Vestmark Advisory Solutions Inc. Purchases New Stake in AutoZone, Inc. $AZO

Vestmark Advisory Solutions Inc. acquired a new position in shares of AutoZone, Inc. (NYSE:AZO) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 918 shares of the company’s stock, valued at approximately $3,406,000.

Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of AutoZone by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 1,759,862 shares of the company’s stock worth $6,709,967,000 after acquiring an additional 13,643 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of AutoZone by 7.5% in the first quarter. JPMorgan Chase & Co. now owns 936,401 shares of the company’s stock valued at $3,570,296,000 after purchasing an additional 65,368 shares during the period. Price T Rowe Associates Inc. MD increased its position in AutoZone by 7.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 349,317 shares of the company’s stock worth $1,331,870,000 after purchasing an additional 24,701 shares during the last quarter. PineStone Asset Management Inc. raised its stake in AutoZone by 3.9% during the second quarter. PineStone Asset Management Inc. now owns 281,693 shares of the company’s stock worth $1,045,709,000 after purchasing an additional 10,456 shares during the period. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its stake in AutoZone by 7,358.8% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 243,231 shares of the company’s stock worth $902,929,000 after purchasing an additional 239,970 shares during the period. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

AutoZone Trading Up 1.1%

Shares of NYSE AZO opened at $3,715.69 on Friday. The stock has a market capitalization of $61.80 billion, a PE ratio of 25.65, a PEG ratio of 1.75 and a beta of 0.37. AutoZone, Inc. has a twelve month low of $3,036.40 and a twelve month high of $4,388.11. The stock has a fifty day simple moving average of $4,052.26 and a 200-day simple moving average of $3,885.07.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, September 23rd. The company reported $48.71 EPS for the quarter, missing analysts’ consensus estimates of $50.52 by ($1.81). The firm had revenue of $6.24 billion for the quarter, compared to analysts’ expectations of $6.26 billion. AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The business’s revenue was up .6% compared to the same quarter last year. During the same quarter last year, the business earned $51.58 earnings per share. On average, equities analysts predict that AutoZone, Inc. will post 152.94 earnings per share for the current year.

AutoZone announced that its Board of Directors has authorized a stock buyback program on Wednesday, October 8th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, 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 transaction of $10,184,889.04. Following the sale, the chief executive officer owned 55 shares of the company’s stock, valued at approximately $221,148.40. This represents a 97.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP K. Michelle Borninkhof sold 300 shares of the stock in a transaction on Monday, October 27th. The shares were sold at an average price of $3,775.00, for a total value of $1,132,500.00. Following the completion of the sale, the senior vice president owned 416 shares in the company, valued at approximately $1,570,400. The trade was a 41.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 5,693 shares of company stock valued at $23,259,891. 2.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Erste Group Bank cut shares of AutoZone from a “buy” rating to a “hold” rating in a research note on Friday, October 31st. Truist Financial decreased their price objective on AutoZone from $4,504.00 to $4,499.00 and set a “buy” rating on the stock in a report on Wednesday, September 24th. BMO Capital Markets raised their target price on AutoZone from $4,100.00 to $4,600.00 and gave the stock an “outperform” rating in a research note on Thursday, September 25th. Cowen restated a “buy” rating on shares of AutoZone in a research report on Thursday, September 18th. Finally, The Goldman Sachs Group increased their price target on AutoZone from $3,894.00 to $4,090.00 and gave the stock a “neutral” rating in a report on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $4,544.68.

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.