, Weiss Ratings downgraded shares of AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $4,029.43.
Get Our Latest Stock Analysis on AZO
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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