NewEdge Advisors LLC Cuts Stake in AutoZone, Inc. $AZO

NewEdge Advisors LLC lessened its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 16.2% during the 1st quarter, Holdings Channel reports. The firm owned 2,030 shares of the company’s stock after selling 393 shares during the period. NewEdge Advisors LLC’s holdings in AutoZone were worth $6,858,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC increased its holdings in AutoZone by 14.4% in the 4th quarter. Brighton Jones LLC now owns 111 shares of the company’s stock valued at $356,000 after acquiring an additional 14 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in shares of AutoZone in the second quarter worth about $356,000. Guggenheim Capital LLC lifted its position in shares of AutoZone by 3.8% in the second quarter. Guggenheim Capital LLC now owns 248 shares of the company’s stock worth $921,000 after buying an additional 9 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in AutoZone by 52.3% during the 2nd quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company’s stock valued at $43,667,000 after buying an additional 4,039 shares in the last quarter. Finally, Ieq Capital LLC increased its stake in AutoZone by 212.5% in the 2nd quarter. Ieq Capital LLC now owns 1,525 shares of the company’s stock worth $5,663,000 after acquiring an additional 1,037 shares during the last quarter. 92.74% of the stock is currently owned by institutional investors.

AutoZone Stock Performance

Shares of NYSE AZO opened at $3,063.67 on Tuesday. AutoZone, Inc. has a fifty-two week low of $2,902.20 and a fifty-two week high of $4,388.11. The company has a market cap of $50.03 billion, a price-to-earnings ratio of 21.06, a PEG ratio of 1.59 and a beta of 0.33. The business’s 50 day moving average price is $3,066.60 and its 200-day moving average price is $3,373.77.

AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $36.22 by $1.85. The company had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.AutoZone’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $35.36 EPS. Sell-side analysts predict that AutoZone, Inc. will post 150.39 earnings per share for the current year.

AutoZone announced that its board has authorized a share buyback program on Tuesday, June 16th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to repurchase up to 3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at AutoZone

In other AutoZone news, VP Dennis W. Leriche sold 1,455 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the transaction, the vice president directly owned 441 shares in the company, valued at $1,367,100. This trade represents a 76.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Brian Hannasch bought 165 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were purchased at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the transaction, the director owned 1,219 shares in the company, valued at $3,641,153. This represents a 15.65% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 2.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on AZO shares. JPMorgan Chase & Co. lowered their target price on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating for the company in a research report on Wednesday, May 27th. BMO Capital Markets reduced their price target on shares of AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. BNP Paribas Exane decreased their price target on shares of 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. Guggenheim lowered their price objective on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Finally, The Goldman Sachs Group reduced their target price on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $4,029.43.

AutoZone Company 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.