AutoZone, Inc. $AZO Position Raised by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments significantly increased its stake in AutoZone by 282.7% during Q2, now owning 31,167 shares valued at approximately $115.9 million.
• Several other hedge funds have also adjusted their positions, with institutional investors now holding 92.74% of AutoZone's stock.
• AutoZone experienced a decrease in quarterly earnings, reporting $48.71 EPS, falling short of analysts' expectations of $50.52 EPS.

Allspring Global Investments Holdings LLC raised its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 282.7% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 31,167 shares of the company's stock after buying an additional 23,022 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.19% of AutoZone worth $115,897,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its stake in AutoZone by 3.5% in the first quarter. Blue Trust Inc. now owns 89 shares of the company's stock valued at $339,000 after buying an additional 3 shares during the last quarter. Kirr Marbach & Co. LLC IN raised its stake in shares of AutoZone by 0.9% during the first quarter. Kirr Marbach & Co. LLC IN now owns 7,761 shares of the company's stock valued at $29,591,000 after purchasing an additional 68 shares in the last quarter. Banco Santander S.A. raised its stake in shares of AutoZone by 98.3% during the first quarter. Banco Santander S.A. now owns 829 shares of the company's stock valued at $3,161,000 after purchasing an additional 411 shares in the last quarter. Alpine Bank Wealth Management bought a new stake in shares of AutoZone during the first quarter valued at about $545,000. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of AutoZone by 19.3% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,607 shares of the company's stock valued at $6,127,000 after purchasing an additional 260 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AZO. Citigroup cut their price objective on shares of AutoZone from $4,900.00 to $4,775.00 and set a "buy" rating on the stock in a research note on Wednesday, September 24th. Wells Fargo & Company cut their price objective on shares of AutoZone from $4,800.00 to $4,700.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 24th. The Goldman Sachs Group lifted their price objective on shares of AutoZone from $3,894.00 to $4,090.00 and gave the company a "neutral" rating in a research note on Wednesday, September 24th. Zacks Research cut shares of AutoZone from a "hold" rating to a "strong sell" rating in a research note on Friday, September 26th. Finally, Rothschild & Co Redburn lifted their price objective on shares of AutoZone from $4,300.00 to $4,700.00 and gave the company a "buy" rating in a research note on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $4,544.68.

Insider Transactions at AutoZone

In related news, VP Richard Craig Smith sold 3,000 shares of AutoZone stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the transaction, the vice president owned 2,925 shares of the company's stock, valued at approximately $11,337,007.50. This trade represents a 50.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP John Scott Murphy sold 2,860 shares of AutoZone stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the completion of the transaction, the vice president directly owned 1,244 shares in the company, valued at $5,194,570.80. This represents a 69.69% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.10% of the company's stock.

AutoZone Trading Up 0.5%

Shares of AutoZone stock opened at $4,094.61 on Tuesday. The company's 50-day moving average price is $4,152.28 and its two-hundred day moving average price is $3,859.75. The stock has a market cap of $68.71 billion, a PE ratio of 28.26, a price-to-earnings-growth ratio of 1.92 and a beta of 0.40. AutoZone, Inc. has a 52 week low of $2,980.10 and a 52 week high of $4,388.11.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings results on Tuesday, September 23rd. The company reported $48.71 earnings per share for the quarter, missing analysts' consensus estimates of $50.52 by ($1.81). The company had revenue of $6.24 billion during the quarter, compared to analysts' expectations of $6.26 billion. AutoZone had a negative return on equity of 60.49% and a net margin of 13.19%.The company's revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the prior year, the business posted $51.58 EPS. On average, equities analysts predict that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

AutoZone declared that its Board of Directors has authorized a share buyback program on Wednesday, October 8th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company's management believes its stock is undervalued.

AutoZone Company Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.

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