Burney Co. Has $20.82 Million Stock Position in AutoZone, Inc. $AZO

Burney Co. lessened its position in shares of AutoZone, Inc. (NYSE:AZO) by 9.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,164 shares of the company’s stock after selling 664 shares during the quarter. AutoZone comprises about 0.7% of Burney Co.’s investment portfolio, making the stock its 22nd largest position. Burney Co.’s holdings in AutoZone were worth $20,821,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new stake in AutoZone during the 4th quarter worth about $939,205,000. Morgan Stanley boosted its stake in shares of AutoZone by 17.8% in the 4th quarter. Morgan Stanley now owns 492,794 shares of the company’s stock valued at $1,671,323,000 after purchasing an additional 74,555 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of AutoZone by 387.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company’s stock worth $263,832,000 after buying an additional 61,821 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of AutoZone by 39.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company’s stock worth $584,730,000 after buying an additional 50,071 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of AutoZone by 80.8% during the third quarter. AQR Capital Management LLC now owns 101,185 shares of the company’s stock worth $432,059,000 after buying an additional 45,212 shares during the last quarter. Institutional investors own 92.74% of the company’s stock.

AutoZone Stock Performance

Shares of NYSE AZO opened at $2,955.97 on Tuesday. The stock has a market cap of $48.27 billion, a P/E ratio of 20.32, a P/E/G ratio of 1.60 and a beta of 0.33. The firm has a 50 day moving average price of $3,248.95 and a 200 day moving average price of $3,444.13. AutoZone, Inc. has a 52-week low of $2,928.11 and a 52-week high of $4,388.11.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping the consensus estimate of $36.22 by $1.85. The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period last year, the business posted $35.36 earnings per share. Analysts predict that AutoZone, Inc. will post 150.51 earnings per share for the current fiscal year.

AutoZone declared that its board has authorized a stock buyback plan on Tuesday, June 16th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Earl G. Graves, Jr. sold 50 shares of the company’s stock in a transaction on Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total value of $173,936.00. Following the completion of the sale, the director owned 4,837 shares in the company, valued at $16,826,568.64. This represents a 1.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Brian Hannasch acquired 165 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the purchase, the director directly owned 1,219 shares in the company, valued at $3,641,153. This trade represents a 15.65% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 2.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AZO. Argus raised shares of AutoZone from a “hold” rating to a “buy” rating and set a $4,325.00 price objective on the stock in a research note on Monday, March 9th. The Goldman Sachs Group cut their price target on AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. Truist Financial set a $3,700.00 price target on AutoZone in a research report on Wednesday, May 27th. Weiss Ratings cut AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Finally, Roth Mkm dropped their price objective on AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. One 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 company’s stock. Based on data from MarketBeat.com, AutoZone has a consensus rating of “Moderate Buy” and an average target price of $4,040.87.

AutoZone Company Profile

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.