AutoZone, Inc. $AZO Stock: Allspring Global Investments Holdings LLC Raises Stake

Key Points

• Allspring Global Investments increased its AutoZone stake by 15.6% in the third quarter, adding 14,163 shares to hold 104,852 shares worth about $295.6 million. Institutional investors collectively own 92.74% of the company.
• Analysts maintain a Moderate Buy consensus, with an average price target of $3,674.36; several firms recently lowered their targets, while retaining Buy or Overweight ratings.
• AutoZone reported quarterly revenue of $6.59 billion, up 5.6% year over year but below analyst expectations of $6.70 billion. CFO Jamere Jackson also sold 6,900 shares, reducing his direct holdings by 93.29%.

Allspring Global Investments Holdings LLC increased its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 15.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 104,852 shares of the company's stock after purchasing an additional 14,163 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.65% of AutoZone worth $295,581,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. bought a new stake in shares of AutoZone in the second quarter worth $29,000. Burkett Financial Services LLC bought a new position in AutoZone in the third quarter valued at about $31,000. Heritage Family Offices LLP bought a new position in AutoZone in the third quarter valued at about $31,000. Tacita Capital Inc bought a new position in AutoZone in the second quarter valued at about $32,000. Finally, Asset Dedication LLC boosted its position in AutoZone by 150.0% in the first quarter. Asset Dedication LLC now owns 10 shares of the company's stock worth $34,000 after purchasing an additional 6 shares during the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

Wall Street Analyst Weigh In

AZO has been the subject of a number of recent research reports. Wells Fargo & Company cut their price target on AutoZone from $4,150.00 to $3,500.00 and set an "overweight" rating for the company in a research note on Thursday, September 10th. Piper Sandler set a $3,500.00 price target on shares of AutoZone in a research report on Monday, August 31st. Guggenheim lowered their price objective on shares of AutoZone from $4,000.00 to $3,750.00 and set a "buy" rating on the stock in a research note on Wednesday, September 23rd. Citigroup dropped their price objective on shares of AutoZone from $3,700.00 to $3,450.00 and set a "buy" rating on the stock in a report on Monday, September 14th. Finally, DA Davidson cut their target price on shares of AutoZone from $3,750.00 to $3,500.00 and set a "buy" rating for the company in a research report on Wednesday, September 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $3,674.36.

Insiders Place Their Bets

In other AutoZone news, CFO Jamere Jackson sold 6,900 shares of the company's stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $3,319.71, for a total value of $22,905,999.00. Following the completion of the transaction, the chief financial officer directly owned 496 shares in the company, valued at $1,646,576.16. This represents a 93.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.60% of the stock is owned by insiders.

AutoZone Stock Performance

Shares of AutoZone stock opened at $3,217.76 on Monday. AutoZone, Inc. has a fifty-two week low of $2,730.65 and a fifty-two week high of $3,996.25. The company has a market capitalization of $51.79 billion, a P/E ratio of 21.06, a P/E/G ratio of 1.66 and a beta of 0.37. The company has a fifty day moving average of $2,992.64 and a 200 day moving average of $3,255.16.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings results on Tuesday, September 22nd. The company reported $56.05 EPS for the quarter, beating analysts' consensus estimates of $0.54 by $55.51. The business had revenue of $6.59 billion for the quarter, compared to analysts' expectations of $6.70 billion. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%. The business's quarterly revenue was up 5.6% on a year-over-year basis. During the same period last year, the firm earned $48.71 earnings per share. Analysts forecast that AutoZone, Inc. will post 170.30 EPS for the current year.

About AutoZone

AutoZone is a retailer and distributor of automotive replacement parts and accessories, serving do-it-yourself customers as well as professional repair shops. Its products include new and remanufactured parts, maintenance supplies, and accessories for cars, sport utility vehicles, and light trucks. The company also offers services such as battery testing and tool-loan programs at many stores.

Founded in 1979 and headquartered in Memphis, Tennessee, the company operates stores in the United States, Mexico, and Brazil.

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