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

Gabelli Funds LLC lifted its stake in shares of AutoZone, Inc. (NYSE:AZO) by 20.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,800 shares of the company’s stock after purchasing an additional 300 shares during the period. Gabelli Funds LLC’s holdings in AutoZone were worth $6,080,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. lowered their price target on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 27th. Weiss Ratings lowered AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday. Robert W. Baird lowered their target price on shares of AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 27th. Truist Financial set a $3,700.00 target price on shares of AutoZone in a report on Wednesday, May 27th. Finally, Jefferies Financial Group reduced their target price on shares of AutoZone from $4,400.00 to $4,000.00 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 issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, AutoZone presently has a consensus rating of “Moderate Buy” and an average target price of $4,040.87.

Insider Activity

In other news, Director Brian Hannasch acquired 165 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average cost 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 approximately $3,641,153. This trade represents 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. Corporate insiders own 2.60% of the company’s stock.

AutoZone Stock Performance

NYSE:AZO opened at $3,070.25 on Tuesday. AutoZone, Inc. has a one year low of $2,902.20 and a one year high of $4,388.11. The stock 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. The stock has a 50 day moving average price of $3,095.65 and a 200 day moving average price of $3,401.79.

AutoZone (NYSE:AZO) last issued 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 company had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.86 billion. During the same period in the prior year, the business earned $35.36 EPS. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. As a group, analysts predict that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

AutoZone declared that its Board of Directors has authorized a stock repurchase program on Tuesday, June 16th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to repurchase up to 3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

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.