R Squared Ltd Takes $750,000 Position in AutoZone, Inc. $AZO

Key Points

• R Squared Ltd has acquired a new position in AutoZone, purchasing 202 shares valued at approximately $750,000 during the second quarter.
• Analyst ratings for AutoZone reflect a generally positive outlook, with one Strong Buy rating, twenty-four Buy ratings, and a consensus price target of $4,544.68.
• Recent trades by company executives include significant sales of shares, indicating a 69.69% decrease in ownership for the VP and a 97.87% decrease for the CEO.

R Squared Ltd purchased a new position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 202 shares of the company's stock, valued at approximately $750,000.

Several other institutional investors have also added to or reduced their stakes in the company. AlphaCore Capital LLC bought a new stake in AutoZone during the first quarter worth $27,000. Saudi Central Bank acquired a new position in shares of AutoZone during the 1st quarter worth $27,000. Financial Network Wealth Advisors LLC boosted its stake in AutoZone by 66.7% in the first quarter. Financial Network Wealth Advisors LLC now owns 10 shares of the company's stock valued at $38,000 after buying an additional 4 shares in the last quarter. Ameritas Advisory Services LLC bought a new position in AutoZone in the second quarter valued at about $41,000. Finally, Cornerstone Planning Group LLC acquired a new position in AutoZone during the first quarter worth about $44,000. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on AZO shares. Truist Financial decreased their target price on shares of AutoZone from $4,504.00 to $4,499.00 and set a "buy" rating on the stock in a research note on Wednesday, September 24th. TD Cowen boosted their price target on AutoZone from $4,300.00 to $4,900.00 and gave the stock a "buy" rating in a report on Thursday, September 18th. BNP Paribas Exane raised their price objective on shares of AutoZone from $4,155.00 to $4,811.00 and gave the company an "outperform" rating in a report on Wednesday, September 24th. Raymond James Financial decreased their price target on shares of AutoZone from $4,900.00 to $4,800.00 and set a "strong-buy" rating for the company in a research report on Wednesday, September 24th. Finally, Roth Capital reaffirmed a "buy" rating and set a $4,750.00 price target (down previously from $4,800.00) on shares of AutoZone in a research note on Thursday, September 25th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $4,544.68.

Insider Activity at AutoZone

In other news, VP John Scott Murphy sold 2,860 shares of the business's stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $4,175.70, for a total transaction of $11,942,502.00. Following the completion of the sale, the vice president directly owned 1,244 shares of the company's stock, valued at $5,194,570.80. The trade was a 69.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Philip B. Daniele sold 2,533 shares of AutoZone stock in a transaction dated Friday, October 17th. The shares were sold at an average price of $4,020.88, for a total value of $10,184,889.04. Following the transaction, the chief executive officer owned 55 shares of the company's stock, valued at $221,148.40. This trade represents a 97.87% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by corporate insiders.

AutoZone Price Performance

Shares of NYSE:AZO opened at $3,846.31 on Friday. The business's 50-day moving average is $4,145.80 and its 200-day moving average is $3,872.28. AutoZone, Inc. has a 1 year low of $2,980.10 and a 1 year high of $4,388.11. The company has a market capitalization of $64.54 billion, a price-to-earnings ratio of 26.55, a P/E/G ratio of 1.88 and a beta of 0.40.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings results on Tuesday, September 23rd. The company reported $48.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $50.52 by ($1.81). The business had revenue of $6.24 billion during the quarter, compared to analyst estimates of $6.26 billion. AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. AutoZone's quarterly revenue was up .6% compared to the same quarter last year. During the same period last year, the firm posted $51.58 earnings per share. Analysts anticipate that AutoZone, Inc. will post 152.94 EPS for the current year.

AutoZone announced that its Board of Directors has initiated a stock buyback program on Wednesday, October 8th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

About AutoZone

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.

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