AutoZone, Inc. $AZO Shares Acquired by NEOS Investment Management LLC

NEOS Investment Management LLC increased its stake in shares of AutoZone, Inc. (NYSE:AZO) by 14.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,579 shares of the company’s stock after buying an additional 324 shares during the quarter. NEOS Investment Management LLC’s holdings in AutoZone were worth $8,242,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in AZO. Benchmark Investment Advisors LLC acquired a new stake in AutoZone during the 2nd quarter valued at approximately $713,000. Jupiter Asset Management Ltd. acquired a new stake in shares of AutoZone in the fourth quarter worth $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 acquiring an additional 1,882 shares during the period. CIBC Asset Management Inc raised its holdings in shares of AutoZone by 67.1% during the fourth quarter. CIBC Asset Management Inc now owns 3,941 shares of the company’s stock worth $13,366,000 after purchasing an additional 1,582 shares during the last quarter. Finally, BlackRock Inc. acquired a new position in AutoZone during the second quarter valued at $3,938,566,000. 92.74% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the firm’s 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 value of $4,510,500.00. Following the sale, the vice president directly owned 441 shares of the company’s stock, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on AZO. Raymond James Financial reaffirmed a “strong-buy” rating on shares of AutoZone in a research report on Wednesday, May 27th. JPMorgan Chase & Co. dropped their target price on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a report on Wednesday, May 27th. Guggenheim reduced their price target on 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. Evercore reissued an “outperform” rating on shares of AutoZone in a report on Tuesday, May 26th. Finally, The Goldman Sachs Group lowered their price objective 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. One 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $3,999.04.

AutoZone Stock Up 0.5%

NYSE:AZO opened at $2,981.99 on Friday. AutoZone, Inc. has a 52 week low of $2,902.20 and a 52 week high of $4,388.11. The stock’s 50-day moving average price is $3,036.29 and its 200-day moving average price is $3,280.85. The stock has a market capitalization of $48.70 billion, a PE ratio of 20.50, a price-to-earnings-growth ratio of 1.49 and a beta of 0.34.

AutoZone announced that its board has initiated a share repurchase plan on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are 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.