Bank of New York Mellon Corp Sells 1,213 Shares of AutoZone, Inc. $AZO

Bank of New York Mellon Corp lowered its position in shares of AutoZone, Inc. (NYSE:AZO) by 1.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 112,271 shares of the company’s stock after selling 1,213 shares during the quarter. Bank of New York Mellon Corp’s holdings in AutoZone were worth $481,668,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Valeo Financial Advisors LLC raised its position in shares of AutoZone by 4.3% during the 2nd quarter. Valeo Financial Advisors LLC now owns 72 shares of the company’s stock valued at $267,000 after purchasing an additional 3 shares during the period. Ritholtz Wealth Management raised its holdings in AutoZone by 0.3% during the second quarter. Ritholtz Wealth Management now owns 1,179 shares of the company’s stock valued at $4,377,000 after acquiring an additional 3 shares during the period. Pittenger & Anderson Inc. lifted its position in shares of AutoZone by 4.3% in the second quarter. Pittenger & Anderson Inc. now owns 72 shares of the company’s stock valued at $267,000 after acquiring an additional 3 shares in the last quarter. Harbour Investments Inc. boosted its stake in shares of AutoZone by 27.3% in the second quarter. Harbour Investments Inc. now owns 14 shares of the company’s stock worth $52,000 after acquiring an additional 3 shares during the period. Finally, May Hill Capital LLC grew its position in shares of AutoZone by 5.5% during the second quarter. May Hill Capital LLC now owns 58 shares of the company’s stock worth $215,000 after purchasing an additional 3 shares in the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

AutoZone Trading Down 0.4%

Shares of NYSE AZO opened at $3,783.89 on Thursday. AutoZone, Inc. has a 12-month low of $3,210.72 and a 12-month high of $4,388.11. The firm’s 50-day moving average price is $3,583.28 and its 200-day moving average price is $3,849.83. The stock has a market capitalization of $62.70 billion, a price-to-earnings ratio of 26.39, a P/E/G ratio of 1.81 and a beta of 0.42.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, December 9th. The company reported $31.04 earnings per share for the quarter, missing the consensus estimate of $32.69 by ($1.65). The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.64 billion. AutoZone had a negative return on equity of 65.38% and a net margin of 12.78%.The company’s revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $32.52 earnings per share. On average, equities analysts predict that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

AutoZone declared that its board has approved a share repurchase plan on Wednesday, October 8th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

Insider Activity at AutoZone

In other news, Director Brian Hannasch bought 147 shares of AutoZone stock in a transaction dated Thursday, December 18th. The shares were acquired at an average price of $3,393.09 per share, with a total value of $498,784.23. Following the completion of the purchase, the director owned 962 shares in the company, valued at $3,264,152.58. The trade was a 18.04% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director George R. Mrkonic, Jr. sold 97 shares of AutoZone stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $3,341.99, for a total transaction of $324,173.03. Following the transaction, the director directly owned 3,564 shares of the company’s stock, valued at approximately $11,910,852.36. This represents a 2.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have bought 347 shares of company stock worth $1,179,256 and have sold 9,447 shares worth $34,179,923. 2.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on AZO shares. JPMorgan Chase & Co. lowered their price target on AutoZone from $4,850.00 to $4,100.00 and set an “overweight” rating on the stock in a report on Thursday, December 18th. Jefferies Financial Group restated a “buy” rating and set a $4,400.00 target price on shares of AutoZone in a research report on Wednesday, December 10th. Wolfe Research downgraded shares of AutoZone from an “outperform” rating to a “peer perform” rating in a report on Tuesday, December 16th. TD Cowen decreased their price target on shares of AutoZone from $4,900.00 to $4,400.00 and set a “buy” rating on the stock in a research note on Wednesday, December 10th. Finally, Mizuho restated a “neutral” rating and set a $3,550.00 price objective (down previously from $3,850.00) on shares of AutoZone in a research report on Monday, January 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $4,285.00.

About AutoZone

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.