Fifth Third Bancorp Has $16.58 Million Holdings in AutoZone, Inc. $AZO

Fifth Third Bancorp grew its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 189.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,910 shares of the company's stock after acquiring an additional 3,213 shares during the quarter. Fifth Third Bancorp's holdings in AutoZone were worth $16,584,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in AZO. Rossmore Private Capital raised its holdings in AutoZone by 7.0% during the 1st quarter. Rossmore Private Capital now owns 92 shares of the company's stock worth $311,000 after buying an additional 6 shares during the period. Simplicity Wealth LLC lifted its position in AutoZone by 3.7% during the 1st quarter. Simplicity Wealth LLC now owns 194 shares of the company's stock worth $655,000 after buying an additional 7 shares in the last quarter. Candriam S.C.A. raised its holdings in AutoZone by 1.6% during the first quarter. Candriam S.C.A. now owns 1,262 shares of the company's stock worth $4,263,000 after acquiring an additional 20 shares in the last quarter. Osprey Private Wealth LLC boosted its holdings in shares of AutoZone by 9.3% in the 1st quarter. Osprey Private Wealth LLC now owns 2,191 shares of the company's stock valued at $7,401,000 after buying an additional 187 shares during the last quarter. Finally, Sequoia Financial Advisors LLC lifted its stake in AutoZone by 16.6% in the first quarter. Sequoia Financial Advisors LLC now owns 738 shares of the company's stock valued at $2,494,000 after acquiring an additional 105 shares during the last quarter. Institutional investors own 92.74% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Truist Financial set a $3,700.00 price objective on AutoZone in a research report on Wednesday, May 27th. Morgan Stanley decreased their target price on shares of AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 27th. Weiss Ratings raised AutoZone from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, July 8th. Raymond James Financial reiterated a "strong-buy" rating on shares of AutoZone in a research report on Wednesday, May 27th. Finally, BNP Paribas Exane decreased their target price on AutoZone from $4,478.00 to $3,979.00 and set an "outperform" 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 given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, AutoZone currently has a consensus rating of "Moderate Buy" and an average price target of $4,040.87.

AutoZone Price Performance

Shares of AZO opened at $3,026.76 on Wednesday. The company has a market capitalization of $49.43 billion, a price-to-earnings ratio of 20.81, a price-to-earnings-growth ratio of 1.56 and a beta of 0.33. AutoZone, Inc. has a 1 year low of $2,928.11 and a 1 year high of $4,388.11. The business has a 50-day moving average of $3,173.04 and a 200-day moving average of $3,425.24.

AutoZone (NYSE:AZO - Get Free Report) last posted 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 for 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%. The company's quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm posted $35.36 EPS. As a group, sell-side analysts anticipate that AutoZone, Inc. will post 150.51 EPS for the current year.

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

Insider Activity

In other AutoZone news, Director Brian Hannasch purchased 165 shares of the business's stock in a transaction on Friday, May 29th. The shares were purchased at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the acquisition, the director 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.60% of the company's stock.

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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