NewEdge Wealth LLC Invests $77.73 Million in AutoZone, Inc. $AZO

Key Points

• NewEdge Wealth LLC acquired 24,322 AutoZone shares worth approximately $77.7 million in the second quarter, making AutoZone 0.8% of its portfolio. Institutional investors and hedge funds collectively own 92.74% of the company.
• AutoZone’s latest quarterly results exceeded earnings expectations, with EPS of $38.07 versus the $36.22 consensus estimate, while revenue increased 8.4% year over year to $4.84 billion.
• The company authorized a $1.5 billion share-repurchase program, while analysts maintained a “Moderate Buy” consensus despite lowering price targets; the average target stands at $4,029.43.

NewEdge Wealth LLC bought a new stake in AutoZone, Inc. (NYSE:AZO - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 24,322 shares of the company's stock, valued at approximately $77,733,000. AutoZone comprises 0.8% of NewEdge Wealth LLC's holdings, making the stock its 28th largest holding. NewEdge Wealth LLC owned 0.15% of AutoZone as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Turning Point Benefit Group Inc. purchased a new stake in AutoZone during the 3rd quarter valued at about $25,000. Torren Management LLC purchased a new position in AutoZone in the 4th quarter worth approximately $27,000. Transamerica Financial Advisors LLC boosted its holdings in shares of AutoZone by 100.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company's stock worth $28,000 after purchasing an additional 4 shares during the last quarter. MCF Advisors LLC boosted its holdings in shares of AutoZone by 50.0% during the 4th quarter. MCF Advisors LLC now owns 9 shares of the company's stock worth $31,000 after purchasing an additional 3 shares during the last quarter. Finally, Bard Associates Inc. purchased a new stake in shares of AutoZone in the fourth quarter valued at approximately $31,000. 92.74% of the stock is currently owned by institutional investors and hedge funds.

AutoZone Stock Performance

AZO opened at $3,080.11 on Thursday. AutoZone, Inc. has a one year low of $2,902.20 and a one year high of $4,388.11. The stock has a market capitalization of $50.30 billion, a PE ratio of 21.18, a P/E/G ratio of 1.56 and a beta of 0.33. The business's 50 day moving average price is $3,060.46 and its 200 day moving average price is $3,339.85.

AutoZone (NYSE:AZO - Get Free Report) last posted 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. 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 during the quarter, compared to analysts' expectations of $4.86 billion. During the same quarter last year, the firm earned $35.36 earnings per share. The firm's quarterly revenue was up 8.4% compared to the same quarter last year. As a group, equities research analysts forecast that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

AutoZone declared that its Board of Directors has approved a stock repurchase program on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts recently commented on AZO shares. BMO Capital Markets reduced their price objective on AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 27th. DA Davidson dropped their target price on AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating for the company in a report on Wednesday, May 27th. Morgan Stanley cut their target price on AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating for the company in a research note on Wednesday, May 27th. Citigroup reduced their price target on AutoZone from $4,300.00 to $3,700.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. Finally, Evercore reissued an "outperform" rating on shares of AutoZone in a research report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $4,029.43.

Insiders Place Their Bets

In other AutoZone news, VP Dennis W. Leriche sold 1,455 shares of the company's stock in a transaction dated 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 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Brian Hannasch bought 165 shares of the stock in a transaction on Friday, May 29th. The shares were bought at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the purchase, the director owned 1,219 shares of the company's stock, valued at $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate 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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