Empirical Financial Services LLC d.b.a. Empirical Wealth Management Raises Stock Holdings in AutoZone, Inc. $AZO

Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in AutoZone, Inc. (NYSE:AZO) by 6.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,833 shares of the company’s stock after purchasing an additional 164 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in AutoZone were worth $9,569,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in AZO. Morgan Stanley grew its stake in 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 acquiring an additional 74,555 shares during the period. Price T Rowe Associates Inc. MD raised its position in AutoZone by 1.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company’s stock worth $1,312,654,000 after acquiring an additional 7,390 shares during the period. Norges Bank purchased a new position in AutoZone during the fourth quarter valued at $939,205,000. PineStone Asset Management Inc. lifted its holdings in AutoZone by 1.5% during the fourth quarter. PineStone Asset Management Inc. now owns 269,173 shares of the company’s stock valued at $912,900,000 after purchasing an additional 3,868 shares in the last quarter. Finally, First Manhattan CO. LLC. grew its position in shares of AutoZone by 2.7% in the fourth quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company’s stock valued at $886,246,000 after purchasing an additional 6,765 shares during the period. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

AutoZone Trading Up 0.1%

NYSE:AZO opened at $3,074.96 on Tuesday. The company has a market cap of $50.21 billion, a P/E ratio of 21.14, a P/E/G ratio of 1.56 and a beta of 0.33. AutoZone, Inc. has a twelve month low of $2,928.11 and a twelve month high of $4,388.11. The company’s 50-day moving average price is $3,183.29 and its 200-day moving average price is $3,428.29.

AutoZone (NYSE:AZO) last announced its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $36.22 by $1.85. The company had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. AutoZone’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $35.36 EPS. On average, analysts expect that AutoZone, Inc. will post 150.51 earnings per share for the current year.

AutoZone announced that its Board of Directors has initiated a stock buyback plan on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to repurchase up to 3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

AZO has been the subject of a number of research reports. Jefferies Financial Group cut their target price 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. TD Cowen reiterated a “buy” rating and issued a $3,700.00 price objective on shares of AutoZone in a report on Thursday, June 4th. The Goldman Sachs Group cut their price objective on AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Evercore reissued an “outperform” rating on shares of AutoZone in a report on Tuesday, May 26th. Finally, BMO Capital Markets decreased their target price 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. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, AutoZone has an average rating of “Moderate Buy” and an average price target of $4,040.87.

Insider Buying and Selling at AutoZone

In related news, Director Brian Hannasch purchased 165 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was acquired at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the transaction, the director directly owned 1,219 shares of the company’s stock, valued at approximately $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.60% of the stock is currently owned by corporate insiders.

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.