AutoZone, Inc. $AZO Shares Sold by Royal Bank of Canada

Royal Bank of Canada lessened its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 6.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 325,478 shares of the company's stock after selling 22,532 shares during the quarter. Royal Bank of Canada owned approximately 1.97% of AutoZone worth $1,099,393,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in AZO. Turning Point Benefit Group Inc. purchased a new stake in shares of AutoZone during the third quarter worth about $25,000. Torren Management LLC purchased a new position in AutoZone in the 4th quarter valued at about $27,000. Transamerica Financial Advisors LLC boosted its holdings in AutoZone by 100.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company's stock worth $28,000 after buying an additional 4 shares during the last quarter. MCF Advisors LLC boosted its holdings 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 last quarter. Finally, Bard Associates Inc. purchased a new stake in AutoZone during the 4th quarter worth approximately $31,000. 92.74% of the stock is currently owned by institutional investors and hedge funds.

AutoZone Price Performance

AutoZone stock opened at $3,117.96 on Wednesday. The firm has a 50 day simple moving average of $3,091.09 and a 200-day simple moving average of $3,400.36. AutoZone, Inc. has a 1-year low of $2,902.20 and a 1-year high of $4,388.11. The stock has a market cap of $50.92 billion, a price-to-earnings ratio of 21.44, a price-to-earnings-growth ratio of 1.56 and a beta of 0.33.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $36.22 by $1.85. The firm 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 quarterly revenue was up 8.4% on a year-over-year basis. During the same period last year, the company earned $35.36 EPS. Equities analysts expect that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

AutoZone announced that its Board of Directors has initiated a share buyback 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 usually a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on AZO. Truist Financial set a $3,700.00 target price on AutoZone in a research report on Wednesday, May 27th. The Goldman Sachs Group lowered their price target on shares of 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. BMO Capital Markets cut their price objective on shares of AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating for the company in a report on Wednesday, May 27th. Morgan Stanley lowered their target price on AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating on the stock in a report on Wednesday, May 27th. Finally, Mizuho dropped their price target on AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating for the company in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $4,040.87.

Insider Buying and Selling at AutoZone

In other news, Director Brian Hannasch acquired 165 shares of the business's stock in a transaction that occurred on Friday, May 29th. The shares were purchased at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the acquisition, the director owned 1,219 shares of the company's stock, valued at $3,641,153. This represents a 15.65% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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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