AutoZone, Inc. $AZO Stock Acquired by B. Riley Wealth Advisors Inc.

Key Points

• B. Riley Wealth Advisors increased its AutoZone stake by 4,261.1% in the third quarter, owning 32,403 shares valued at approximately $91.7 million. Institutional investors collectively hold 92.74% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $3,669.12, despite several recent target-price reductions.
• AutoZone shares opened at $2,891.80, well below their 52-week high of $4,113.44. The company also authorized a $1.5 billion share-repurchase program, allowing it to buy back up to 3% of outstanding shares.

B. Riley Wealth Advisors Inc. increased its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 4,261.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 32,403 shares of the company's stock after buying an additional 31,660 shares during the period. AutoZone accounts for 3.4% of B. Riley Wealth Advisors Inc.'s holdings, making the stock its 3rd biggest position. B. Riley Wealth Advisors Inc. owned about 0.20% of AutoZone worth $91,701,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AZO. Edmond DE Rothschild Holding S.A. purchased a new position in shares of AutoZone during the 2nd quarter valued at approximately $29,000. Asset Dedication LLC grew its stake in AutoZone by 150.0% in the 1st quarter. Asset Dedication LLC now owns 10 shares of the company's stock valued at $34,000 after acquiring an additional 6 shares during the period. Tacita Capital Inc purchased a new stake in AutoZone in the 2nd quarter worth $32,000. Burkett Financial Services LLC purchased a new stake in AutoZone in the 3rd quarter worth $31,000. Finally, GK Wealth Management LLC purchased a new stake in AutoZone in the 3rd quarter worth $34,000. Institutional investors and hedge funds own 92.74% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on AZO. Piper Sandler set a $3,500.00 price objective on shares of AutoZone in a report on Monday, August 31st. Weiss Ratings cut shares of AutoZone from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, July 23rd. Roth Capital cut their target price on shares of AutoZone from $4,023.00 to $3,850.00 and set a "buy" rating for the company in a research note on Wednesday, September 23rd. BMO Capital Markets reduced their price target on shares of AutoZone from $4,000.00 to $3,500.00 and set an "outperform" rating for the company in a research report on Wednesday, September 23rd. Finally, DA Davidson decreased their price target on shares of AutoZone from $3,750.00 to $3,500.00 and set a "buy" rating on the stock in a research note on Wednesday, September 23rd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $3,669.12.

AutoZone Stock Performance

Shares of AZO opened at $2,891.80 on Wednesday. The stock has a 50 day moving average price of $2,940.79 and a 200 day moving average price of $3,136.94. AutoZone, Inc. has a one year low of $2,730.65 and a one year high of $4,113.44. The stock has a market capitalization of $47.22 billion, a price-to-earnings ratio of 18.97, a PEG ratio of 1.35 and a beta of 0.40.

AutoZone (NYSE:AZO - Get Free Report) last announced its quarterly earnings data on Tuesday, September 22nd. The company reported $56.05 earnings per share for the quarter, beating analysts' consensus estimates of $0.54 by $55.51. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%. The company had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.70 billion. During the same quarter last year, the firm posted $48.71 EPS. The firm's revenue for the quarter was up 5.6% on a year-over-year basis. On average, analysts predict that AutoZone, Inc. will post 171.50 earnings per share for the current year.

AutoZone announced that its board has approved a share buyback plan 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 plans are often a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at AutoZone

In other news, VP Dennis LeRiche sold 1,455 shares of the firm's 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 transaction, the vice president directly owned 441 shares of the company's stock, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.60% of the company's stock.

About AutoZone

AutoZone, Inc is a specialty retailer of automotive replacement parts, accessories and maintenance products. The company serves do-it-yourself customers as well as professional automotive repair shops, offering products such as batteries, brakes, filters, engine components, tools, fluids and other vehicle parts.

In addition to its retail stores, AutoZone provides commercial sales and delivery services for professional repair businesses. The company also operates ALLDATA, which offers automotive diagnostic, repair and shop-management software and information services to repair professionals.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional stores and operations in Mexico and Brazil.

Want to see what other hedge funds are holding AZO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AutoZone, Inc. (NYSE:AZO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.