AutoZone, Inc. $AZO Shares Purchased by Gabelli Funds LLC

Gabelli Funds LLC boosted its stake in AutoZone, Inc. (NYSE:AZO) by 20.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,800 shares of the company’s stock after buying an additional 300 shares during the period. Gabelli Funds LLC’s holdings in AutoZone were worth $6,080,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of AZO. Morgan Stanley increased its position in shares of AutoZone by 17.8% during the fourth 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 last quarter. Price T Rowe Associates Inc. MD increased its holdings in AutoZone by 1.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company’s stock valued at $1,312,654,000 after purchasing an additional 7,390 shares during the last quarter. Norges Bank purchased a new stake in AutoZone in the fourth quarter valued at approximately $939,205,000. PineStone Asset Management Inc. lifted its stake in AutoZone by 1.5% during the fourth quarter. PineStone Asset Management Inc. now owns 269,173 shares of the company’s stock worth $912,900,000 after purchasing an additional 3,868 shares in the last quarter. Finally, First Manhattan CO. LLC. boosted its position in shares of AutoZone by 2.7% during the fourth quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company’s stock worth $886,246,000 after buying an additional 6,765 shares during the period. Institutional investors and hedge funds own 92.74% of the company’s stock.

Analysts Set New Price Targets

AZO has been the topic of several research analyst reports. Mizuho cut their price objective on AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating on the stock in a report on Wednesday, May 27th. Roth Capital reduced their price target on shares of AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. Jefferies Financial Group dropped their price objective on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. BMO Capital Markets cut their target price on shares of AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. Finally, 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 report on Wednesday, May 27th. One 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 MarketBeat.com, AutoZone has an average rating of “Moderate Buy” and an average target price of $4,040.87.

AutoZone Stock Performance

Shares of AutoZone stock opened at $3,070.25 on Tuesday. The business has a 50-day simple moving average of $3,095.65 and a 200-day simple moving average of $3,401.79. AutoZone, Inc. has a one year low of $2,902.20 and a one year high of $4,388.11. The company has a market cap of $50.12 billion, a PE ratio of 21.11, a P/E/G ratio of 1.50 and a beta of 0.33.

AutoZone (NYSE:AZO) last issued its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating the consensus estimate of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The firm had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.86 billion. During the same quarter last year, the company earned $35.36 earnings per share. The firm’s revenue was up 8.4% compared to the same quarter last year. On average, sell-side analysts predict that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

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

Insider Activity at AutoZone

In other news, Director Brian Hannasch acquired 165 shares of AutoZone stock in a transaction dated Friday, May 29th. The shares were acquired at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the acquisition, the director owned 1,219 shares of the company’s stock, valued at $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate 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.