Bank of New York Mellon Corp Takes $335.16 Million Position in AutoZone, Inc. $AZO

Bank of New York Mellon Corp bought a new position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 104,870 shares of the company's stock, valued at approximately $335,157,000. Bank of New York Mellon Corp owned 0.64% of AutoZone at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in AZO. Turning Point Benefit Group Inc. bought a new stake in AutoZone in the third quarter worth $25,000. Torren Management LLC purchased a new position in shares of AutoZone in the 4th quarter worth $27,000. Transamerica Financial Advisors LLC increased its holdings in shares of 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 increased its holdings in shares of 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 shares of AutoZone during the 4th quarter valued at about $31,000. Hedge funds and other institutional investors own 92.74% of the company's stock.

AutoZone Price Performance

AZO stock opened at $2,960.64 on Friday. The company has a market capitalization of $48.35 billion, a P/E ratio of 20.36, a price-to-earnings-growth ratio of 1.50 and a beta of 0.33. AutoZone, Inc. has a 12 month low of $2,902.20 and a 12 month high of $4,388.11. The firm's fifty day simple moving average is $3,054.94 and its 200-day simple moving average is $3,332.00.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 EPS 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 company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. During the same period in the prior year, the company earned $35.36 earnings per share. The firm's revenue was up 8.4% on a year-over-year basis. As a group, sell-side analysts forecast that AutoZone, Inc. will post 150.39 earnings per share for the current year.

AutoZone declared that its board has authorized a share buyback program on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Raymond James Financial reiterated a "strong-buy" rating on shares of AutoZone in a research report on Wednesday, May 27th. JPMorgan Chase & Co. cut their target price on AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 27th. Robert W. Baird lowered their price target on AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating for the company in a research report on Wednesday, May 27th. Jefferies Financial Group cut their price objective on shares of 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, Roth Capital lowered their target price on shares of AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating for the company in a report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, AutoZone currently has a consensus rating of "Moderate Buy" and a consensus price target of $4,029.43.

Insider Activity at AutoZone

In other AutoZone news, VP Dennis W. Leriche sold 1,455 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the transaction, the vice president directly owned 441 shares of the company's stock, valued at $1,367,100. This trade represents 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 this hyperlink. Also, Director Brian Hannasch bought 165 shares of the business's stock in a transaction dated Friday, May 29th. The shares were bought at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the purchase, the director directly owned 1,219 shares of the company's stock, valued at approximately $3,641,153. This represents a 15.65% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.60% of the stock is currently owned by company insiders.

AutoZone Company 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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