AutoZone, Inc. $AZO Shares Acquired by Salem Investment Counselors Inc.

Salem Investment Counselors Inc. raised its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 7,160.0% during the third quarter, Holdings Channel reports. The fund owned 13,431 shares of the company’s stock after buying an additional 13,246 shares during the period. AutoZone comprises about 0.9% of Salem Investment Counselors Inc.’s investment portfolio, making the stock its 23rd biggest position. Salem Investment Counselors Inc.’s holdings in AutoZone were worth $38,010,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Edmond DE Rothschild Holding S.A. bought a new stake in shares of AutoZone in the 2nd quarter worth approximately $29,000. Asset Dedication LLC grew its holdings in shares of AutoZone by 150.0% during the 1st quarter. Asset Dedication LLC now owns 10 shares of the company’s stock valued at $34,000 after purchasing an additional 6 shares during the last quarter. Tacita Capital Inc bought a new position in shares of AutoZone during the 2nd quarter valued at $32,000. Burkett Financial Services LLC bought a new position in shares of AutoZone during the 3rd quarter valued at $31,000. Finally, GK Wealth Management LLC purchased a new position in AutoZone in the 3rd quarter worth $34,000. 92.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AZO has been the topic of a number of analyst reports. Raymond James Financial decreased their target price on shares of AutoZone from $4,000.00 to $3,700.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, September 23rd. Barclays cut their price target on shares of AutoZone from $3,637.00 to $3,400.00 and set an “overweight” rating for the company in a research report on Wednesday, September 23rd. Roth Capital reduced their price objective on AutoZone from $4,023.00 to $3,850.00 and set a “buy” rating on the stock in a research note on Wednesday, September 23rd. Weiss Ratings cut AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, July 23rd. Finally, Truist Financial decreased their price objective on AutoZone from $3,817.00 to $3,648.00 and set a “buy” rating on the stock in a report on Wednesday, September 23rd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $3,669.12.

AutoZone Stock Performance

Shares of AZO stock opened at $2,891.80 on Wednesday. AutoZone, Inc. has a fifty-two week low of $2,730.65 and a fifty-two week high of $4,113.44. The stock has a 50 day moving average price of $2,940.79 and a two-hundred day moving average price of $3,136.94. The company has a market capitalization of $47.22 billion, a P/E ratio of 18.93, a PEG ratio of 1.35 and a beta of 0.40.

AutoZone (NYSE:AZO) last released its quarterly earnings data on Tuesday, September 22nd. The company reported $56.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $55.51. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%. The firm had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.70 billion. During the same quarter in the prior year, the firm posted $48.71 earnings per share. The business’s quarterly revenue was up 5.6% compared to the same quarter last year. As a group, equities analysts predict that AutoZone, Inc. will post 171.50 earnings per share for the current year.

AutoZone declared that its board has initiated a share repurchase plan on Tuesday, June 16th that permits the company to buy back $1.50 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 3% of its shares through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, VP Dennis LeRiche sold 1,455 shares of the company’s stock in a transaction 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 sale, the vice president directly owned 441 shares in the company, valued at $1,367,100. This represents a 76.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.60% of the stock is owned by corporate insiders.

AutoZone Company Profile

AutoZone, Inc is a specialty retailer of automotive replacement parts, accessories and maintenance products. The company serves do-it-yourself customers as well as professional automotive repair shops, offering products such as batteries, brakes, filters, engine components, tools, fluids and other vehicle parts.

In addition to its retail stores, AutoZone provides commercial sales and delivery services for professional repair businesses. The company also operates ALLDATA, which offers automotive diagnostic, repair and shop-management software and information services to repair professionals.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional stores and operations in Mexico and Brazil.