AutoZone, Inc. $AZO Stake Raised by Carlson Capital L.P.

Carlson Capital L.P. raised its holdings in AutoZone, Inc. (NYSE:AZO) by 200.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 600 shares of the company’s stock after acquiring an additional 400 shares during the quarter. AutoZone accounts for about 0.6% of Carlson Capital L.P.’s portfolio, making the stock its 23rd biggest holding. Carlson Capital L.P.’s holdings in AutoZone were worth $2,027,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in AZO. Jupiter Asset Management Ltd. bought a new position in shares of AutoZone in the fourth quarter valued at $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund lifted its position in shares of AutoZone by 15.2% during the 4th quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 14,224 shares of the company’s stock valued at $48,241,000 after acquiring an additional 1,882 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of AutoZone by 67.1% during the 4th quarter. CIBC Asset Management Inc now owns 3,941 shares of the company’s stock worth $13,366,000 after acquiring an additional 1,582 shares in the last quarter. Asset Advisors Investment Management LLC boosted its stake in shares of AutoZone by 13.6% during the 4th quarter. Asset Advisors Investment Management LLC now owns 2,699 shares of the company’s stock worth $9,154,000 after acquiring an additional 323 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of AutoZone during the 4th quarter worth $939,205,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on AZO shares. Evercore reaffirmed an “outperform” rating on shares of AutoZone in a research report on Tuesday, May 26th. Citigroup decreased their price target on AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Morgan Stanley dropped their price target on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 27th. Truist Financial set a $3,700.00 price objective on AutoZone in a report on Wednesday, May 27th. Finally, BNP Paribas Exane reduced their price objective on shares of AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating for the company in a research note on Wednesday, May 27th. One research 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 company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $4,040.87.

AutoZone Stock Up 0.6%

AZO opened at $3,024.42 on Friday. The firm has a market capitalization of $49.39 billion, a P/E ratio of 20.79, a PEG ratio of 1.53 and a beta of 0.33. The stock has a fifty day moving average of $3,069.68 and a 200-day moving average of $3,393.78. AutoZone, Inc. has a 12-month low of $2,902.20 and a 12-month high of $4,388.11.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating 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 business had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.86 billion. During the same quarter in the previous year, the company posted $35.36 earnings per share. AutoZone’s revenue for the quarter was up 8.4% compared to the same quarter last year. On average, analysts expect that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

AutoZone declared that its board has authorized a stock buyback plan on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity

In related news, Director Brian Hannasch purchased 165 shares of AutoZone 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 completion of the transaction, the director directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.60% of the stock is owned by company 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.