Ieq Capital LLC Makes New Investment in AutoZone, Inc. $AZO

Ieq Capital LLC acquired a new position in AutoZone, Inc. (NYSE:AZO) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,844 shares of the company’s stock, valued at approximately $5,892,000.

Several other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of AutoZone during the second quarter valued at approximately $3,938,566,000. Norges Bank bought a new position in AutoZone in the 4th quarter worth approximately $939,205,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in AutoZone in the 2nd quarter worth approximately $572,885,000. Bank of New York Mellon Corp acquired a new stake in AutoZone in the 2nd quarter valued at approximately $335,157,000. Finally, Morgan Stanley increased its position 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. 92.74% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

AZO has been the topic of a number of recent analyst reports. Jefferies Financial Group dropped their price target on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. BMO Capital Markets decreased their price objective on shares of AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. Truist Financial set a $3,700.00 price objective on shares of AutoZone in a research note on Wednesday, May 27th. Raymond James Financial reissued a “strong-buy” rating on shares of AutoZone in a report on Wednesday, May 27th. Finally, Roth Capital cut their target price on AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $4,029.43.

AutoZone Price Performance

Shares of NYSE AZO opened at $2,960.64 on Monday. AutoZone, Inc. has a one year low of $2,902.20 and a one year high of $4,388.11. The business’s 50-day moving average price is $3,054.94 and its two-hundred day moving average price is $3,329.19. The company has a market capitalization of $48.35 billion, a P/E ratio of 20.36, a price-to-earnings-growth ratio of 1.50 and a beta of 0.33.

AutoZone (NYSE:AZO) last released its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $36.22 by $1.85. The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The firm’s revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $35.36 EPS. On average, equities analysts anticipate that AutoZone, Inc. will post 150.39 EPS for the current year.

AutoZone announced that its board has authorized a share buyback program 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 programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, VP Dennis W. Leriche sold 1,455 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the completion of the sale, the vice president owned 441 shares in the company, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Brian Hannasch acquired 165 shares of AutoZone stock in a transaction on Friday, May 29th. The stock was purchased at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the transaction, the director directly owned 1,219 shares in the company, valued at approximately $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. Insiders own 2.60% of the company’s stock.

AutoZone 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.