Fifth Third Bancorp Buys 3,213 Shares of AutoZone, Inc. $AZO

Fifth Third Bancorp increased its stake in shares of AutoZone, Inc. (NYSE:AZO) by 189.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,910 shares of the company’s stock after buying an additional 3,213 shares during the quarter. Fifth Third Bancorp’s holdings in AutoZone were worth $16,584,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its position in shares of AutoZone by 14.4% during 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 during the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of AutoZone during the second quarter worth $356,000. Guggenheim Capital LLC boosted its stake in AutoZone by 3.8% in the 2nd quarter. Guggenheim Capital LLC now owns 248 shares of the company’s stock worth $921,000 after purchasing an additional 9 shares during the period. NewEdge Advisors LLC boosted its position in shares of AutoZone by 8.9% in the second quarter. NewEdge Advisors LLC now owns 1,376 shares of the company’s stock valued at $5,110,000 after acquiring an additional 112 shares during the period. Finally, Treasurer of the State of North Carolina boosted its holdings in AutoZone by 52.3% in the 2nd quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company’s stock valued at $43,667,000 after purchasing an additional 4,039 shares during the period. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on AZO shares. JPMorgan Chase & Co. cut their price objective on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating for the company in a report on Wednesday, May 27th. Roth Capital reduced their price objective on AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of AutoZone in a research note on Wednesday, May 27th. Evercore reaffirmed an “outperform” rating on shares of AutoZone in a research report on Tuesday, May 26th. Finally, Robert W. Baird decreased their price objective on shares of AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating for the company in a report on Wednesday, May 27th. 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 company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $4,040.87.

AutoZone Trading Down 1.7%

AutoZone stock opened at $3,026.76 on Wednesday. The company has a market capitalization of $49.43 billion, a price-to-earnings ratio of 20.81, a price-to-earnings-growth ratio of 1.56 and a beta of 0.33. The business’s fifty day simple moving average is $3,173.04 and its two-hundred day simple moving average is $3,425.24. AutoZone, Inc. has a 12 month low of $2,928.11 and a 12 month high of $4,388.11.

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

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

Insider Activity at AutoZone

In other AutoZone news, Director Brian Hannasch acquired 165 shares of AutoZone stock in a transaction that occurred on Friday, May 29th. The stock was bought at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the acquisition, the director owned 1,219 shares of the company’s stock, valued at $3,641,153. This represents a 15.65% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.60% of the stock is owned by company insiders.

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.