Bank of America Corp DE Acquires Shares of 73,085 AutoZone, Inc. $AZO

Key Points

• Bank of America acquired 73,085 AutoZone shares worth approximately $233.6 million, giving it a 0.45% stake. Institutional investors collectively own 92.74% of the company.
• AutoZone’s stock opened at $2,852.97, near its 52-week low, while the company authorized a $1.5 billion share-repurchase program covering up to 3% of outstanding shares.
• Analysts maintain a generally positive view, with a “Moderate Buy” consensus and an average price target of $3,946.96, but concerns over weak aftermarket demand, potentially softer comparable sales, and lowered price targets cloud the near-term outlook.

Bank of America Corp DE bought a new position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 73,085 shares of the company's stock, valued at approximately $233,576,000. Bank of America Corp DE owned 0.45% of AutoZone at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. bought a new position in AutoZone in the second quarter worth about $3,938,566,000. Norges Bank purchased a new stake in AutoZone in the fourth quarter worth about $939,205,000. First Manhattan CO. LLC. boosted its position in shares of AutoZone by 2.7% in the 4th quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company's stock worth $886,246,000 after purchasing an additional 6,765 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of AutoZone in the 2nd quarter worth approximately $572,885,000. Finally, Goldman Sachs Group Inc. grew its stake in shares of AutoZone by 4.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 119,399 shares of the company's stock worth $404,943,000 after acquiring an additional 5,480 shares during the last quarter. Institutional investors own 92.74% of the company's stock.

More AutoZone News

Here are the key news stories impacting AutoZone this week:

• Positive Sentiment: Analysts still expect AutoZone’s fourth-quarter earnings to grow, with consensus estimates calling for approximately $54.26 in earnings per share and $6.72 billion in revenue. Some top-rated Wall Street forecasters remain bullish despite lowering their targets. Top Wall Street Forecasters Revamp AutoZone Expectations Ahead Of Q4 Earnings
• Positive Sentiment: UBS described fiscal fourth-quarter results as a potential “inflection point” for fiscal 2027 earnings growth, offering a possible catalyst if AutoZone demonstrates improving sales and margins. AutoZone's Fiscal Q4 Could Mark Inflection Point for Fiscal 2027 Earnings Growth
• Neutral Sentiment: Analyst views are mixed ahead of the earnings report. While the broader analyst stance remains constructive, expectations have become more cautious, increasing the importance of the company’s guidance and comparable-sales performance. Analysts Conflicted on These Consumer Cyclical Names
• Negative Sentiment: UBS warned that AutoZone’s fourth-quarter comparable sales may fall short of Wall Street expectations because of soft demand in the automotive aftermarket. That warning is pressuring the stock ahead of results. AutoZone Fourth-Quarter Comps May Miss Street Views Amid Soft Aftermarket Demand
• Negative Sentiment: Citigroup reduced its AutoZone price target from $3,700 to $3,450, although it retained a Buy rating. The lower target reflects more cautious expectations for the company’s near-term outlook. Citigroup Adjusts Price Target on AutoZone
• Negative Sentiment: A Zacks analysis said AutoZone lacks the combination of factors typically associated with a likely earnings beat, adding to pre-earnings caution despite projected earnings growth. AutoZone Earnings Expected to Grow: Should You Buy?

AutoZone Stock Down 0.3%

NYSE AZO opened at $2,852.97 on Thursday. AutoZone, Inc. has a 52 week low of $2,849.04 and a 52 week high of $4,332.68. The firm has a market capitalization of $46.59 billion, a P/E ratio of 19.61, a PEG ratio of 1.43 and a beta of 0.34. The company has a 50-day moving average price of $3,002.33 and a 200-day moving average price of $3,230.13.

AutoZone declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, June 16th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

AZO has been the subject of several analyst reports. Barclays reduced their price target on AutoZone from $3,900.00 to $3,637.00 and set an "overweight" rating for the company in a report on Tuesday, August 4th. Mizuho reduced their price target on shares of 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. The Goldman Sachs Group cut their target price on AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating on the stock in a research note on Wednesday, May 27th. Raymond James Financial reissued a "strong-buy" rating on shares of AutoZone in a report on Wednesday, May 27th. Finally, Jefferies Financial Group decreased their price target on AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $3,946.96.

Insider Transactions at AutoZone

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the business's stock in a transaction dated 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 completion of the sale, the vice president owned 441 shares of the company's stock, valued at approximately $1,367,100. The trade was a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.60% of the company's stock.

AutoZone Profile

AutoZone, Inc is a retailer and distributor of automotive replacement parts, accessories, and maintenance products. The company serves do-it-yourself customers, professional service technicians, and commercial repair businesses through its stores, distribution network, and online platform.

Its product offerings include replacement parts such as batteries, brakes, engine components, and ignition products, along with tools, fluids, filters, and other automotive accessories. AutoZone also provides services such as parts lookup, diagnostic assistance, battery testing and charging, and loaner tools for eligible repairs.

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

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