Glenview Trust Co Invests $981,000 in AutoZone, Inc. $AZO

Glenview Trust Co acquired a new stake in shares of AutoZone, Inc. (NYSE:AZO) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 307 shares of the company’s stock, valued at approximately $981,000.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. bought a new position in AutoZone in the second quarter worth about $3,938,566,000. Morgan Stanley lifted its holdings 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 purchasing an additional 74,555 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in AutoZone by 1.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company’s stock valued at $1,312,654,000 after buying an additional 7,390 shares in the last quarter. Norges Bank purchased a new stake in AutoZone in the fourth quarter valued at about $939,205,000. Finally, First Manhattan CO. LLC. boosted its holdings in AutoZone by 2.7% in the fourth quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company’s stock worth $886,246,000 after acquiring an additional 6,765 shares in the last quarter. Institutional investors own 92.74% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on AZO. Citigroup cut their price objective on shares of AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. DA Davidson decreased their price target on shares of AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Mizuho dropped their price objective on shares of AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating on the stock in a report on Wednesday, May 27th. Barclays lowered their price target on AutoZone from $3,900.00 to $3,637.00 and set an “overweight” rating for the company in a research report on Tuesday, August 4th. Finally, Weiss Ratings cut AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $4,029.43.

AutoZone Stock Performance

Shares of NYSE AZO opened at $2,967.55 on Friday. The company has a market capitalization of $48.46 billion, a PE ratio of 20.40, a price-to-earnings-growth ratio of 1.49 and a beta of 0.33. The company’s fifty day moving average price is $3,045.07 and its 200 day moving average price is $3,307.64. AutoZone, Inc. has a 1 year low of $2,902.20 and a 1 year high of $4,388.11.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping analysts’ consensus estimates of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The business had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. During the same quarter in the prior year, the firm posted $35.36 earnings per share. The company’s revenue was up 8.4% compared to the same quarter last year. On average, equities analysts expect 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 repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at AutoZone

In other AutoZone news, VP Dennis W. Leriche sold 1,455 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the sale, the vice president directly owned 441 shares of the company’s stock, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

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.