Brandes Investment Partners LP Grows Stock Holdings in AutoZone, Inc. (NYSE:AZO)

Brandes Investment Partners LP raised its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 12.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,578 shares of the company's stock after acquiring an additional 2,132 shares during the quarter. Brandes Investment Partners LP owned approximately 0.12% of AutoZone worth $62,690,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of AZO. Proficio Capital Partners LLC boosted its stake in shares of AutoZone by 482,040.2% during the 4th quarter. Proficio Capital Partners LLC now owns 419,462 shares of the company's stock worth $1,343,117,000 after acquiring an additional 419,375 shares during the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of AutoZone during the 4th quarter worth $471,629,000. Wealthfront Advisers LLC boosted its stake in shares of AutoZone by 6,083.9% during the 4th quarter. Wealthfront Advisers LLC now owns 90,656 shares of the company's stock worth $290,281,000 after acquiring an additional 89,190 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of AutoZone by 186.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 92,870 shares of the company's stock worth $292,544,000 after acquiring an additional 60,483 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of AutoZone during the 4th quarter worth $189,483,000. Hedge funds and other institutional investors own 92.74% of the company's stock.

Remove Ads

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on AZO shares. Wedbush reiterated an "outperform" rating and set a $3,700.00 price target on shares of AutoZone in a research note on Wednesday, March 5th. Truist Financial lifted their target price on shares of AutoZone from $3,753.00 to $3,841.00 and gave the company a "buy" rating in a research note on Wednesday, March 5th. Bank of America lifted their target price on shares of AutoZone from $3,600.00 to $3,700.00 and gave the company a "neutral" rating in a research note on Wednesday, March 5th. Mizuho lifted their target price on shares of AutoZone from $3,600.00 to $3,740.00 and gave the company an "outperform" rating in a research note on Wednesday, March 5th. Finally, DA Davidson lifted their target price on shares of AutoZone from $3,350.00 to $3,500.00 and gave the company a "neutral" rating in a research note on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, fifteen have given a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $3,651.91.

AutoZone Price Performance

Shares of AutoZone stock traded down $22.67 during trading hours on Wednesday, reaching $3,591.60. The company's stock had a trading volume of 134,591 shares, compared to its average volume of 126,591. The firm has a 50 day moving average price of $3,415.14 and a 200-day moving average price of $3,250.39. AutoZone, Inc. has a one year low of $2,728.97 and a one year high of $3,704.43. The stock has a market cap of $60.27 billion, a P/E ratio of 24.00, a P/E/G ratio of 1.86 and a beta of 0.71.

AutoZone (NYSE:AZO - Get Free Report) last posted its earnings results on Tuesday, March 4th. The company reported $28.29 earnings per share for the quarter, missing analysts' consensus estimates of $29.11 by ($0.82). The business had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.98 billion. AutoZone had a negative return on equity of 53.89% and a net margin of 14.18%. As a group, sell-side analysts forecast that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

Insider Activity at AutoZone

In related news, SVP Bailey L. Childress sold 160 shares of the company's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $3,550.00, for a total transaction of $568,000.00. Following the transaction, the senior vice president now directly owns 50 shares in the company, valued at approximately $177,500. This represents a 76.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP K. Michelle Borninkhof sold 136 shares of the company's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $3,550.08, for a total transaction of $482,810.88. Following the transaction, the senior vice president now owns 403 shares in the company, valued at $1,430,682.24. The trade was a 25.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,871 shares of company stock worth $6,720,811. Insiders own 2.10% of the company's stock.

About AutoZone

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.