Lord Abbett & CO. LLC Acquires 11,037 Shares of AutoZone, Inc. (NYSE:AZO)

Lord Abbett & CO. LLC increased its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 108.6% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 21,201 shares of the company's stock after purchasing an additional 11,037 shares during the quarter. Lord Abbett & CO. LLC owned 0.13% of AutoZone worth $66,784,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. The Manufacturers Life Insurance Company lifted its position in 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 in the last quarter. Verde Capital Management acquired a new position in shares of AutoZone during the third quarter worth $1,137,000. Mizuho Securities USA LLC boosted its stake in shares of AutoZone by 592.0% in the third quarter. Mizuho Securities USA LLC now owns 9,210 shares of the company's stock valued at $29,012,000 after purchasing an additional 7,879 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in AutoZone by 0.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 104,665 shares of the company's stock valued at $329,699,000 after purchasing an additional 466 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in AutoZone by 1.7% during the 3rd quarter. Principal Financial Group Inc. now owns 21,907 shares of the company's stock worth $69,008,000 after buying an additional 360 shares during the period. Hedge funds and other institutional investors own 92.74% of the company's stock.

Analyst Ratings Changes

AZO has been the subject of several recent analyst reports. Truist Financial raised their target price on AutoZone from $3,501.00 to $3,753.00 and gave the company a "buy" rating in a research note on Wednesday. Roth Mkm restated a "buy" rating and set a $3,634.00 price objective on shares of AutoZone in a research note on Wednesday, October 16th. BMO Capital Markets assumed coverage on shares of AutoZone in a report on Friday. They issued an "outperform" rating and a $3,700.00 price objective on the stock. Wedbush reiterated an "outperform" rating and set a $3,200.00 price objective on shares of AutoZone in a research report on Thursday, September 19th. Finally, Mizuho increased their target price on shares of AutoZone from $3,350.00 to $3,600.00 and gave the company an "outperform" rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, AutoZone currently has a consensus rating of "Moderate Buy" and an average price target of $3,360.47.

AutoZone Trading Up 0.9 %

NYSE:AZO traded up $29.79 on Friday, hitting $3,370.27. 111,303 shares of the company's stock traded hands, compared to its average volume of 139,495. The firm has a 50-day moving average price of $3,155.07 and a 200-day moving average price of $3,066.94. The company has a market cap of $56.97 billion, a PE ratio of 22.52, a price-to-earnings-growth ratio of 1.73 and a beta of 0.71. AutoZone, Inc. has a 1 year low of $2,510.00 and a 1 year high of $3,416.71.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings data on Tuesday, December 10th. The company reported $32.52 earnings per share for the quarter, missing the consensus estimate of $33.69 by ($1.17). The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.30 billion. AutoZone had a net margin of 14.18% and a negative return on equity of 53.89%. The firm's quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $32.55 EPS. On average, research analysts forecast that AutoZone, Inc. will post 154.29 EPS for the current fiscal year.

Insider Activity at AutoZone

In related news, VP John Scott Murphy sold 1,580 shares of the company's stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $3,107.69, for a total transaction of $4,910,150.20. Following the completion of the transaction, the vice president now directly owns 1,218 shares in the company, valued at $3,785,166.42. This represents a 56.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman William C. Rhodes III sold 13,000 shares of AutoZone stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $3,107.15, for a total value of $40,392,950.00. Following the sale, the chairman now directly owns 13,857 shares in the company, valued at approximately $43,055,777.55. This trade represents a 48.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,880 shares of company stock valued at $46,225,660. Insiders own 2.10% of the company's stock.

AutoZone Company Profile

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.