Oppenheimer Asset Management Inc. Takes Position in AutoZone, Inc. $AZO

Oppenheimer Asset Management Inc. bought a new stake in shares of AutoZone, Inc. (NYSE:AZO) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,830 shares of the company’s stock, valued at approximately $9,045,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Morgan Stanley increased its stake in AutoZone by 17.8% in the 4th quarter. Morgan Stanley now owns 492,794 shares of the company’s stock worth $1,671,323,000 after purchasing an additional 74,555 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of AutoZone by 1.9% during the fourth 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 period. Norges Bank purchased a new stake in shares of AutoZone during the fourth quarter valued at approximately $939,205,000. First Manhattan CO. LLC. grew its holdings in shares of AutoZone by 2.7% in the fourth quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company’s stock worth $886,246,000 after purchasing an additional 6,765 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of AutoZone by 1.2% in the third quarter. Northern Trust Corp now owns 189,789 shares of the company’s stock worth $814,240,000 after purchasing an additional 2,333 shares during the last quarter. 92.74% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on AZO shares. Jefferies Financial Group decreased their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. The Goldman Sachs Group dropped 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. TD Cowen reissued a “buy” rating and issued a $3,700.00 price target on shares of AutoZone in a report on Thursday, June 4th. DA Davidson decreased their price objective on shares of AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. Finally, Truist Financial set a $3,700.00 price objective on shares of AutoZone in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $4,029.43.

AutoZone Stock Down 0.4%

NYSE:AZO opened at $3,026.92 on Friday. The firm’s fifty day simple moving average is $3,063.49 and its 200 day simple moving average is $3,357.72. The stock has a market cap of $49.41 billion, a P/E ratio of 20.81, a price-to-earnings-growth ratio of 1.54 and a beta of 0.33. AutoZone, Inc. has a twelve month low of $2,902.20 and a twelve month high of $4,388.11.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, topping 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 business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. During the same period in the prior year, the business earned $35.36 EPS. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. On average, analysts expect that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.

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

Insider Transactions at AutoZone

In related news, VP Dennis W. Leriche sold 1,455 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the completion of the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Brian Hannasch acquired 165 shares of the stock in a transaction on Friday, May 29th. The stock was bought at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the acquisition, 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 SEC filing for this purchase provides additional information. Insiders own 2.60% of the company’s stock.

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.