NewEdge Advisors LLC Reduces Stock Holdings in AutoZone, Inc. $AZO

Key Points

• NewEdge Advisors reduced its AutoZone stake by 16.2% in the first quarter, selling 393 shares and retaining 2,030 shares valued at approximately $6.86 million. Institutional investors collectively own 92.74% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $4,029.43, despite several firms lowering their targets.
• AutoZone reported quarterly EPS of $38.07, beating estimates, while revenue rose 8.4% year over year to $4.84 billion. The company also authorized a $1.5 billion share-repurchase program, covering up to 3% of outstanding shares.

NewEdge Advisors LLC cut its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 16.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,030 shares of the company's stock after selling 393 shares during the quarter. NewEdge Advisors LLC's holdings in AutoZone were worth $6,858,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of AZO. Jupiter Asset Management Ltd. purchased a new stake in AutoZone in the fourth quarter worth about $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund lifted its holdings in shares of AutoZone by 15.2% during 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 purchasing an additional 1,882 shares during the last quarter. CIBC Asset Management Inc boosted its position in shares of AutoZone by 67.1% in the 4th quarter. CIBC Asset Management Inc now owns 3,941 shares of the company's stock worth $13,366,000 after purchasing an additional 1,582 shares in the last quarter. Asset Advisors Investment Management LLC grew its stake in shares of AutoZone by 13.6% in the 4th quarter. Asset Advisors Investment Management LLC now owns 2,699 shares of the company's stock worth $9,154,000 after buying an additional 323 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of AutoZone in the 4th quarter worth approximately $939,205,000. Institutional investors own 92.74% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on AZO shares. BNP Paribas Exane dropped their target price on AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating on the stock in a report on Wednesday, May 27th. Mizuho lowered their price target on AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating for the company in a research report on Wednesday, May 27th. DA Davidson dropped their price target on shares of AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating on the stock in a research note on Wednesday, May 27th. Weiss Ratings downgraded shares of AutoZone from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, July 23rd. Finally, Guggenheim reduced their price objective 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 investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $4,029.43.

AutoZone Price Performance

NYSE:AZO opened at $3,063.67 on Tuesday. The firm has a market capitalization of $50.03 billion, a price-to-earnings ratio of 21.06, a price-to-earnings-growth ratio of 1.59 and a beta of 0.33. AutoZone, Inc. has a one year low of $2,902.20 and a one year high of $4,388.11. The business has a fifty day moving average price of $3,066.60 and a 200-day moving average price of $3,373.77.

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

AutoZone declared that its Board of Directors has authorized a stock repurchase program 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 programs are generally a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling

In other news, Director Brian Hannasch bought 165 shares of AutoZone stock in a transaction that occurred on Friday, May 29th. The stock was bought at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the acquisition, the director owned 1,219 shares of the company's stock, valued at $3,641,153. The trade was a 15.65% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Dennis W. Leriche sold 1,455 shares of the firm's stock in a transaction that occurred 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 sale, the vice president owned 441 shares in the company, valued at approximately $1,367,100. The trade was a 76.74% decrease in their position. The disclosure for this sale is available in the SEC filing. 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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