AutoZone, Inc. $AZO Stock Acquired by CX Institutional

CX Institutional raised its stake in shares of AutoZone, Inc. (NYSE:AZO) by 8,649.3% during the 3rd quarter, Holdings Channel.com reports. The fund owned 20,036 shares of the company’s stock after purchasing an additional 19,807 shares during the quarter. AutoZone makes up approximately 1.5% of CX Institutional’s portfolio, making the stock its 11th largest holding. CX Institutional’s holdings in AutoZone were worth $56,702,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in AZO. Burkett Financial Services LLC purchased a new stake in AutoZone in the third quarter worth approximately $31,000. QRG Capital Management Inc. grew its position in AutoZone by 26,077.9% in the 2nd quarter. QRG Capital Management Inc. now owns 49,738 shares of the company’s stock worth $158,960,000 after purchasing an additional 49,548 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in AutoZone by 247,417.8% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 249,993 shares of the company’s stock valued at $798,963,000 after buying an additional 249,892 shares during the last quarter. Cherry Tree Wealth Management LLC lifted its holdings in shares of AutoZone by 47,900.0% during the 2nd quarter. Cherry Tree Wealth Management LLC now owns 1,920 shares of the company’s stock valued at $6,136,000 after buying an additional 1,916 shares during the period. Finally, SkyView Investment Advisors LLC lifted its holdings in shares of AutoZone by 11.1% during the 2nd quarter. SkyView Investment Advisors LLC now owns 100 shares of the company’s stock valued at $320,000 after buying an additional 10 shares during the period. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on AZO shares. Evercore restated an “outperform” rating on shares of AutoZone in a research note on Wednesday, September 23rd. Sanford C. Bernstein began coverage on AutoZone in a report on Tuesday. They issued an “outperform” rating and a $3,698.00 target price on the stock. Mizuho lowered their target price on AutoZone from $3,200.00 to $3,000.00 and set a “neutral” rating on the stock in a report on Wednesday, September 23rd. Roth Capital dropped their target price on AutoZone from $4,023.00 to $3,850.00 and set a “buy” rating on the stock in a research report on Wednesday, September 23rd. Finally, Piper Sandler set a $3,500.00 price target on AutoZone in a research note on Monday, August 31st. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, AutoZone presently has an average rating of “Moderate Buy” and an average price target of $3,710.36.

Insider Transactions at AutoZone

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the company’s stock in a transaction dated 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 sale, the vice president owned 441 shares in the company, valued at $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

AutoZone Stock Performance

Shares of AZO stock traded down $20.74 during mid-day trading on Friday, reaching $2,798.29. 169,509 shares of the company’s stock traded hands, compared to its average volume of 266,111. AutoZone, Inc. has a 12 month low of $2,756.13 and a 12 month high of $4,252.54. The firm has a 50 day moving average price of $2,967.82 and a two-hundred day moving average price of $3,165.18. The firm has a market capitalization of $45.70 billion, a PE ratio of 18.31, a price-to-earnings-growth ratio of 1.31 and a beta of 0.40.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, September 22nd. The company reported $56.05 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $55.51. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%.The company had revenue of $6.59 billion for the quarter, compared to analysts’ expectations of $6.70 billion. During the same period last year, the firm earned $48.71 EPS. AutoZone’s revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, equities analysts expect that AutoZone, Inc. will post 172.84 earnings per share for the current fiscal year.

AutoZone declared that its Board of Directors has initiated a share buyback plan on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to purchase up to 3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

About AutoZone

AutoZone, Inc is a specialty retailer of automotive replacement parts, accessories and maintenance products. The company serves do-it-yourself customers as well as professional automotive repair shops, offering products such as batteries, brakes, filters, engine components, tools, fluids and other vehicle parts.

In addition to its retail stores, AutoZone provides commercial sales and delivery services for professional repair businesses. The company also operates ALLDATA, which offers automotive diagnostic, repair and shop-management software and information services to repair professionals.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional stores and operations in Mexico and Brazil.