United Capital Financial Advisors LLC Invests $3.88 Million in AutoZone, Inc. $AZO

United Capital Financial Advisors LLC acquired a new stake in AutoZone, Inc. (NYSE:AZO) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 1,216 shares of the company’s stock, valued at approximately $3,885,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in AutoZone in the second quarter valued at approximately $3,938,566,000. Norges Bank acquired a new stake in shares of AutoZone during the 4th quarter worth approximately $939,205,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of AutoZone during the 2nd quarter worth approximately $572,885,000. Corient Private Wealth LP bought a new stake in shares of AutoZone in the 2nd quarter valued at $38,604,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of AutoZone during the 2nd quarter valued at $335,157,000. Institutional investors own 92.74% of the company’s stock.

AutoZone Price Performance

AZO opened at $2,967.55 on Friday. AutoZone, Inc. has a fifty-two week low of $2,902.20 and a fifty-two week high of $4,388.11. The firm has a market capitalization of $48.46 billion, a PE ratio of 20.40, a P/E/G ratio of 1.49 and a beta of 0.33. The company’s 50-day moving average is $3,045.07 and its 200 day moving average is $3,307.64.

AutoZone (NYSE:AZO) last released its quarterly earnings results 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 business had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $35.36 EPS. As a group, analysts expect that AutoZone, Inc. will post 150.39 EPS for the current year.

AutoZone declared that its board has initiated 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 repurchase up to 3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts have recently weighed in on AZO shares. Evercore reiterated an “outperform” rating on shares of AutoZone in a report on Tuesday, May 26th. Weiss Ratings lowered AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, July 23rd. Barclays dropped their price target on AutoZone from $3,900.00 to $3,637.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 4th. BMO Capital Markets reduced their price objective on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating for the company in a research note on Wednesday, May 27th. Finally, Morgan Stanley decreased their price objective on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a report on Wednesday, May 27th. One 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $4,029.43.

Insider Buying and Selling at AutoZone

In related news, VP Dennis W. Leriche sold 1,455 shares of AutoZone stock in a transaction that occurred 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 owned 441 shares of the company’s stock, valued at $1,367,100. The trade was a 76.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is owned by corporate insiders.

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.