Bank of New York Mellon Corp Sells 1,895 Shares of AutoZone, Inc. $AZO

Bank of New York Mellon Corp cut its holdings in AutoZone, Inc. (NYSE:AZO) by 1.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 108,514 shares of the company’s stock after selling 1,895 shares during the period. Bank of New York Mellon Corp owned about 0.66% of AutoZone worth $366,536,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Turning Point Benefit Group Inc. bought a new stake in shares of AutoZone during the 3rd quarter worth $25,000. Torren Management LLC purchased a new position in shares of AutoZone in the 4th quarter worth about $27,000. Transamerica Financial Advisors LLC grew its position in AutoZone by 100.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock valued at $28,000 after buying an additional 4 shares during the period. MCF Advisors LLC increased its holdings in AutoZone by 50.0% during the fourth quarter. MCF Advisors LLC now owns 9 shares of the company’s stock worth $31,000 after buying an additional 3 shares during the last quarter. Finally, Bard Associates Inc. purchased a new stake in AutoZone during the fourth quarter worth about $31,000. 92.74% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

AutoZone Stock Performance

AutoZone stock opened at $3,046.69 on Friday. AutoZone, Inc. has a fifty-two week low of $2,928.11 and a fifty-two week high of $4,388.11. The stock has a market cap of $49.75 billion, a P/E ratio of 20.95, a PEG ratio of 1.55 and a beta of 0.33. The firm’s fifty day moving average price is $3,142.61 and its 200-day moving average price is $3,416.46.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping analysts’ consensus estimates of $36.22 by $1.85. The business had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the company earned $35.36 EPS. Sell-side analysts predict 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 program on Tuesday, June 16th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to reacquire up to 3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Evercore reiterated an “outperform” rating on shares of AutoZone in a research note on Tuesday, May 26th. The Goldman Sachs Group decreased their price target on shares of 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. Truist Financial set a $3,700.00 price objective on AutoZone in a research note on Wednesday, May 27th. Jefferies Financial Group reduced their price objective on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Finally, Citigroup decreased their target price on AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. One research 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 data from MarketBeat, AutoZone presently has an average rating of “Moderate Buy” and a consensus 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.