Bank of New York Mellon Corp Cuts Stock Position in AutoZone, Inc. $AZO

Bank of New York Mellon Corp lessened its stake in shares of AutoZone, Inc. (NYSE:AZO) by 1.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 112,271 shares of the company’s stock after selling 1,213 shares during the period. Bank of New York Mellon Corp owned approximately 0.67% of AutoZone worth $481,668,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of AutoZone by 0.6% during the second quarter. Vanguard Group Inc. now owns 1,771,004 shares of the company’s stock valued at $6,574,374,000 after acquiring an additional 11,142 shares in the last quarter. Laurel Wealth Advisors LLC grew its position in AutoZone by 371,123.0% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company’s stock valued at $3,472,724,000 after purchasing an additional 935,230 shares during the last quarter. State Street Corp increased its stake in AutoZone by 1.6% during the 2nd quarter. State Street Corp now owns 714,091 shares of the company’s stock valued at $2,650,870,000 after purchasing an additional 11,088 shares in the last quarter. Geode Capital Management LLC raised its holdings in AutoZone by 1.9% in the second quarter. Geode Capital Management LLC now owns 444,671 shares of the company’s stock worth $1,649,228,000 after buying an additional 8,187 shares during the last quarter. Finally, Norges Bank purchased a new position in AutoZone in the second quarter worth about $981,202,000. 92.74% of the stock is owned by institutional investors.

Insider Buying and Selling at AutoZone

In other news, VP Richard Craig Smith sold 5,910 shares of the company’s stock in a transaction on Friday, January 23rd. The stock was sold at an average price of $3,700.00, for a total value of $21,867,000.00. Following the completion of the sale, the vice president directly owned 2,627 shares in the company, valued at $9,719,900. This represents a 69.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Michael A. George bought 145 shares of the firm’s stock in a transaction that occurred on Monday, December 22nd. The stock was bought at an average cost of $3,398.13 per share, for a total transaction of $492,728.85. Following the completion of the acquisition, the director owned 566 shares in the company, valued at $1,923,341.58. This trade represents a 34.44% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders bought 347 shares of company stock valued at $1,179,256 and sold 9,447 shares valued at $34,179,923. Corporate insiders own 2.60% of the company’s stock.

AutoZone Stock Performance

AZO stock opened at $3,783.89 on Thursday. AutoZone, Inc. has a fifty-two week low of $3,210.72 and a fifty-two week high of $4,388.11. The business’s 50-day moving average is $3,583.28 and its two-hundred day moving average is $3,849.83. The company has a market cap of $62.70 billion, a price-to-earnings ratio of 26.39, a P/E/G ratio of 1.81 and a beta of 0.42.

AutoZone (NYSE:AZO) last released its quarterly earnings results on Tuesday, December 9th. The company reported $31.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $32.69 by ($1.65). AutoZone had a net margin of 12.78% and a negative return on equity of 65.38%. The firm had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.64 billion. During the same quarter in the prior year, the firm earned $32.52 earnings per share. The company’s revenue for the quarter was up 8.2% compared to the same quarter last year. Equities analysts predict that AutoZone, Inc. will post 152.94 earnings per share for the current year.

AutoZone declared that its board has authorized a share buyback plan on Wednesday, October 8th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Mizuho reissued a “neutral” rating and set a $3,550.00 price target (down previously from $3,850.00) on shares of AutoZone in a research report on Monday, January 5th. DA Davidson reduced their target price on AutoZone from $4,850.00 to $4,500.00 and set a “buy” rating for the company in a report on Wednesday, December 10th. The Goldman Sachs Group decreased their price target on AutoZone from $4,262.00 to $4,234.00 and set a “buy” rating for the company in a research note on Wednesday, December 10th. Zacks Research raised AutoZone from a “strong sell” rating to a “hold” rating in a research report on Monday, November 24th. Finally, Oppenheimer decreased their target price on AutoZone from $4,600.00 to $4,150.00 and set an “outperform” rating for the company in a research report on Friday, January 9th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $4,285.00.

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.