AutoZone, Inc. $AZO Shares Bought by Meyer Handelman Co.

Meyer Handelman Co. lifted its position in AutoZone, Inc. (NYSE:AZO) by 19.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,096 shares of the company’s stock after buying an additional 511 shares during the period. Meyer Handelman Co.’s holdings in AutoZone were worth $10,458,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on AZO. Jefferies Financial Group lowered their price objective on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. Robert W. Baird cut their target price on shares of AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating for the company in a research note on Wednesday, May 27th. Mizuho reduced their target price on shares of AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating for the company in a report on Wednesday, May 27th. DA Davidson decreased their price target on shares of AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. Finally, BNP Paribas Exane dropped their price target on AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. One 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 stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $4,040.87.

AutoZone Trading Down 0.9%

Shares of AZO opened at $3,059.55 on Friday. The business’s 50-day moving average price is $3,296.67 and its 200 day moving average price is $3,458.93. The stock has a market capitalization of $49.96 billion, a P/E ratio of 21.04, a P/E/G ratio of 1.57 and a beta of 0.35. AutoZone, Inc. has a 1-year low of $2,928.11 and a 1-year high of $4,388.11.

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

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

Insider Buying and Selling

In other news, Director Brian Hannasch purchased 165 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were acquired at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the acquisition, the director directly owned 1,219 shares of the company’s stock, valued at $3,641,153. The trade was 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 at this link. Also, Director Earl G. Graves, Jr. sold 50 shares of the company’s stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total transaction of $173,936.00. Following the completion of the sale, the director owned 4,837 shares of the company’s stock, valued at approximately $16,826,568.64. This trade represents a 1.02% decrease in their position. The SEC filing for this sale provides additional information. 2.60% of the stock is owned by insiders.

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.