659,500 AutoZone, Inc. $AZO Shares Acquired by Sound Income Strategies LLC

Sound Income Strategies LLC raised its holdings in AutoZone, Inc. (NYSE:AZO) by 646,568.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 659,602 shares of the company’s stock after buying an additional 659,500 shares during the period. AutoZone comprises about 42.9% of Sound Income Strategies LLC’s holdings, making the stock its largest position. Sound Income Strategies LLC’s holdings in AutoZone were worth $1,866,687,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of AutoZone during the second quarter worth about $3,938,566,000. Envestnet Portfolio Solutions Inc. raised its holdings in shares of AutoZone by 247,417.8% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 249,993 shares of the company’s stock worth $798,963,000 after acquiring an additional 249,892 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in AutoZone in the 2nd quarter valued at about $572,885,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in AutoZone by 11,577.6% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 141,066 shares of the company’s stock valued at $450,838,000 after purchasing an additional 139,858 shares during the last quarter. Finally, Corient Private Wealth LP acquired a new position in AutoZone during the 2nd quarter valued at about $38,604,000. 92.74% of the stock is currently owned by institutional investors and hedge funds.

AutoZone Stock Performance

NYSE:AZO traded up $25.08 on Friday, hitting $2,935.62. The stock had a trading volume of 145,754 shares, compared to its average volume of 264,154. AutoZone, Inc. has a 1 year low of $2,730.65 and a 1 year high of $4,146.42. The firm’s fifty day simple moving average is $2,945.42 and its two-hundred day simple moving average is $3,145.03. The stock has a market cap of $47.92 billion, a P/E ratio of 19.21, a price-to-earnings-growth ratio of 1.32 and a beta of 0.40.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, September 22nd. The company reported $56.05 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $55.51. The company had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.70 billion. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%.AutoZone’s revenue was up 5.6% on a year-over-year basis. During the same period last year, the business posted $48.71 earnings per share. Equities research analysts predict that AutoZone, Inc. will post 171.5 EPS for the current year.

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

Insider Activity at AutoZone

In related news, VP Dennis LeRiche sold 1,455 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the transaction, the vice president directly owned 441 shares of the company’s stock, valued at approximately $1,367,100. The trade was a 76.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.60% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have recently commented on AZO. DA Davidson lowered their price objective on AutoZone from $3,750.00 to $3,500.00 and set a “buy” rating for the company in a research note on Wednesday, September 23rd. Guggenheim cut their target price on AutoZone from $4,000.00 to $3,750.00 and set a “buy” rating on the stock in a research report on Wednesday, September 23rd. Piper Sandler set a $3,500.00 target price on AutoZone in a research report on Monday, August 31st. TD Cowen decreased their price target on AutoZone from $3,500.00 to $3,400.00 and set a “buy” rating for the company in a report on Wednesday, September 23rd. Finally, Weiss Ratings lowered AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $3,669.12.

AutoZone Company Profile

AutoZone, Inc is a specialty retailer of automotive replacement parts, accessories and maintenance products. The company serves do-it-yourself customers as well as professional automotive repair shops, offering products such as batteries, brakes, filters, engine components, tools, fluids and other vehicle parts.

In addition to its retail stores, AutoZone provides commercial sales and delivery services for professional repair businesses. The company also operates ALLDATA, which offers automotive diagnostic, repair and shop-management software and information services to repair professionals.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional stores and operations in Mexico and Brazil.