Corient Private Wealth LP bought a new stake in shares of AutoZone, Inc. (NYSE:AZO – Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 111,047 shares of the company’s stock, valued at approximately $38,604,000. Corient Private Wealth LP owned approximately 0.68% of AutoZone as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of AZO. Brighton Jones LLC boosted its holdings in AutoZone by 14.4% in the 4th quarter. Brighton Jones LLC now owns 111 shares of the company’s stock valued at $356,000 after purchasing an additional 14 shares during the period. Sivia Capital Partners LLC bought a new position in AutoZone in the second quarter valued at $356,000. Guggenheim Capital LLC raised its holdings in shares of AutoZone by 3.8% during the 2nd quarter. Guggenheim Capital LLC now owns 248 shares of the company’s stock valued at $921,000 after buying an additional 9 shares in the last quarter. NewEdge Advisors LLC raised its stake in shares of AutoZone by 8.9% during 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 in the last quarter. Finally, Treasurer of the State of North Carolina raised its position in AutoZone by 52.3% in the 2nd quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company’s stock worth $43,667,000 after purchasing an additional 4,039 shares during the period. 92.74% of the stock is currently owned by institutional investors.
AutoZone Trading Down 2.2%
Shares of NYSE AZO opened at $2,932.02 on Friday. 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 capitalization of $47.88 billion, a PE ratio of 20.16, a price-to-earnings-growth ratio of 1.52 and a beta of 0.33. The firm has a fifty day simple moving average of $3,047.01 and a two-hundred day simple moving average of $3,310.04.
AutoZone declared that its board has initiated a share repurchase program on Tuesday, June 16th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to reacquire up to 3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on AZO shares. Citigroup lowered their target price on AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Truist Financial set a $3,700.00 price target on shares of AutoZone in a report on Wednesday, May 27th. Weiss Ratings lowered shares of AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, July 23rd. TD Cowen reaffirmed a “buy” rating and set a $3,700.00 price objective on shares of AutoZone in a research note on Thursday, June 4th. Finally, BMO Capital Markets cut their target price on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. One investment 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 data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $4,029.43.
Get Our Latest Stock Report on AutoZone
Insider Activity
In other news, VP Dennis W. Leriche sold 1,455 shares of the 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 transaction, the vice president owned 441 shares of the company’s stock, valued at approximately $1,367,100. This represents a 76.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.60% of the company’s stock.
AutoZone 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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