HighTower Advisors LLC Has $92.74 Million Position in AutoZone, Inc. $AZO

Key Points

• HighTower Advisors reduced its AutoZone stake by 9.9% in the second quarter, selling 3,181 shares and retaining 29,018 shares valued at approximately $92.74 million. Institutional investors collectively own 92.74% of AutoZone.
• AutoZone authorized a $1.5 billion share repurchase program, allowing the company to buy back up to 3% of its outstanding shares.
• Despite several analysts lowering price targets, AutoZone maintains a “Moderate Buy” consensus rating, with 21 analysts rating it Buy or Strong Buy and an average price target of $3,999.04.

HighTower Advisors LLC lessened its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 9.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 29,018 shares of the company's stock after selling 3,181 shares during the period. HighTower Advisors LLC owned about 0.18% of AutoZone worth $92,741,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in AZO. Benchmark Investment Advisors LLC bought a new position in AutoZone during the 2nd quarter worth approximately $713,000. Jupiter Asset Management Ltd. bought a new stake in shares of AutoZone in the 4th quarter valued at $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund boosted its stake in shares of AutoZone by 15.2% in the 4th 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 purchasing an additional 1,882 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of AutoZone during the second quarter worth $3,938,566,000. Finally, CIBC Asset Management Inc raised its stake in AutoZone by 67.1% during the fourth quarter. CIBC Asset Management Inc now owns 3,941 shares of the company's stock worth $13,366,000 after buying an additional 1,582 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

AutoZone Stock Down 0.0%

NYSE AZO opened at $2,981.99 on Tuesday. AutoZone, Inc. has a 52 week low of $2,902.20 and a 52 week high of $4,388.11. The business has a 50 day moving average price of $3,033.00 and a 200-day moving average price of $3,271.49. The company has a market cap of $48.70 billion, a price-to-earnings ratio of 20.50, a P/E/G ratio of 1.49 and a beta of 0.34.

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

Analyst Ratings Changes

AZO has been the topic of a number of research analyst reports. The Goldman Sachs Group cut their price target on shares of AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. Citigroup cut their target price 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. Roth Capital decreased their target price on AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. Jefferies Financial Group lowered their target price on AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating for the company in a report on Wednesday, May 27th. Finally, Barclays reduced their price objective on shares of AutoZone from $3,900.00 to $3,637.00 and set an "overweight" rating for the company in a research report on Tuesday, August 4th. One equities 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. According to MarketBeat, AutoZone presently has a consensus rating of "Moderate Buy" and a consensus price target of $3,999.04.

Insider Transactions at AutoZone

In related news, VP Dennis LeRiche sold 1,455 shares of AutoZone stock in a transaction 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 trade represents a 76.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through 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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