AutoZone, Inc. $AZO Stake Increased by Osprey Private Wealth LLC

Osprey Private Wealth LLC raised its stake in shares of AutoZone, Inc. (NYSE:AZO) by 9.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,191 shares of the company’s stock after acquiring an additional 187 shares during the quarter. AutoZone makes up 2.1% of Osprey Private Wealth LLC’s portfolio, making the stock its 18th biggest position. Osprey Private Wealth LLC’s holdings in AutoZone were worth $7,401,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in AZO. Norges Bank bought a new position in shares of AutoZone in the 4th quarter worth about $939,205,000. Morgan Stanley grew its position in shares of AutoZone by 17.8% during the 4th quarter. Morgan Stanley now owns 492,794 shares of the company’s stock valued at $1,671,323,000 after buying an additional 74,555 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in AutoZone by 387.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company’s stock worth $263,832,000 after acquiring an additional 61,821 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in AutoZone by 39.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company’s stock worth $584,730,000 after acquiring an additional 50,071 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in AutoZone by 80.8% in the third quarter. AQR Capital Management LLC now owns 101,185 shares of the company’s stock worth $432,059,000 after acquiring an additional 45,212 shares during the last quarter. 92.74% of the stock is owned by institutional investors and hedge funds.

AutoZone Trading Up 2.1%

NYSE:AZO traded up $62.71 during mid-day trading on Friday, reaching $3,073.10. 204,042 shares of the stock were exchanged, compared to its average volume of 506,020. The business has a fifty day moving average price of $3,195.88 and a 200 day moving average price of $3,430.89. AutoZone, Inc. has a 1-year low of $2,928.11 and a 1-year high of $4,388.11. The firm has a market capitalization of $50.18 billion, a PE ratio of 21.13, a PEG ratio of 1.53 and a beta of 0.33.

AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating the consensus estimate of $36.22 by $1.85. The company had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter last year, the firm posted $35.36 EPS. On average, sell-side analysts forecast that AutoZone, Inc. will post 150.51 earnings per share for the current year.

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

Insiders Place Their Bets

In other AutoZone news, Director Brian Hannasch bought 165 shares of AutoZone stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the acquisition, the director owned 1,219 shares of the company’s stock, valued at approximately $3,641,153. This represents a 15.65% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on AZO shares. JPMorgan Chase & Co. reduced their price objective on 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. BNP Paribas Exane cut their target price on AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. BMO Capital Markets reduced their price target on shares of AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. Evercore reiterated an “outperform” rating on shares of AutoZone in a research report on Tuesday, May 26th. Finally, Mizuho reduced their price target on AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating for the company in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, AutoZone currently has an average rating of “Moderate Buy” and an average price target of $4,040.87.

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.