1832 Asset Management L.P. Has $83.09 Million Holdings in AutoZone, Inc. $AZO

1832 Asset Management L.P. lifted its holdings in AutoZone, Inc. (NYSE:AZO) by 39.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,383 shares of the company’s stock after purchasing an additional 6,310 shares during the quarter. 1832 Asset Management L.P.’s holdings in AutoZone were worth $83,091,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Flputnam Investment Management Co. lifted its position in AutoZone by 3.2% during the 1st quarter. Flputnam Investment Management Co. now owns 96 shares of the company’s stock worth $366,000 after buying an additional 3 shares in the last quarter. McLean Asset Management Corp raised its holdings in AutoZone by 3.6% during the second quarter. McLean Asset Management Corp now owns 87 shares of the company’s stock worth $320,000 after acquiring an additional 3 shares in the last quarter. NBC Securities Inc. raised its holdings in AutoZone by 0.9% during the second quarter. NBC Securities Inc. now owns 347 shares of the company’s stock worth $1,288,000 after acquiring an additional 3 shares in the last quarter. Valeo Financial Advisors LLC boosted its position in AutoZone by 4.3% during the second quarter. Valeo Financial Advisors LLC now owns 72 shares of the company’s stock valued at $267,000 after purchasing an additional 3 shares during the last quarter. Finally, Ritholtz Wealth Management grew its stake in AutoZone by 0.3% in the second quarter. Ritholtz Wealth Management now owns 1,179 shares of the company’s stock valued at $4,377,000 after purchasing an additional 3 shares in the last quarter. Institutional investors own 92.74% of the company’s stock.

AutoZone Stock Performance

NYSE AZO opened at $3,827.52 on Thursday. The stock has a market cap of $63.66 billion, a PE ratio of 26.42, a P/E/G ratio of 1.89 and a beta of 0.40. The firm has a 50-day moving average of $3,925.43 and a 200-day moving average of $3,905.82. AutoZone, Inc. has a 52-week low of $3,162.00 and a 52-week high of $4,388.11.

AutoZone (NYSE:AZO) last released its quarterly earnings results on Tuesday, September 23rd. The company reported $48.71 earnings per share for the quarter, missing the consensus estimate of $50.52 by ($1.81). The company had revenue of $6.24 billion during the quarter, compared to the consensus estimate of $6.26 billion. AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The firm’s revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company earned $51.58 earnings per share. As a group, analysts predict that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

AutoZone announced that its Board of Directors has authorized a stock repurchase program on Wednesday, October 8th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on AZO shares. Truist Financial dropped their price objective on 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. Robert W. Baird set a $4,500.00 price target on shares of AutoZone in a research note on Wednesday. Morgan Stanley boosted their price objective on shares of AutoZone from $4,000.00 to $4,700.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 24th. Rothschild & Co Redburn upped their target price on shares of AutoZone from $4,300.00 to $4,700.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Finally, BMO Capital Markets lifted their price target on AutoZone from $4,100.00 to $4,600.00 and gave the stock an “outperform” rating in a report on Thursday, September 25th. One analyst has rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $4,545.73.

Insider Transactions at AutoZone

In related news, CEO Philip B. Daniele sold 2,533 shares of AutoZone stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $4,020.88, for a total transaction of $10,184,889.04. Following the completion of the sale, the chief executive officer directly owned 55 shares of the company’s stock, valued at approximately $221,148.40. This trade represents a 97.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP John Scott Murphy sold 2,860 shares of the company’s stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the completion of the transaction, the vice president directly owned 1,244 shares in the company, valued at approximately $5,194,570.80. This represents a 69.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 5,693 shares of company stock worth $23,259,891. Company insiders own 2.60% of the company’s stock.

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.