Empire Life Investments Inc. Boosts Stock Position in AutoZone, Inc. $AZO

Empire Life Investments Inc. increased its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 27.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 8,545 shares of the company’s stock after acquiring an additional 1,858 shares during the period. AutoZone accounts for about 1.6% of Empire Life Investments Inc.’s holdings, making the stock its 20th biggest holding. Empire Life Investments Inc.’s holdings in AutoZone were worth $28,980,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings in AutoZone by 6.6% in the 3rd quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 4,966 shares of the company’s stock worth $21,315,000 after buying an additional 306 shares during the last quarter. Summit Global Investments raised its holdings in shares of AutoZone by 132.8% during the third quarter. Summit Global Investments now owns 319 shares of the company’s stock valued at $1,369,000 after acquiring an additional 182 shares during the last quarter. Numerai GP LLC lifted its position in shares of AutoZone by 1,199.3% in the third quarter. Numerai GP LLC now owns 1,754 shares of the company’s stock valued at $7,525,000 after acquiring an additional 1,619 shares in the last quarter. Foundations Investment Advisors LLC purchased a new position in shares of AutoZone in the third quarter valued at approximately $678,000. Finally, First Horizon Corp acquired a new stake in shares of AutoZone in the third quarter worth approximately $2,038,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

Insider Activity

In related news, Director Earl G. Graves, Jr. sold 50 shares of the business’s stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total value of $173,936.00. Following the sale, the director directly owned 4,837 shares in the company, valued at approximately $16,826,568.64. The trade was a 1.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on AZO. BMO Capital Markets reduced their price objective on AutoZone from $4,400.00 to $4,300.00 and set an “outperform” rating for the company in a research note on Wednesday, March 4th. Oppenheimer reaffirmed an “outperform” rating and set a $4,300.00 target price (up from $4,150.00) on shares of AutoZone in a research note on Tuesday, March 10th. Morgan Stanley increased their target price on shares of AutoZone from $4,000.00 to $4,020.00 and gave the company an “overweight” rating in a research report on Wednesday, March 4th. Robert W. Baird downgraded shares of AutoZone from an “outperform” rating to a “neutral” rating and set a $3,900.00 price target on the stock. in a research note on Monday, February 9th. Finally, Barclays boosted their price target on shares of AutoZone from $3,800.00 to $3,900.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $4,312.13.

AutoZone Stock Performance

AZO stock opened at $3,413.04 on Wednesday. AutoZone, Inc. has a one year low of $3,210.72 and a one year high of $4,388.11. The firm has a market cap of $56.25 billion, a PE ratio of 23.91, a PEG ratio of 1.76 and a beta of 0.43. The firm’s 50 day moving average price is $3,515.61 and its 200-day moving average price is $3,606.10.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, March 3rd. The company reported $27.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $27.59 by $0.04. AutoZone had a negative return on equity of 72.31% and a net margin of 12.47%.The company had revenue of $4.27 billion during the quarter, compared to analysts’ expectations of $4.31 billion. During the same quarter last year, the firm earned $28.29 earnings per share. The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. Equities research analysts predict that AutoZone, Inc. will post 148.93 EPS for the current fiscal year.

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.