34,883 Shares in AutoZone, Inc. $AZO Bought by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. bought a new stake in AutoZone, Inc. (NYSE:AZO) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 34,883 shares of the company’s stock, valued at approximately $149,656,000. AutoZone accounts for about 0.5% of Rakuten Investment Management Inc.’s portfolio, making the stock its 17th largest position. Rakuten Investment Management Inc. owned about 0.21% of AutoZone as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of AZO. Avantax Advisory Services Inc. raised its position in AutoZone by 8.3% during the second quarter. Avantax Advisory Services Inc. now owns 2,742 shares of the company’s stock worth $10,179,000 after acquiring an additional 210 shares in the last quarter. Braun Stacey Associates Inc. increased its stake in shares of AutoZone by 7.8% during the 3rd quarter. Braun Stacey Associates Inc. now owns 8,425 shares of the company’s stock worth $36,145,000 after purchasing an additional 613 shares during the last quarter. Emerald Advisers LLC raised its holdings in shares of AutoZone by 60.0% in the 2nd quarter. Emerald Advisers LLC now owns 224 shares of the company’s stock valued at $832,000 after purchasing an additional 84 shares during the period. Exchange Traded Concepts LLC raised its holdings in shares of AutoZone by 68.2% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,457 shares of the company’s stock valued at $6,251,000 after purchasing an additional 591 shares during the period. Finally, Hager Investment Management Services LLC lifted its stake in AutoZone by 70.9% in the 2nd quarter. Hager Investment Management Services LLC now owns 470 shares of the company’s stock valued at $1,745,000 after purchasing an additional 195 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on AZO shares. Robert W. Baird started coverage on AutoZone in a research note on Wednesday, December 3rd. They issued an “outperform” rating and a $4,500.00 price objective on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of AutoZone in a research note on Monday, December 29th. Erste Group Bank downgraded AutoZone from a “buy” rating to a “hold” rating in a report on Friday, October 31st. Wells Fargo & Company dropped their price objective on shares of AutoZone from $4,700.00 to $4,500.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 10th. Finally, Guggenheim reduced their target price on shares of AutoZone from $4,600.00 to $4,400.00 and set a “buy” rating for the company in a report on Wednesday, December 10th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, AutoZone currently has an average rating of “Moderate Buy” and an average target price of $4,264.12.

AutoZone Stock Performance

Shares of AutoZone stock opened at $3,573.61 on Wednesday. The firm has a 50-day moving average of $3,593.83 and a 200-day moving average of $3,850.66. AutoZone, Inc. has a 52-week low of $3,205.23 and a 52-week high of $4,388.11. The stock has a market cap of $59.21 billion, a PE ratio of 24.92, a PEG ratio of 1.68 and a beta of 0.42.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, December 9th. The company reported $31.04 earnings per share for the quarter, missing the consensus estimate of $32.69 by ($1.65). AutoZone had a negative return on equity of 65.38% and a net margin of 12.78%.The business had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.64 billion. During the same quarter last year, the firm earned $32.52 EPS. AutoZone’s revenue for the quarter was up 8.2% compared to the same quarter last year. Equities research analysts predict that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

AutoZone declared that its board has approved a stock repurchase plan on Wednesday, October 8th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at AutoZone

In other AutoZone news, VP Richard Craig Smith sold 3,190 shares of the firm’s stock in a transaction on Friday, January 16th. The stock was sold at an average price of $3,500.00, for a total transaction of $11,165,000.00. Following the transaction, the vice president owned 2,627 shares in the company, valued at $9,194,500. This trade represents a 54.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Earl G. Graves, Jr. sold 250 shares of AutoZone stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $3,295.00, for a total value of $823,750.00. Following the completion of the transaction, the director directly owned 4,887 shares of the company’s stock, valued at $16,102,665. This represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have acquired 347 shares of company stock valued at $1,179,256 and have sold 3,837 shares valued at $13,445,423. 2.60% of the stock is owned by corporate insiders.

About AutoZone

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.