Bank of New York Mellon Corp Sells 1,895 Shares of AutoZone, Inc. $AZO

Bank of New York Mellon Corp decreased its holdings in AutoZone, Inc. (NYSE:AZO) by 1.7% in the first quarter, Holdings Channel.com reports. The firm owned 108,514 shares of the company’s stock after selling 1,895 shares during the period. Bank of New York Mellon Corp’s holdings in AutoZone were worth $366,536,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Turning Point Benefit Group Inc. bought a new stake in AutoZone in the third quarter worth $25,000. Torren Management LLC bought a new position in shares of AutoZone during the fourth quarter valued at about $27,000. Transamerica Financial Advisors LLC increased its holdings 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 buying an additional 4 shares during the period. MCF Advisors LLC increased its holdings 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 buying an additional 3 shares during the period. Finally, Bard Associates Inc. bought a new stake in shares of AutoZone in the 4th quarter valued at about $31,000. Institutional investors own 92.74% of the company’s stock.

AutoZone Price Performance

AZO stock opened at $3,046.69 on Friday. AutoZone, Inc. has a 1 year low of $2,928.11 and a 1 year high of $4,388.11. The firm has a 50-day moving average of $3,142.61 and a 200 day moving average of $3,416.46. The company has a market cap of $49.75 billion, a P/E ratio of 20.95, a PEG ratio of 1.55 and a beta of 0.33.

AutoZone (NYSE:AZO) last posted its earnings results 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 negative return on equity of 80.35% and a net margin of 12.40%.The firm had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.86 billion. During the same quarter in the prior year, the business earned $35.36 EPS. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. On average, equities research analysts expect that AutoZone, Inc. will post 150.51 earnings per share for the current fiscal year.

AutoZone announced that its board has approved a stock buyback program on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at AutoZone

In other AutoZone news, Director Brian Hannasch bought 165 shares of the stock in a transaction dated 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 trade represents a 15.65% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Roth Capital dropped their target price on AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. The Goldman Sachs Group decreased their price target on AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. BNP Paribas Exane lowered their price objective on AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating for the company in a research 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 for the company in a research note on Wednesday, May 27th. Finally, DA Davidson decreased their target price on shares of AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given 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.

AutoZone Profile

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.