Corient Private Wealth LP Purchases New Holdings in AutoZone, Inc. $AZO

Corient Private Wealth LP acquired a new position in shares of AutoZone, Inc. (NYSE:AZO) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 111,047 shares of the company’s stock, valued at approximately $38,604,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of AZO. Brighton Jones LLC lifted its holdings in shares of AutoZone by 14.4% during the fourth quarter. Brighton Jones LLC now owns 111 shares of the company’s stock valued at $356,000 after purchasing an additional 14 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of AutoZone in the 2nd quarter worth approximately $356,000. Guggenheim Capital LLC grew its stake in shares of AutoZone by 3.8% in the 2nd quarter. Guggenheim Capital LLC now owns 248 shares of the company’s stock worth $921,000 after buying an additional 9 shares during the last quarter. NewEdge Advisors LLC increased its position in AutoZone by 8.9% during the 2nd quarter. NewEdge Advisors LLC now owns 1,376 shares of the company’s stock valued at $5,110,000 after buying an additional 112 shares in the last quarter. Finally, Treasurer of the State of North Carolina raised its stake in AutoZone by 52.3% during the second quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company’s stock valued at $43,667,000 after buying an additional 4,039 shares during the last quarter. Hedge funds and other institutional investors own 92.74% of the company’s stock.

AutoZone Price Performance

AutoZone stock opened at $2,932.02 on Friday. AutoZone, Inc. has a one year low of $2,902.20 and a one year high of $4,388.11. The business’s fifty day moving average is $3,047.01 and its 200 day moving average is $3,310.04. The stock has a market capitalization of $47.88 billion, a PE ratio of 20.16, a price-to-earnings-growth ratio of 1.52 and a beta of 0.33.

AutoZone (NYSE:AZO) last issued its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping analysts’ consensus estimates of $36.22 by $1.85. The business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.AutoZone’s revenue was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $35.36 EPS. As a group, sell-side analysts expect that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.

AutoZone announced that its board has approved a share repurchase program on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to buy up to 3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity at AutoZone

In other news, VP Dennis W. Leriche sold 1,455 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total transaction 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. The trade was a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have commented on AZO. TD Cowen reissued a “buy” rating and issued a $3,700.00 target price on shares of AutoZone in a report on Thursday, June 4th. Barclays lowered their price target on AutoZone from $3,900.00 to $3,637.00 and set an “overweight” rating for the company in a research report on Tuesday, August 4th. Mizuho dropped their price target on shares of AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 27th. Roth Capital cut their price objective on shares of AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. Finally, Evercore restated an “outperform” rating on shares of AutoZone in a research note on Tuesday, May 26th. One 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 stock. Based on data from MarketBeat, AutoZone presently has an average rating of “Moderate Buy” and a consensus target price of $4,029.43.

About AutoZone

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.