Equitable Holdings Inc. Makes New Investment in AutoZone, Inc. $AZO

Equitable Holdings Inc. bought a new stake in AutoZone, Inc. (NYSE:AZO) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,231 shares of the company’s stock, valued at approximately $3,934,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Benchmark Investment Advisors LLC purchased a new position in AutoZone during the 2nd quarter valued at about $713,000. Jupiter Asset Management Ltd. acquired a new position in AutoZone during the fourth quarter worth about $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund lifted its holdings in shares of AutoZone by 15.2% in the fourth 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 purchasing an additional 1,882 shares in the last quarter. CIBC Asset Management Inc grew its position in shares of AutoZone by 67.1% in the fourth quarter. CIBC Asset Management Inc now owns 3,941 shares of the company’s stock valued at $13,366,000 after purchasing an additional 1,582 shares during the last quarter. Finally, BlackRock Inc. acquired a new stake in shares of AutoZone in the second quarter valued at approximately $3,938,566,000. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AZO has been the subject of several research reports. Weiss Ratings downgraded AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, July 23rd. Truist Financial set a $3,700.00 price target on AutoZone in a research report on Wednesday, May 27th. Mizuho cut their price target on AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating for the company in a report on Wednesday, May 27th. Barclays decreased their price target on shares of AutoZone from $3,900.00 to $3,637.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 4th. Finally, JPMorgan Chase & Co. cut their price objective on shares of AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating for the company in a research report on Wednesday, May 27th. One 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’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $4,029.43.

AutoZone Trading Down 2.2%

AutoZone stock opened at $2,932.02 on Friday. The firm has a market capitalization of $47.88 billion, a P/E ratio of 20.16, a PEG ratio of 1.52 and a beta of 0.33. The stock has a fifty day moving average price of $3,047.01 and a 200 day moving average price of $3,310.04. AutoZone, Inc. has a 52 week low of $2,902.20 and a 52 week high of $4,388.11.

AutoZone (NYSE:AZO) last released its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping the consensus estimate of $36.22 by $1.85. The firm had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the prior year, the business posted $35.36 earnings per share. As a group, equities analysts predict that AutoZone, Inc. will post 150.39 EPS for the current year.

AutoZone announced that its Board of Directors has initiated a stock buyback plan on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to purchase up to 3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, VP Dennis W. Leriche sold 1,455 shares of the company’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 owned 441 shares of the company’s stock, valued at approximately $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company 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.