Advisors Capital Management LLC Invests $2.06 Million in AutoZone, Inc. $AZO

Advisors Capital Management LLC purchased a new position in AutoZone, Inc. (NYSE:AZO - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 645 shares of the company's stock, valued at approximately $2,063,000.

Several other large investors also recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of AutoZone during the second quarter valued at approximately $3,938,566,000. Norges Bank acquired a new stake in shares of AutoZone in the 4th quarter worth $939,205,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of AutoZone in the 2nd quarter valued at $572,885,000. Bank of New York Mellon Corp acquired a new stake in AutoZone during the 2nd quarter worth about $335,157,000. Finally, Morgan Stanley increased its holdings in shares of AutoZone by 17.8% during the 4th quarter. Morgan Stanley now owns 492,794 shares of the company's stock valued at $1,671,323,000 after purchasing an additional 74,555 shares in the last quarter. Institutional investors own 92.74% of the company's stock.

AutoZone Price Performance

Shares of AZO opened at $2,960.64 on Friday. AutoZone, Inc. has a 12 month low of $2,902.20 and a 12 month high of $4,388.11. The stock's 50-day moving average is $3,054.94 and its two-hundred day moving average is $3,332.00. The stock has a market cap of $48.35 billion, a PE ratio of 20.36, a P/E/G ratio of 1.50 and a beta of 0.33.

AutoZone (NYSE:AZO - Get Free Report) last announced its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating the consensus estimate of $36.22 by $1.85. The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company's revenue was up 8.4% on a year-over-year basis. During the same period last year, the firm earned $35.36 earnings per share. On average, research analysts anticipate that AutoZone, Inc. will post 150.39 earnings per share for the current year.

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

Insiders Place Their Bets

In related news, 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 transaction of $4,510,500.00. Following 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brian Hannasch purchased 165 shares of the business's stock in a transaction that occurred on Friday, May 29th. The stock was bought 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. The trade was a 15.65% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 2.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Morgan Stanley reduced their price objective on shares of AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating for the company in a research report on Wednesday, May 27th. The Goldman Sachs Group reduced their target price 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. Mizuho reduced their price target on shares of AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 27th. Citigroup lowered their price objective on AutoZone from $4,300.00 to $3,700.00 and set a "buy" rating for the company in a research report on Wednesday, May 27th. Finally, Truist Financial set a $3,700.00 target price on shares of AutoZone in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, AutoZone currently has a consensus rating of "Moderate Buy" and an average target price of $4,029.43.

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.

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