NEOS Investment Management LLC Raises Stock Position in AutoZone, Inc. $AZO

NEOS Investment Management LLC grew its stake in shares of AutoZone, Inc. (NYSE:AZO) by 14.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,579 shares of the company’s stock after acquiring an additional 324 shares during the period. NEOS Investment Management LLC’s holdings in AutoZone were worth $8,242,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Brighton Jones LLC grew its position in shares of AutoZone by 14.4% during the 4th quarter. Brighton Jones LLC now owns 111 shares of the company’s stock worth $356,000 after buying an additional 14 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in shares of AutoZone in the second quarter valued at about $356,000. Guggenheim Capital LLC lifted its stake in AutoZone by 3.8% in the second quarter. Guggenheim Capital LLC now owns 248 shares of the company’s stock worth $921,000 after acquiring an additional 9 shares during the period. NewEdge Advisors LLC lifted its stake in AutoZone by 8.9% in the second quarter. NewEdge Advisors LLC now owns 1,376 shares of the company’s stock worth $5,110,000 after acquiring an additional 112 shares during the period. Finally, Treasurer of the State of North Carolina grew its holdings in AutoZone by 52.3% during the 2nd quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company’s stock worth $43,667,000 after acquiring an additional 4,039 shares in the last quarter. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on AZO. Piper Sandler set a $3,500.00 target price on shares of AutoZone in a research report on Monday, August 31st. JPMorgan Chase & Co. dropped their price objective on shares of AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 27th. 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. Mizuho reduced their price objective on shares of AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating for the company in a research note on Wednesday, May 27th. Finally, TD Cowen reduced their price objective on shares of AutoZone from $3,700.00 to $3,500.00 and set a “buy” rating for the company in a research note on Monday, August 31st. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, AutoZone presently has a consensus rating of “Moderate Buy” and an average price target of $3,999.04.

AutoZone Trading Up 0.5%

Shares of AZO opened at $2,981.99 on Friday. The firm has a market cap of $48.70 billion, a PE ratio of 20.50, a P/E/G ratio of 1.49 and a beta of 0.34. AutoZone, Inc. has a 12 month low of $2,902.20 and a 12 month high of $4,388.11. The stock has a fifty day moving average price of $3,036.29 and a 200-day moving average price of $3,280.85.

AutoZone declared that its Board of Directors has approved a stock buyback plan on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to repurchase up to 3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the stock in a transaction dated 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 completion of the sale, the vice president directly owned 441 shares in the company, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 2.60% of the company’s stock.

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.