Allspring Global Investments Holdings LLC Has $281.41 Million Holdings in AutoZone, Inc. $AZO

Allspring Global Investments Holdings LLC decreased its holdings in AutoZone, Inc. (NYSE:AZO) by 2.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 82,128 shares of the company’s stock after selling 1,788 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.50% of AutoZone worth $281,409,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Independent Financial Group LLC bought a new stake in AutoZone during the 1st quarter worth approximately $871,000. Smart Money Group LLC boosted its position in shares of AutoZone by 10.3% during the first quarter. Smart Money Group LLC now owns 344 shares of the company’s stock valued at $1,162,000 after buying an additional 32 shares during the last quarter. Wealthfront Advisers LLC grew its holdings in AutoZone by 13.5% during the first quarter. Wealthfront Advisers LLC now owns 1,820 shares of the company’s stock worth $6,148,000 after buying an additional 216 shares in the last quarter. D.A. Davidson & CO. grew its holdings in AutoZone by 8.3% during the first quarter. D.A. Davidson & CO. now owns 2,272 shares of the company’s stock worth $7,674,000 after buying an additional 174 shares in the last quarter. Finally, Illinois Municipal Retirement Fund grew its holdings in AutoZone by 3.3% during the first quarter. Illinois Municipal Retirement Fund now owns 6,250 shares of the company’s stock worth $21,111,000 after buying an additional 199 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. The Goldman Sachs Group cut their price objective on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Weiss Ratings upgraded shares of AutoZone from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. BNP Paribas Exane dropped their price target on shares of AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Citigroup cut their price target on shares of 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 restated an “outperform” rating on shares of AutoZone in a report on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $4,040.87.

AutoZone Trading Up 3.0%

AZO stock opened at $3,058.79 on Friday. The stock has a market cap of $49.95 billion, a P/E ratio of 21.03, a P/E/G ratio of 1.51 and a beta of 0.33. The stock’s fifty day simple moving average is $3,151.63 and its two-hundred day simple moving average is $3,419.07. AutoZone, Inc. has a 1-year low of $2,928.11 and a 1-year high of $4,388.11.

AutoZone (NYSE:AZO) last announced its earnings results 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. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The firm had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. During the same period last year, the firm posted $35.36 EPS. The business’s revenue was up 8.4% compared to the same quarter last year. As a group, analysts forecast that AutoZone, Inc. will post 150.51 earnings per share for the current fiscal year.

AutoZone announced 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 reacquire up to 3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at AutoZone

In related news, Director Brian Hannasch purchased 165 shares of AutoZone stock in a transaction that occurred on Friday, May 29th. The stock was bought at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the transaction, the director owned 1,219 shares in the company, valued at $3,641,153. This represents a 15.65% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.60% of the company’s stock.

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.