Commerzbank Aktiengesellschaft FI Cuts Stock Position in AutoZone, Inc. $AZO

Commerzbank Aktiengesellschaft FI cut its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 74.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 248 shares of the company's stock after selling 706 shares during the quarter. Commerzbank Aktiengesellschaft FI's holdings in AutoZone were worth $838,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Turning Point Benefit Group Inc. purchased a new stake in AutoZone during the third quarter worth about $25,000. Torren Management LLC bought a new position in shares of AutoZone during the 4th quarter valued at approximately $27,000. Transamerica Financial Advisors LLC grew its position in shares of AutoZone by 100.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company's stock valued at $28,000 after acquiring an additional 4 shares during the period. MCF Advisors LLC increased its stake in shares of AutoZone by 50.0% during the 4th quarter. MCF Advisors LLC now owns 9 shares of the company's stock worth $31,000 after purchasing an additional 3 shares during the last quarter. Finally, Bard Associates Inc. bought a new stake in shares of AutoZone in the 4th quarter worth approximately $31,000. 92.74% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

AZO has been the subject of several research reports. BNP Paribas Exane reduced their price objective on AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating for the company in a report on Wednesday, May 27th. Mizuho lowered their target price on AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 27th. Citigroup dropped their price target on AutoZone from $4,300.00 to $3,700.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. Truist Financial set a $3,700.00 price objective on AutoZone in a report on Wednesday, May 27th. Finally, The Goldman Sachs Group lowered their price objective 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. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $4,040.87.

AutoZone Stock Down 1.4%

Shares of AZO opened at $2,971.21 on Thursday. AutoZone, Inc. has a twelve month low of $2,928.11 and a twelve month high of $4,388.11. The stock has a market cap of $48.52 billion, a PE ratio of 20.43, a P/E/G ratio of 1.53 and a beta of 0.33. The business's 50-day moving average price is $3,117.89 and its 200-day moving average price is $3,407.95.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, beating analysts' consensus estimates of $36.22 by $1.85. The company had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. AutoZone's revenue was up 8.4% compared to the same quarter last year. During the same period last year, the business earned $35.36 earnings per share. Analysts expect that AutoZone, Inc. will post 150.51 earnings per share for the current fiscal year.

AutoZone declared that its Board of Directors has approved 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 repurchase up to 3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other AutoZone news, Director Brian Hannasch bought 165 shares of AutoZone stock in a transaction that occurred on Friday, May 29th. The stock was acquired at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the transaction, the director directly owned 1,219 shares in the company, valued at $3,641,153. This represents a 15.65% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 2.60% of the stock is currently owned by insiders.

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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