Grandfield & Dodd LLC Invests $15.96 Million in AutoZone, Inc. $AZO

Grandfield & Dodd LLC purchased a new stake in shares of AutoZone, Inc. (NYSE:AZO) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 4,993 shares of the company’s stock, valued at approximately $15,957,000.

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of AutoZone in the 2nd quarter valued at $3,938,566,000. Dunhill Financial LLC acquired a new position in AutoZone during the second quarter worth $62,000. Pallas Capital Advisors LLC bought a new position in AutoZone during the second quarter valued at about $236,000. Deutsche Bank AG bought a new position in AutoZone during the second quarter valued at about $218,836,000. Finally, Perigon Wealth Management LLC acquired a new stake in shares of AutoZone in the second quarter worth about $2,164,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

AutoZone Stock Performance

Shares of AZO stock opened at $3,017.68 on Tuesday. AutoZone, Inc. has a 52-week low of $2,902.20 and a 52-week high of $4,388.11. The stock has a market cap of $49.28 billion, a price-to-earnings ratio of 20.75, a P/E/G ratio of 1.54 and a beta of 0.33. The firm has a fifty day moving average of $3,062.36 and a 200-day moving average of $3,349.21.

AutoZone (NYSE:AZO) last released its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, topping 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 the consensus estimate of $4.86 billion. During the same period last year, the firm earned $35.36 EPS. The firm’s revenue for the quarter 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 year.

AutoZone declared that its board has initiated a stock repurchase program on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to repurchase 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 stock is undervalued.

Insider Activity

In related news, Director Brian Hannasch bought 165 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was acquired at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the acquisition, the director owned 1,219 shares in the company, valued at approximately $3,641,153. This represents a 15.65% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Dennis W. Leriche sold 1,455 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the transaction, the vice president owned 441 shares of the company’s stock, valued at $1,367,100. This trade represents a 76.74% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Roth Capital decreased their price target on AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Evercore reissued an “outperform” rating on shares of AutoZone in a research note on Tuesday, May 26th. The Goldman Sachs Group reduced their target price on AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Guggenheim decreased their target price on 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. Finally, TD Cowen reiterated a “buy” rating and set a $3,700.00 price target on shares of AutoZone in a report on Thursday, June 4th. One equities 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 MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $4,029.43.

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.