AutoZone, Inc. $AZO Stock Holdings Increased by Royal Bank of Canada

Royal Bank of Canada raised its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 0.2% during the 4th quarter, Holdings Channel reports. The fund owned 348,010 shares of the company’s stock after purchasing an additional 619 shares during the period. Royal Bank of Canada’s holdings in AutoZone were worth $1,180,276,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the business. Crestwood Advisors Group LLC raised its stake in AutoZone by 1.7% during the 3rd quarter. Crestwood Advisors Group LLC now owns 184 shares of the company’s stock valued at $791,000 after acquiring an additional 3 shares in the last quarter. Assetmark Inc. raised its stake in AutoZone by 1.4% during the 3rd quarter. Assetmark Inc. now owns 212 shares of the company’s stock valued at $908,000 after acquiring an additional 3 shares in the last quarter. Bridgewater Advisors Inc. raised its stake in AutoZone by 1.3% during the 3rd quarter. Bridgewater Advisors Inc. now owns 229 shares of the company’s stock valued at $982,000 after acquiring an additional 3 shares in the last quarter. Compass Capital Corp MA ADV raised its stake in AutoZone by 3.7% during the 3rd quarter. Compass Capital Corp MA ADV now owns 85 shares of the company’s stock valued at $365,000 after acquiring an additional 3 shares in the last quarter. Finally, KCM Investment Advisors LLC raised its stake in AutoZone by 0.3% during the 3rd quarter. KCM Investment Advisors LLC now owns 1,153 shares of the company’s stock valued at $4,947,000 after acquiring an additional 3 shares in the last quarter. Institutional investors own 92.74% of the company’s stock.

AutoZone Stock Performance

AZO opened at $3,128.25 on Wednesday. AutoZone, Inc. has a one year low of $2,928.11 and a one year high of $4,388.11. The stock’s fifty day moving average is $3,355.86 and its 200-day moving average is $3,500.15. The company has a market capitalization of $51.08 billion, a PE ratio of 21.51, a P/E/G ratio of 1.58 and a beta of 0.35.

AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, topping analysts’ consensus estimates of $36.22 by $1.85. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.86 billion. During the same quarter in the previous year, the business earned $35.36 EPS. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, equities research analysts forecast that AutoZone, Inc. will post 150.45 EPS for the current fiscal year.

AutoZone declared that its Board of Directors has initiated a share buyback program on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Truist Financial set a $3,700.00 target price on AutoZone in a research note on Wednesday, May 27th. BNP Paribas Exane dropped their price objective on AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. Weiss Ratings raised AutoZone from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, May 27th. JPMorgan Chase & Co. dropped their price objective on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 27th. Finally, UBS Group set a $4,800.00 price objective on AutoZone in a research note on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $4,040.87.

Insiders Place Their Bets

In related news, Director Earl G. Graves, Jr. sold 50 shares of AutoZone stock in a transaction on Friday, April 10th. The stock was sold at an average price of $3,478.72, for a total value of $173,936.00. Following the transaction, the director directly owned 4,837 shares in the company, valued at $16,826,568.64. The trade was a 1.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Brian Hannasch bought 165 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was bought at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the acquisition, the director directly owned 1,219 shares in the company, valued at approximately $3,641,153. The trade was a 15.65% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 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.