Zeke Capital Advisors LLC lessened its stake in shares of AutoZone, Inc. (NYSE:AZO) by 38.1% in the 3rd quarter, Holdings Channel reports. The firm owned 488 shares of the company’s stock after selling 300 shares during the quarter. Zeke Capital Advisors LLC’s holdings in AutoZone were worth $379,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors also recently added to or reduced their stakes in the company. American Century Companies Inc. purchased a new position in AutoZone in the second quarter worth $120,225,000. Morgan Stanley raised its position in AutoZone by 435.3% in the second quarter. Morgan Stanley now owns 156,439 shares of the company’s stock worth $104,960,000 after acquiring an additional 127,214 shares in the last quarter. Unigestion Holding SA purchased a new position in AutoZone in the second quarter worth $66,555,000. Point72 Asset Management L.P. purchased a new position in AutoZone in the second quarter worth $61,390,000. Finally, JPMorgan Chase & Co. raised its position in AutoZone by 4.4% in the third quarter. JPMorgan Chase & Co. now owns 2,034,551 shares of the company’s stock worth $1,578,202,000 after acquiring an additional 84,961 shares in the last quarter. Institutional investors and hedge funds own 94.39% of the company’s stock.
Shares of AZO stock opened at $827.99 on Friday. AutoZone, Inc. has a fifty-two week low of $590.76 and a fifty-two week high of $832.67. The firm has a market capitalization of $21.16 billion, a PE ratio of 15.83, a PEG ratio of 1.16 and a beta of 0.89.
AutoZone declared that its Board of Directors has authorized a share repurchase plan on Wednesday, September 26th that permits the company to repurchase $1.25 billion in shares. This repurchase authorization permits the company to reacquire up to 6.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
Several research analysts have issued reports on AZO shares. Bank of America cut AutoZone from a “buy” rating to a “neutral” rating and set a $830.00 price objective for the company. in a research report on Monday, September 17th. Wells Fargo & Co increased their price objective on AutoZone from $800.00 to $850.00 and gave the stock a “positive” rating in a research report on Thursday, September 13th. They noted that the move was a valuation call. Royal Bank of Canada cut their price objective on AutoZone from $779.00 to $775.00 and set a “sector perform” rating for the company in a research report on Wednesday, September 19th. Zacks Investment Research upgraded AutoZone from a “hold” rating to a “buy” rating and set a $860.00 price objective for the company in a research report on Tuesday, August 28th. Finally, JPMorgan Chase & Co. increased their price objective on AutoZone to $880.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 19th. Eight research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. AutoZone has a consensus rating of “Buy” and a consensus target price of $790.65.
In other news, Chairman William C. Rhodes III sold 23,700 shares of the firm’s stock in a transaction on Thursday, September 27th. The stock was sold at an average price of $780.06, for a total value of $18,487,422.00. Following the completion of the transaction, the chairman now owns 37,918 shares in the company, valued at $29,578,315.08. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Charles Pleas III sold 9,500 shares of the firm’s stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $759.85, for a total value of $7,218,575.00. Following the completion of the transaction, the vice president now owns 13,862 shares of the company’s stock, valued at approximately $10,533,040.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 60,487 shares of company stock valued at $46,667,608. Company insiders own 2.80% of the company’s stock.
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AutoZone Company Profile
AutoZone Inc retails and distributes automotive replacement parts and accessories. The company offers 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. Its products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, carburetors, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps.
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