State Street Corp Has $2.65 Billion Stock Holdings in AutoZone, Inc. $AZO

State Street Corp raised its position in shares of AutoZone, Inc. (NYSE:AZO) by 1.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 714,091 shares of the company’s stock after purchasing an additional 11,088 shares during the period. State Street Corp owned approximately 4.26% of AutoZone worth $2,650,870,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Avantax Advisory Services Inc. grew its holdings in AutoZone by 8.3% during the 2nd quarter. Avantax Advisory Services Inc. now owns 2,742 shares of the company’s stock worth $10,179,000 after acquiring an additional 210 shares during the period. Quarry LP boosted its position in shares of AutoZone by 266.7% during the 1st quarter. Quarry LP now owns 165 shares of the company’s stock valued at $629,000 after purchasing an additional 120 shares in the last quarter. Night Squared LP acquired a new stake in AutoZone during the first quarter worth approximately $2,860,000. Emerald Advisers LLC grew its stake in AutoZone by 60.0% during the second quarter. Emerald Advisers LLC now owns 224 shares of the company’s stock worth $832,000 after purchasing an additional 84 shares during the period. Finally, Steward Partners Investment Advisory LLC increased its holdings in AutoZone by 8.6% in the first quarter. Steward Partners Investment Advisory LLC now owns 2,540 shares of the company’s stock worth $9,684,000 after purchasing an additional 201 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company’s stock.

AutoZone Price Performance

Shares of NYSE AZO opened at $3,506.27 on Wednesday. The company has a 50-day moving average price of $3,886.57 and a 200-day moving average price of $3,902.52. The stock has a market capitalization of $58.32 billion, a P/E ratio of 24.20, a P/E/G ratio of 1.80 and a beta of 0.40. AutoZone, Inc. has a 1 year low of $3,162.00 and a 1 year high of $4,388.11.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, December 9th. The company reported $31.04 earnings per share for the quarter, missing the consensus estimate of $32.69 by ($1.65). The business had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.64 billion. AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. AutoZone’s revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the business posted $32.52 EPS. As a group, equities research analysts anticipate that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

AutoZone announced that its Board of Directors has approved a stock buyback plan on Wednesday, October 8th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, VP John Scott Murphy sold 2,860 shares of the firm’s stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the transaction, the vice president owned 1,244 shares in the company, valued at $5,194,570.80. This trade represents a 69.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Philip B. Daniele sold 2,533 shares of the company’s stock in a transaction on Friday, October 17th. The stock was sold at an average price of $4,020.88, for a total value of $10,184,889.04. Following the sale, the chief executive officer owned 55 shares of the company’s stock, valued at $221,148.40. This trade represents a 97.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 5,693 shares of company stock worth $23,259,891 over the last 90 days. 2.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on AZO shares. Truist Financial reduced their price objective on shares of AutoZone from $4,504.00 to $4,499.00 and set a “buy” rating for the company in a research report on Wednesday, September 24th. Wells Fargo & Company reduced their price target on shares of AutoZone from $4,800.00 to $4,700.00 and set an “overweight” rating for the company in a report on Wednesday, September 24th. Morgan Stanley upped their price objective on shares of AutoZone from $4,000.00 to $4,700.00 and gave the company an “overweight” rating in a report on Wednesday, September 24th. Robert W. Baird began coverage on shares of AutoZone in a research report on Wednesday, December 3rd. They set an “outperform” rating and a $4,500.00 price objective on the stock. Finally, Baird R W raised AutoZone to a “strong-buy” rating in a research report on Thursday, December 4th. Two research analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $4,545.73.

About AutoZone

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.