Meyer Handelman Co. Has $10.46 Million Position in AutoZone, Inc. $AZO

Meyer Handelman Co. boosted its stake in shares of AutoZone, Inc. (NYSE:AZO) by 19.8% during the first quarter, HoldingsChannel.com reports. The firm owned 3,096 shares of the company’s stock after acquiring an additional 511 shares during the period. Meyer Handelman Co.’s holdings in AutoZone were worth $10,458,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in AZO. Turning Point Benefit Group Inc. acquired a new stake in shares of AutoZone during the 3rd quarter valued at $25,000. Torren Management LLC purchased a new position in shares of AutoZone during the 4th quarter valued at $27,000. Transamerica Financial Advisors LLC increased its stake in shares of AutoZone by 100.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock worth $28,000 after acquiring an additional 4 shares during the last quarter. MCF Advisors LLC increased its stake in shares of AutoZone by 50.0% in the fourth quarter. MCF Advisors LLC now owns 9 shares of the company’s stock worth $31,000 after acquiring an additional 3 shares during the last quarter. Finally, Bard Associates Inc. purchased a new stake in shares of AutoZone during the fourth quarter worth $31,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Robert W. Baird lowered their target price on AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 27th. TD Cowen reaffirmed a “buy” rating and set a $3,700.00 price target on shares of AutoZone in a research note on Thursday, June 4th. Morgan Stanley reduced their price target on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a report on Wednesday, May 27th. Jefferies Financial Group dropped their price objective on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of AutoZone in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $4,040.87.

AutoZone Stock Performance

AZO opened at $3,059.55 on Friday. The company has a market cap of $49.96 billion, a PE ratio of 21.04, a price-to-earnings-growth ratio of 1.57 and a beta of 0.35. The stock has a 50-day moving average of $3,296.67 and a 200-day moving average of $3,458.93. AutoZone, Inc. has a 52-week low of $2,928.11 and a 52-week high of $4,388.11.

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

AutoZone announced that its Board of Directors has approved a share buyback program on Tuesday, June 16th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to buy up to 3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other news, Director Earl G. Graves, Jr. sold 50 shares of the company’s stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $3,478.72, for a total transaction of $173,936.00. Following the completion of the transaction, the director directly owned 4,837 shares in the company, valued at $16,826,568.64. The trade was a 1.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brian Hannasch bought 165 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were bought at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the transaction, the director directly owned 1,219 shares of the company’s stock, valued at $3,641,153. This trade represents a 15.65% increase in their position. The disclosure for this purchase is available in the SEC filing. Company 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.