NewEdge Wealth LLC Makes New $77.73 Million Investment in AutoZone, Inc. $AZO

NewEdge Wealth LLC purchased a new position in shares of AutoZone, Inc. (NYSE:AZO) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 24,322 shares of the company’s stock, valued at approximately $77,733,000. AutoZone makes up 0.8% of NewEdge Wealth LLC’s holdings, making the stock its 28th largest position.

Several other institutional investors and hedge funds have also recently modified their holdings of AZO. BlackRock Inc. acquired a new position in AutoZone during the 2nd quarter worth about $3,938,566,000. Morgan Stanley grew its position in AutoZone by 17.8% in the 4th quarter. Morgan Stanley now owns 492,794 shares of the company’s stock valued at $1,671,323,000 after acquiring an additional 74,555 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in AutoZone by 1.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company’s stock worth $1,312,654,000 after purchasing an additional 7,390 shares during the period. Norges Bank purchased a new stake in AutoZone during the fourth quarter worth about $939,205,000. Finally, First Manhattan CO. LLC. increased its stake in AutoZone by 2.7% during the fourth quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company’s stock worth $886,246,000 after purchasing an additional 6,765 shares during the period. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Insiders Place Their Bets

In other news, Director Brian Hannasch bought 165 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the purchase, the director owned 1,219 shares in the company, valued at approximately $3,641,153. This trade represents a 15.65% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Dennis W. Leriche sold 1,455 shares of the stock in a transaction on 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 completion of 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 SEC filing for this sale provides additional information. 2.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on AZO. Barclays lowered their price objective on shares of AutoZone from $3,900.00 to $3,637.00 and set an “overweight” rating for the company in a research note on Tuesday, August 4th. Guggenheim reduced their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Truist Financial set a $3,700.00 price target on shares of AutoZone in a research report on Wednesday, May 27th. Evercore restated an “outperform” rating on shares of AutoZone in a research note on Tuesday, May 26th. Finally, Robert W. Baird cut their price objective on AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 27th. One research 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 stock. According to data from MarketBeat.com, AutoZone presently has an average rating of “Moderate Buy” and an average target price of $4,029.43.

AutoZone Stock Performance

AZO stock opened at $3,080.11 on Thursday. The company’s 50 day moving average price is $3,060.46 and its 200 day moving average price is $3,339.85. The firm has a market capitalization of $50.30 billion, a price-to-earnings ratio of 21.18, a PEG ratio of 1.56 and a beta of 0.33. AutoZone, Inc. has a fifty-two week low of $2,902.20 and a fifty-two week high of $4,388.11.

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

AutoZone declared that its board has initiated a stock buyback program on Tuesday, June 16th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to purchase up to 3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

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.