NewEdge Wealth LLC Has $79.71 Million Stake in AutoZone, Inc. $AZO

NewEdge Wealth LLC lifted its stake in shares of AutoZone, Inc. (NYSE:AZO) by 9.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,599 shares of the company’s stock after buying an additional 1,962 shares during the period. AutoZone comprises about 0.9% of NewEdge Wealth LLC’s holdings, making the stock its 20th largest position. NewEdge Wealth LLC owned approximately 0.14% of AutoZone worth $79,711,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the stock. Brighton Jones LLC grew its holdings in shares of AutoZone by 14.4% in the fourth quarter. Brighton Jones LLC now owns 111 shares of the company’s stock valued at $356,000 after acquiring an additional 14 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in AutoZone during the second quarter worth $356,000. Guggenheim Capital LLC lifted its holdings in AutoZone by 3.8% during 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 boosted its position 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 purchasing an additional 112 shares during the last quarter. Finally, Treasurer of the State of North Carolina boosted its position in AutoZone by 52.3% in the second quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company’s stock worth $43,667,000 after purchasing an additional 4,039 shares during the last quarter. Institutional investors own 92.74% of the company’s stock.

AutoZone Price Performance

Shares of AZO opened at $2,971.21 on Thursday. The firm has a market cap of $48.52 billion, a PE ratio of 20.43, a PEG ratio of 1.53 and a beta of 0.33. AutoZone, Inc. has a 1 year low of $2,928.11 and a 1 year high of $4,388.11. The stock’s fifty day moving average price is $3,117.89 and its two-hundred day moving average price is $3,407.95.

AutoZone (NYSE:AZO) last announced its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping the consensus estimate of $36.22 by $1.85. The company had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter last year, the firm posted $35.36 EPS. Sell-side analysts anticipate that AutoZone, Inc. will post 150.51 earnings per share for the current fiscal year.

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

Insider Buying and Selling at AutoZone

In other AutoZone news, Director Brian Hannasch purchased 165 shares of the stock in a transaction dated Friday, May 29th. The shares were bought at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the transaction, the director directly owned 1,219 shares in the company, valued at approximately $3,641,153. This trade represents a 15.65% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 2.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on AZO shares. Citigroup decreased their target price on AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Weiss Ratings raised shares of AutoZone from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. Evercore restated an “outperform” rating on shares of AutoZone in a research report on Tuesday, May 26th. JPMorgan Chase & Co. decreased their price objective on shares of AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating for the company in a report on Wednesday, May 27th. Finally, Truist Financial set a $3,700.00 price objective 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus 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.