1,232,366 Shares in AutoZone, Inc. $AZO Purchased by BlackRock Inc.

BlackRock Inc. bought a new stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 1,232,366 shares of the company's stock, valued at approximately $3,938,566,000. BlackRock Inc. owned approximately 7.55% of AutoZone at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Jupiter Asset Management Ltd. acquired a new stake in shares of AutoZone in the fourth quarter valued at $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund raised its holdings in 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 valued at $48,241,000 after acquiring an additional 1,882 shares in the last quarter. CIBC Asset Management Inc raised its holdings in shares of AutoZone by 67.1% in the 4th quarter. CIBC Asset Management Inc now owns 3,941 shares of the company's stock valued at $13,366,000 after purchasing an additional 1,582 shares in the last quarter. Norges Bank purchased a new stake in AutoZone during the 4th quarter worth about $939,205,000. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in AutoZone by 387.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company's stock worth $263,832,000 after purchasing an additional 61,821 shares during the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

AutoZone Trading Up 1.9%

NYSE AZO opened at $3,077.21 on Wednesday. The company has a market capitalization of $50.25 billion, a PE ratio of 21.16, a price-to-earnings-growth ratio of 1.54 and a beta of 0.33. AutoZone, Inc. has a twelve month low of $2,902.20 and a twelve month high of $4,388.11. The business's 50-day moving average price is $3,061.14 and its 200 day moving average price is $3,344.23.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, topping the consensus estimate of $36.22 by $1.85. The firm had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. AutoZone's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $35.36 earnings per share. Equities analysts predict that AutoZone, Inc. will post 150.39 EPS for the current year.

AutoZone announced that its board has initiated a stock repurchase program on Tuesday, June 16th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's leadership believes its shares are undervalued.

Insider Activity

In related news, Director Brian Hannasch purchased 165 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the acquisition, the director owned 1,219 shares in the company, valued at approximately $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Dennis W. Leriche sold 1,455 shares of the stock in a transaction dated Friday, August 7th. The shares were 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 of the company's stock, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.60% of the company's stock.

Analyst Ratings Changes

AZO has been the subject of several research analyst reports. Jefferies Financial Group decreased their price objective on shares of 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. Truist Financial set a $3,700.00 price objective on shares of AutoZone in a research report on Wednesday, May 27th. The Goldman Sachs Group reduced their price target on AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating for the company in a report on Wednesday, May 27th. Roth Capital decreased their price objective on shares of AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. Finally, Weiss Ratings lowered AutoZone from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, AutoZone has a consensus rating of "Moderate Buy" and an average price target of $4,029.43.

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.

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