Hsbc Holdings PLC Has $118.71 Million Position in AutoZone, Inc. $AZO

Hsbc Holdings PLC lessened its position in AutoZone, Inc. (NYSE:AZO) by 3.8% during the second quarter, Holdings Channel reports. The institutional investor owned 37,198 shares of the company’s stock after selling 1,460 shares during the quarter. Hsbc Holdings PLC’s holdings in AutoZone were worth $118,712,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of AutoZone in the second quarter valued at approximately $3,938,566,000. Norges Bank bought a new position in AutoZone in the fourth quarter valued at $939,205,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in AutoZone in the 2nd quarter valued at $572,885,000. Bank of New York Mellon Corp bought a new stake in AutoZone during the 2nd quarter worth about $335,157,000. Finally, Legal & General Group Plc bought a new stake in AutoZone during the 2nd quarter worth about $319,156,000. Institutional investors own 92.74% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Truist Financial set a $3,700.00 target price on AutoZone in a research report on Wednesday, May 27th. The Goldman Sachs Group lowered their price target on AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. Roth Capital dropped their price objective on AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. Guggenheim decreased their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Finally, Jefferies Financial Group lowered 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. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $4,029.43.

AutoZone Stock Up 0.5%

NYSE:AZO opened at $3,023.78 on Wednesday. AutoZone, Inc. has a 12-month low of $2,902.20 and a 12-month high of $4,388.11. The firm has a market capitalization of $49.38 billion, a price-to-earnings ratio of 20.79, a P/E/G ratio of 1.53 and a beta of 0.33. The stock’s 50 day moving average price is $3,050.91 and its two-hundred day moving average price is $3,319.59.

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

AutoZone declared that its Board of Directors has authorized a share buyback program on Tuesday, June 16th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to buy up to 3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Brian Hannasch acquired 165 shares of AutoZone stock in a transaction on Friday, May 29th. The stock was 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 directly owned 1,219 shares in the company, valued at $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 is accessible through the SEC website. Also, VP Dennis W. Leriche sold 1,455 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total transaction 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. The trade was a 76.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 2.60% of the company’s stock.

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.