Allspring Global Investments Holdings LLC Decreases Position in AutoZone, Inc. $AZO

Allspring Global Investments Holdings LLC lessened its stake in AutoZone, Inc. (NYSE:AZO) by 2.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 82,128 shares of the company’s stock after selling 1,788 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in AutoZone were worth $281,409,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of AZO. Jupiter Asset Management Ltd. bought a new position in AutoZone during the fourth quarter worth about $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund increased its stake in shares of AutoZone by 15.2% in the fourth quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 14,224 shares of the company’s stock worth $48,241,000 after purchasing an additional 1,882 shares in the last quarter. CIBC Asset Management Inc raised its position in shares of AutoZone by 67.1% in the fourth quarter. CIBC Asset Management Inc now owns 3,941 shares of the company’s stock valued at $13,366,000 after purchasing an additional 1,582 shares during the period. Captrust Financial Advisors raised its position in shares of AutoZone by 4.0% in the third quarter. Captrust Financial Advisors now owns 20,885 shares of the company’s stock valued at $89,600,000 after purchasing an additional 811 shares during the period. Finally, Asset Advisors Investment Management LLC lifted its stake in shares of AutoZone by 13.6% during the 4th quarter. Asset Advisors Investment Management LLC now owns 2,699 shares of the company’s stock valued at $9,154,000 after buying an additional 323 shares in the last quarter. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. The Goldman Sachs Group cut their price objective on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Raymond James Financial reissued a “strong-buy” rating on shares of AutoZone in a report on Wednesday, May 27th. BNP Paribas Exane dropped their target price on AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Mizuho cut their price target on AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating for the company in a report on Wednesday, May 27th. Finally, TD Cowen reiterated a “buy” rating and issued a $3,700.00 price target on shares of AutoZone in a research report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $4,040.87.

AutoZone Price Performance

NYSE AZO opened at $3,058.79 on Friday. AutoZone, Inc. has a 1 year low of $2,928.11 and a 1 year high of $4,388.11. The stock has a market capitalization of $49.95 billion, a PE ratio of 21.03, a P/E/G ratio of 1.51 and a beta of 0.33. The company’s 50 day simple moving average is $3,151.63 and its two-hundred day simple moving average is $3,419.07.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, beating the consensus estimate of $36.22 by $1.85. The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period last year, the firm earned $35.36 EPS. On average, research analysts anticipate that AutoZone, Inc. will post 150.51 EPS for the current year.

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

Insider Activity

In other AutoZone news, Director Brian Hannasch acquired 165 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were bought at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the transaction, the director owned 1,219 shares of the company’s stock, valued at approximately $3,641,153. This represents a 15.65% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.60% of the company’s stock.

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.