HighTower Advisors LLC Has $92.74 Million Stake in AutoZone, Inc. $AZO

HighTower Advisors LLC reduced its stake in shares of AutoZone, Inc. (NYSE:AZO) by 9.9% in the second quarter, HoldingsChannel.com reports. The firm owned 29,018 shares of the company’s stock after selling 3,181 shares during the period. HighTower Advisors LLC’s holdings in AutoZone were worth $92,741,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of AZO. Brighton Jones LLC raised its position in AutoZone by 14.4% in the 4th quarter. Brighton Jones LLC now owns 111 shares of the company’s stock valued at $356,000 after buying an additional 14 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in AutoZone during the 2nd quarter worth $356,000. Guggenheim Capital LLC grew its stake in shares of AutoZone by 3.8% in the 2nd quarter. Guggenheim Capital LLC now owns 248 shares of the company’s stock worth $921,000 after acquiring an additional 9 shares in the last quarter. NewEdge Advisors LLC grew its stake in shares of AutoZone by 8.9% in the 2nd quarter. NewEdge Advisors LLC now owns 1,376 shares of the company’s stock worth $5,110,000 after acquiring an additional 112 shares in the last quarter. Finally, Treasurer of the State of North Carolina raised its holdings in shares of 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 valued at $43,667,000 after purchasing an additional 4,039 shares during the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

AutoZone Stock Down 0.0%

AutoZone stock opened at $2,981.99 on Tuesday. The firm has a 50 day moving average price of $3,033.00 and a 200-day moving average price of $3,271.49. AutoZone, Inc. has a twelve month low of $2,902.20 and a twelve month high of $4,388.11. The company has a market capitalization of $48.70 billion, a P/E ratio of 20.50, a P/E/G ratio of 1.49 and a beta of 0.34.

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

Analysts Set New Price Targets

A number of research firms recently weighed in on AZO. BNP Paribas Exane dropped their price target on shares of AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Weiss Ratings downgraded shares of AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, July 23rd. BMO Capital Markets decreased their price objective on shares of AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating for the company in a research note on Wednesday, May 27th. Barclays dropped their target price on shares of AutoZone from $3,900.00 to $3,637.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 4th. Finally, Piper Sandler set a $3,500.00 target price on AutoZone in a research note on Monday, August 31st. One equities 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 stock. According to data from MarketBeat, AutoZone currently has a consensus rating of “Moderate Buy” and an average target price of $3,999.04.

Insider Buying and Selling

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the completion of the transaction, the vice president directly owned 441 shares of the company’s stock, valued at approximately $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.60% of the company’s stock.

AutoZone Company 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.