Bank of America Corp DE Has $295.36 Million Position in AutoZone, Inc. $AZO

Key Points

• Bank of America reduced its AutoZone stake by 31.3% in the first quarter, selling 39,822 shares and retaining 87,443 shares valued at approximately $295.4 million. Institutional investors collectively own 92.74% of the company.
• AutoZone reported quarterly EPS of $38.07, exceeding estimates of $36.22, while revenue rose 8.4% year over year to $4.84 billion. The board also authorized a $1.5 billion share-repurchase plan, covering up to 3% of outstanding shares.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $4,040.87, despite several firms lowering their targets. AutoZone opened at $3,024.42, near its 12-month low of $2,902.20 and well below its 12-month high of $4,388.11.

Bank of America Corp DE lessened its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 31.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,443 shares of the company's stock after selling 39,822 shares during the quarter. Bank of America Corp DE owned about 0.53% of AutoZone worth $295,364,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Edgestream Partners L.P. lifted its stake in AutoZone by 165.1% during the 1st quarter. Edgestream Partners L.P. now owns 3,817 shares of the company's stock valued at $12,893,000 after acquiring an additional 2,377 shares in the last quarter. Kentucky Retirement Systems grew its stake in shares of AutoZone by 167.9% in the 1st quarter. Kentucky Retirement Systems now owns 2,810 shares of the company's stock worth $9,492,000 after acquiring an additional 1,761 shares in the last quarter. Arkadios Wealth Advisors raised its holdings in shares of AutoZone by 1.9% in the first quarter. Arkadios Wealth Advisors now owns 1,095 shares of the company's stock valued at $3,700,000 after purchasing an additional 20 shares during the last quarter. Sunbelt Securities Inc. lifted its position in shares of AutoZone by 5.2% during the first quarter. Sunbelt Securities Inc. now owns 285 shares of the company's stock valued at $963,000 after purchasing an additional 14 shares in the last quarter. Finally, Amundi lifted its position in shares of AutoZone by 24.3% during the first quarter. Amundi now owns 112,781 shares of the company's stock valued at $380,949,000 after purchasing an additional 22,063 shares in the last quarter. 92.74% of the stock is owned by institutional investors.

Insider Activity

In other AutoZone news, Director Brian Hannasch purchased 165 shares of the stock in a transaction on Friday, May 29th. The stock was acquired at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the transaction, the director directly owned 1,219 shares of the company's stock, valued at approximately $3,641,153. This trade represents a 15.65% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is owned by insiders.

AutoZone Stock Up 0.3%

NYSE:AZO opened at $3,024.42 on Monday. The stock has a market cap of $49.39 billion, a P/E ratio of 20.79, a PEG ratio of 1.53 and a beta of 0.33. The business's 50-day moving average price is $3,069.68 and its two-hundred day moving average price is $3,392.87. AutoZone, Inc. has a twelve month low of $2,902.20 and a twelve month high of $4,388.11.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating the consensus estimate of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The firm had revenue of $4.84 billion for the quarter, compared to analysts' expectations of $4.86 billion. During the same quarter last year, the company posted $35.36 EPS. The business's quarterly revenue was up 8.4% on a year-over-year basis. On average, equities research analysts expect that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.

AutoZone announced that its board has authorized a share repurchase plan on Tuesday, June 16th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to purchase up to 3% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms have commented on AZO. Evercore reissued an "outperform" rating on shares of AutoZone in a research report on Tuesday, May 26th. Robert W. Baird reduced their target price on AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating for the company in a report on Wednesday, May 27th. Citigroup decreased their price target on AutoZone from $4,300.00 to $3,700.00 and set a "buy" rating for the company in a research report on Wednesday, May 27th. Guggenheim cut their price objective on AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. Finally, DA Davidson reduced their price objective on AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $4,040.87.

About AutoZone

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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