Allworth Financial LP Takes Position in AutoZone, Inc. $AZO

Key Points

• Allworth Financial initiated a position in AutoZone during the second quarter, buying 378 shares valued at approximately $1.21 million. Institutional investors collectively own 92.74% of the company.
• Analysts remain broadly positive, with AutoZone receiving a consensus “Moderate Buy” rating and an average price target of $4,029.43, despite several firms recently lowering their targets.
• AutoZone beat quarterly EPS expectations and reported 8.4% year-over-year revenue growth. Its board also authorized a $1.5 billion share-repurchase program, covering up to 3% of outstanding shares.

Allworth Financial LP purchased a new position in AutoZone, Inc. (NYSE:AZO - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 378 shares of the company's stock, valued at approximately $1,209,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Turning Point Benefit Group Inc. bought a new stake in shares of AutoZone during the third quarter worth $25,000. Torren Management LLC purchased a new stake in shares of AutoZone during the fourth quarter valued at $27,000. Transamerica Financial Advisors LLC grew its holdings in shares of AutoZone by 100.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company's stock worth $28,000 after purchasing an additional 4 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in shares of AutoZone in the second quarter worth about $29,000. Finally, MCF Advisors LLC increased its stake in AutoZone by 50.0% in the 4th quarter. MCF Advisors LLC now owns 9 shares of the company's stock worth $31,000 after buying an additional 3 shares during the period. 92.74% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

AZO has been the subject of a number of research analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating for the company in a report on Wednesday, May 27th. Guggenheim reduced their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. BMO Capital Markets decreased their price target on shares of AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating for the company in a research note on Wednesday, May 27th. Truist Financial set a $3,700.00 price target on AutoZone in a report on Wednesday, May 27th. Finally, Robert W. Baird dropped their price objective on AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 27th. One 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, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $4,029.43.

AutoZone Price Performance

Shares of NYSE AZO opened at $2,960.64 on Friday. AutoZone, Inc. has a 1-year low of $2,902.20 and a 1-year high of $4,388.11. The business has a fifty day moving average price of $3,054.94 and a 200 day moving average price of $3,332.00. The stock has a market capitalization of $48.35 billion, a P/E ratio of 20.36, a price-to-earnings-growth ratio of 1.50 and a beta of 0.33.

AutoZone (NYSE:AZO - Get Free Report) last posted 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. The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The firm's quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $35.36 earnings per share. As a group, equities research analysts anticipate that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

In related news, VP Dennis W. Leriche sold 1,455 shares of the business's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the transaction, the vice president directly owned 441 shares in the company, valued at $1,367,100. The trade was a 76.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Brian Hannasch bought 165 shares of AutoZone stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the transaction, the director directly owned 1,219 shares in the company, valued at $3,641,153. This represents a 15.65% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 2.60% of the company's stock.

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.

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