Danske Bank A S Invests $55.48 Million in AutoZone, Inc. $AZO

Danske Bank A S bought a new position in shares of AutoZone, Inc. (NYSE:AZO) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 17,358 shares of the company’s stock, valued at approximately $55,475,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Diversify Advisory Services LLC purchased a new stake in AutoZone in the 2nd quarter worth $249,000. Wealthfront Advisers LLC bought a new position in shares of AutoZone during the 2nd quarter valued at about $4,954,000. Foster & Motley Inc. purchased a new position in shares of AutoZone during the second quarter valued at about $968,000. Meeder Advisory Services Inc. bought a new position in AutoZone during the second quarter valued at approximately $1,202,000. Finally, Meeder Asset Management Inc. bought a new position in AutoZone during the second quarter valued at approximately $67,000. 92.74% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

AZO has been the topic of a number of research reports. BNP Paribas Exane reduced their price objective on AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. Weiss Ratings downgraded AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, July 23rd. Mizuho cut 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. BMO Capital Markets reduced their price target on shares of AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Finally, Truist Financial set a $3,700.00 price target on shares of AutoZone in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $4,029.43.

Insider Activity at AutoZone

In other AutoZone news, Director Brian Hannasch purchased 165 shares of the firm’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, with a total value of $492,855.00. Following the purchase, the director owned 1,219 shares of the company’s stock, valued at approximately $3,641,153. The trade was a 15.65% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 sale, the vice president directly owned 441 shares of the company’s stock, valued at $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.60% of the stock is owned by insiders.

AutoZone Price Performance

Shares of NYSE AZO opened at $3,077.21 on Wednesday. The business’s 50 day moving average is $3,061.14 and its two-hundred day moving average is $3,344.23. AutoZone, Inc. has a 1-year low of $2,902.20 and a 1-year high of $4,388.11. The stock has a market capitalization of $50.25 billion, a P/E ratio of 21.16, a PEG ratio of 1.54 and a beta of 0.33.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $4.86 billion. During the same period last year, the company earned $35.36 earnings per share. AutoZone’s revenue was up 8.4% on a year-over-year basis. As a group, equities research analysts anticipate that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

AutoZone announced that its board has authorized a stock repurchase program on Tuesday, June 16th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to purchase up to 3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

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.