NewEdge Wealth LLC Buys 1,962 Shares of AutoZone, Inc. $AZO

NewEdge Wealth LLC increased its stake in shares of AutoZone, Inc. (NYSE:AZO) by 9.1% during the first quarter, HoldingsChannel.com reports. The firm owned 23,599 shares of the company’s stock after buying an additional 1,962 shares during the period. AutoZone accounts for 0.9% of NewEdge Wealth LLC’s portfolio, making the stock its 20th largest position. NewEdge Wealth LLC’s holdings in AutoZone were worth $79,711,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in AZO. Turning Point Benefit Group Inc. bought a new stake in shares of AutoZone during the third quarter valued at about $25,000. Torren Management LLC purchased a new stake in shares of AutoZone in the fourth quarter worth about $27,000. Transamerica Financial Advisors LLC boosted its position in shares of AutoZone by 100.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock valued at $28,000 after acquiring an additional 4 shares during the period. MCF Advisors LLC boosted its position in shares of AutoZone by 50.0% in the fourth quarter. MCF Advisors LLC now owns 9 shares of the company’s stock valued at $31,000 after acquiring an additional 3 shares during the period. Finally, Bard Associates Inc. purchased a new position in AutoZone during the fourth quarter valued at approximately $31,000. Institutional investors own 92.74% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Robert W. Baird decreased their target price on shares of AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a report on Wednesday, May 27th. Morgan Stanley cut their price target on shares of AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a report on Wednesday, May 27th. Jefferies Financial Group reduced their price target 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. DA Davidson decreased their price target on shares of AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Finally, Raymond James Financial reiterated a “strong-buy” rating on shares of AutoZone in a research report on Wednesday, May 27th. One investment 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $4,040.87.

AutoZone Trading Down 1.4%

AZO stock opened at $2,971.21 on Thursday. The company’s 50 day moving average is $3,117.89 and its 200 day moving average is $3,407.95. The stock has a market cap of $48.52 billion, a price-to-earnings ratio of 20.43, a price-to-earnings-growth ratio of 1.53 and a beta of 0.33. AutoZone, Inc. has a 1-year low of $2,928.11 and a 1-year high of $4,388.11.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. During the same period in the previous year, the business posted $35.36 earnings per share. AutoZone’s revenue for the quarter was up 8.4% on a year-over-year basis. As a group, sell-side analysts forecast that AutoZone, Inc. will post 150.51 EPS for the current fiscal year.

AutoZone declared that its board has approved a share buyback plan on Tuesday, June 16th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at AutoZone

In related news, Director Brian Hannasch acquired 165 shares of the stock in a transaction dated Friday, May 29th. The shares were purchased at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the transaction, the director owned 1,219 shares in the company, valued at $3,641,153. This represents a 15.65% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. 2.60% of the stock is owned by insiders.

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.