Equitable Holdings Inc. Purchases New Shares in AutoZone, Inc. $AZO

Key Points

• Equitable Holdings bought 1,231 AutoZone shares worth approximately $3.93 million in the second quarter; institutional investors collectively own 92.74% of the company.
• Analysts remain broadly positive, with one Strong Buy, 20 Buy and six Hold ratings. However, several firms recently lowered their price targets, and MarketBeat reports a “Moderate Buy” consensus with a $4,029.43 target.
• AutoZone shares opened at $2,932.02, near their 52-week low, despite quarterly EPS of $38.07 beating estimates and revenue rising 8.4% year over year. The company also authorized a $1.5 billion share-repurchase program.

Equitable Holdings Inc. purchased a new position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,231 shares of the company's stock, valued at approximately $3,934,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Turning Point Benefit Group Inc. purchased a new stake in shares of AutoZone in the third quarter valued at about $25,000. Torren Management LLC purchased a new position in shares of AutoZone during the fourth quarter worth about $27,000. Transamerica Financial Advisors LLC increased its position in AutoZone by 100.0% in 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. Edmond DE Rothschild Holding S.A. acquired a new position in AutoZone in the 2nd quarter valued at about $29,000. Finally, MCF Advisors LLC raised its stake in AutoZone by 50.0% during the 4th quarter. MCF Advisors LLC now owns 9 shares of the company's stock valued at $31,000 after acquiring an additional 3 shares during the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AZO. JPMorgan Chase & Co. decreased their price objective on AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating for the company in a research report on Wednesday, May 27th. Robert W. Baird dropped their target price on AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating on the stock in a report on Wednesday, May 27th. BNP Paribas Exane cut their price target on AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating for the company in a research note on Wednesday, May 27th. Mizuho decreased their price target on AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating for the company in a report on Wednesday, May 27th. Finally, DA Davidson lowered their price objective on shares of AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. One research 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 stock. According to MarketBeat, AutoZone presently has an average rating of "Moderate Buy" and a consensus target price of $4,029.43.

Insider Buying and Selling at AutoZone

In related news, VP Dennis W. Leriche sold 1,455 shares of the company's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the transaction, the vice president owned 441 shares of the company's stock, valued at $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.60% of the stock is currently owned by company insiders.

AutoZone Stock Down 2.2%

Shares of NYSE:AZO opened at $2,932.02 on Friday. AutoZone, Inc. has a 52 week low of $2,902.20 and a 52 week high of $4,388.11. The company has a 50-day moving average price of $3,047.01 and a 200 day moving average price of $3,310.04. The company has a market cap of $47.88 billion, a P/E ratio of 20.16, a PEG ratio of 1.52 and a beta of 0.33.

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

AutoZone announced that its board has approved a share repurchase plan on Tuesday, June 16th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to buy up to 3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

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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