AutoZone, Inc. $AZO Shares Acquired by Bangor Savings Bank

Bangor Savings Bank increased its stake in AutoZone, Inc. (NYSE:AZO) by 639.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 340 shares of the company’s stock after purchasing an additional 294 shares during the period. Bangor Savings Bank’s holdings in AutoZone were worth $962,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of AutoZone in the 2nd quarter valued at $3,938,566,000. Envestnet Portfolio Solutions Inc. raised its position in shares of AutoZone by 247,417.8% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 249,993 shares of the company’s stock worth $798,963,000 after acquiring an additional 249,892 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of AutoZone during the second quarter valued at $572,885,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of AutoZone by 11,577.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 141,066 shares of the company’s stock valued at $450,838,000 after acquiring an additional 139,858 shares during the period. Finally, Corient Private Wealth LP bought a new position in AutoZone in the second quarter valued at about $38,604,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

AutoZone Stock Up 3.3%

NYSE AZO traded up $93.17 on Tuesday, reaching $2,900.90. The company had a trading volume of 287,039 shares, compared to its average volume of 265,967. The stock’s 50 day moving average is $2,959.51 and its 200-day moving average is $3,155.87. The stock has a market cap of $47.36 billion, a price-to-earnings ratio of 18.99, a PEG ratio of 1.29 and a beta of 0.40. AutoZone, Inc. has a 52 week low of $2,730.65 and a 52 week high of $4,170.00.

AutoZone (NYSE:AZO) last issued its earnings results on Tuesday, September 22nd. The company reported $56.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $55.51. The firm had revenue of $6.59 billion for the quarter, compared to analysts’ expectations of $6.70 billion. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%.The company’s revenue was up 5.6% compared to the same quarter last year. During the same quarter last year, the business earned $48.71 earnings per share. As a group, analysts forecast that AutoZone, Inc. will post 172.12 EPS for the current year.

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

Analyst Ratings Changes

A number of analysts recently commented on the company. TD Cowen lowered their price objective on AutoZone from $3,500.00 to $3,400.00 and set a “buy” rating for the company in a research report on Wednesday, September 23rd. Citigroup cut their target price on shares of AutoZone from $3,700.00 to $3,450.00 and set a “buy” rating on the stock in a research report on Monday, September 14th. Evercore reaffirmed an “outperform” rating on shares of AutoZone in a research note on Wednesday, September 23rd. Piper Sandler set a $3,500.00 price target on shares of AutoZone in a research report on Monday, August 31st. Finally, Roth Capital dropped their price target on shares of AutoZone from $4,023.00 to $3,850.00 and set a “buy” rating for the company in a research note on Wednesday, September 23rd. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $3,710.36.

Insider Buying and Selling at AutoZone

In related news, VP Dennis LeRiche sold 1,455 shares of AutoZone 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.60% of the stock is owned by corporate insiders.

About AutoZone

AutoZone, Inc is a specialty retailer of automotive replacement parts, accessories and maintenance products. The company serves do-it-yourself customers as well as professional automotive repair shops, offering products such as batteries, brakes, filters, engine components, tools, fluids and other vehicle parts.

In addition to its retail stores, AutoZone provides commercial sales and delivery services for professional repair businesses. The company also operates ALLDATA, which offers automotive diagnostic, repair and shop-management software and information services to repair professionals.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional stores and operations in Mexico and Brazil.