Concurrent Investment Advisors LLC Has $9.08 Million Stock Holdings in AutoZone, Inc. $AZO

Key Points

• Concurrent Investment Advisors increased its AutoZone stake by 320.1% in the second quarter, ending with 2,840 shares valued at approximately $9.08 million. Institutional investors collectively own 92.74% of the company.
• AutoZone authorized a $1.5 billion stock repurchase program, allowing it to buy back up to 3% of outstanding shares. The stock opened at $2,981.99, near its one-year low of $2,902.20.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $3,999.04, although several firms recently lowered their targets. A company vice president also sold 1,455 shares for $4.51 million.

Concurrent Investment Advisors LLC increased its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 320.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,840 shares of the company's stock after buying an additional 2,164 shares during the period. Concurrent Investment Advisors LLC's holdings in AutoZone were worth $9,077,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in AZO. Benchmark Investment Advisors LLC bought a new stake in shares of AutoZone during the second quarter worth $713,000. Jupiter Asset Management Ltd. acquired a new position in shares of AutoZone during the fourth quarter valued at $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund boosted its holdings in AutoZone by 15.2% in the fourth quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 14,224 shares of the company's stock valued at $48,241,000 after acquiring an additional 1,882 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in AutoZone by 67.1% in the fourth quarter. CIBC Asset Management Inc now owns 3,941 shares of the company's stock valued at $13,366,000 after acquiring an additional 1,582 shares during the last quarter. Finally, BlackRock Inc. bought a new position in AutoZone in the second quarter valued at about $3,938,566,000. Institutional investors own 92.74% of the company's stock.

AutoZone Price Performance

Shares of AZO stock opened at $2,981.99 on Friday. The stock has a market cap of $48.70 billion, a PE ratio of 20.50, a price-to-earnings-growth ratio of 1.49 and a beta of 0.34. The stock has a 50-day moving average of $3,036.29 and a 200-day moving average of $3,280.85. AutoZone, Inc. has a one year low of $2,902.20 and a one year high of $4,388.11.

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

Insider Buying and Selling

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the company's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total value 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. This represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.60% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Weiss Ratings cut AutoZone from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, July 23rd. Robert W. Baird reduced their target price on shares of AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 27th. Barclays reduced their target price on shares of AutoZone from $3,900.00 to $3,637.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 4th. Evercore reiterated an "outperform" rating on shares of AutoZone in a research report on Tuesday, May 26th. Finally, Guggenheim dropped their price target on shares of 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 assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $3,999.04.

AutoZone 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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