Cullen Frost Bankers Inc. Grows Stock Holdings in AutoZone, Inc. $AZO

Key Points

• Cullen Frost Bankers Inc. increased its stake in AutoZone by 3.5%, holding a total of 3,562 shares worth approximately $13.22 million as of the last quarter.
• Brokerages such as Guggenheim and Barclays have recently raised their price targets for AutoZone, indicating a strong sentiment with a majority of analysts rating the stock as a "Buy."
• AutoZone reported quarterly earnings of $48.71 per share, missing expectations, and announced a new stock repurchase program, signaling confidence in its stock valuation.

Cullen Frost Bankers Inc. raised its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 3.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,562 shares of the company's stock after acquiring an additional 122 shares during the quarter. Cullen Frost Bankers Inc.'s holdings in AutoZone were worth $13,224,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of AZO. Brighton Jones LLC increased its position in shares of AutoZone by 14.4% in the fourth quarter. Brighton Jones LLC now owns 111 shares of the company's stock valued at $356,000 after acquiring an additional 14 shares during the period. GAMMA Investing LLC increased its position in shares of AutoZone by 14.1% in the first quarter. GAMMA Investing LLC now owns 202 shares of the company's stock valued at $770,000 after acquiring an additional 25 shares during the period. Asset Management One Co. Ltd. increased its position in shares of AutoZone by 5.7% in the first quarter. Asset Management One Co. Ltd. now owns 6,864 shares of the company's stock valued at $26,171,000 after acquiring an additional 373 shares during the period. Cornerstone Wealth Group LLC purchased a new position in shares of AutoZone in the first quarter valued at about $539,000. Finally, International Assets Investment Management LLC increased its position in shares of AutoZone by 25.2% in the first quarter. International Assets Investment Management LLC now owns 417 shares of the company's stock valued at $1,590,000 after acquiring an additional 84 shares during the period. Hedge funds and other institutional investors own 92.74% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AZO. Guggenheim boosted their price target on shares of AutoZone from $4,100.00 to $4,600.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Barclays boosted their price target on shares of AutoZone from $3,916.00 to $4,610.00 and gave the company an "overweight" rating in a research report on Thursday, September 11th. Jefferies Financial Group boosted their price target on shares of AutoZone from $4,255.00 to $4,750.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. BMO Capital Markets boosted their price target on shares of AutoZone from $4,100.00 to $4,600.00 and gave the company an "outperform" rating in a research report on Thursday, September 25th. Finally, Roth Capital reiterated a "buy" rating and set a $4,750.00 price target (down previously from $4,800.00) on shares of AutoZone in a research report on Thursday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, AutoZone has an average rating of "Moderate Buy" and an average target price of $4,544.68.

Insider Activity at AutoZone

In other news, VP John Scott Murphy sold 2,860 shares of the company's stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the transaction, the vice president owned 1,244 shares in the company, valued at approximately $5,194,570.80. This represents a 69.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Philip B. Daniele sold 2,533 shares of the company's stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $4,020.88, for a total transaction of $10,184,889.04. Following the completion of the transaction, the chief executive officer owned 55 shares in the company, valued at approximately $221,148.40. This represents a 97.87% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company's stock.

AutoZone Stock Performance

Shares of AZO opened at $3,992.61 on Thursday. The stock has a market cap of $67.00 billion, a PE ratio of 27.56, a price-to-earnings-growth ratio of 1.89 and a beta of 0.40. AutoZone, Inc. has a fifty-two week low of $2,980.10 and a fifty-two week high of $4,388.11. The firm's 50-day simple moving average is $4,148.80 and its two-hundred day simple moving average is $3,869.75.

AutoZone (NYSE:AZO - Get Free Report) last announced its quarterly earnings data on Tuesday, September 23rd. The company reported $48.71 earnings per share for the quarter, missing analysts' consensus estimates of $50.52 by ($1.81). The business had revenue of $6.24 billion during the quarter, compared to analysts' expectations of $6.26 billion. AutoZone had a negative return on equity of 60.49% and a net margin of 13.19%.AutoZone's revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter last year, the company posted $51.58 EPS. Equities research analysts predict that AutoZone, Inc. will post 152.94 EPS for the current year.

AutoZone declared that its Board of Directors has initiated a stock repurchase program on Wednesday, October 8th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

AutoZone Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.

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