1,420 Shares in AutoZone, Inc. $AZO Purchased by Hardy Reed LLC

Hardy Reed LLC acquired a new stake in AutoZone, Inc. (NYSE:AZO) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,420 shares of the company’s stock, valued at approximately $4,538,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Norges Bank acquired a new stake in AutoZone in the 4th quarter valued at $939,205,000. Morgan Stanley raised its position in AutoZone by 17.8% during the fourth quarter. Morgan Stanley now owns 492,794 shares of the company’s stock worth $1,671,323,000 after acquiring an additional 74,555 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in AutoZone by 387.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company’s stock valued at $263,832,000 after purchasing an additional 61,821 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in AutoZone by 39.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company’s stock valued at $584,730,000 after purchasing an additional 50,071 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in shares of AutoZone by 80.8% in the third quarter. AQR Capital Management LLC now owns 101,185 shares of the company’s stock valued at $432,059,000 after purchasing an additional 45,212 shares during the period. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

AutoZone Stock Performance

NYSE:AZO opened at $3,026.92 on Friday. AutoZone, Inc. has a one year low of $2,902.20 and a one year high of $4,388.11. The stock has a market cap of $49.43 billion, a PE ratio of 20.81, a P/E/G ratio of 1.54 and a beta of 0.33. The stock has a 50 day moving average price of $3,063.49 and a 200 day moving average price of $3,357.72.

AutoZone (NYSE:AZO) last issued 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 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 analysts’ expectations of $4.86 billion. During the same period in the prior year, the business earned $35.36 EPS. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. As a group, analysts predict that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

AutoZone declared that its Board of Directors has approved a stock repurchase program on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In related news, VP Dennis W. Leriche sold 1,455 shares of the 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 completion of the transaction, the vice president directly owned 441 shares in the company, valued at approximately $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Brian Hannasch bought 165 shares of the business’s stock in a transaction on Friday, May 29th. The shares were acquired at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the purchase, the director owned 1,219 shares of the company’s stock, valued at $3,641,153. The trade was a 15.65% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 2.60% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on AZO. TD Cowen reiterated a “buy” rating and issued a $3,700.00 price objective on shares of AutoZone in a report on Thursday, June 4th. Evercore reaffirmed an “outperform” rating on shares of AutoZone in a research note on Tuesday, May 26th. BMO Capital Markets dropped their price target on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating for the company in a research report on Wednesday, May 27th. Guggenheim reduced their price objective on 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, DA Davidson decreased their price objective on AutoZone from $4,300.00 to $3,750.00 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 issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, AutoZone currently has a consensus rating of “Moderate Buy” and an average price target of $4,029.43.

AutoZone 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.