5 Stocks That May Be Splitting Soon

In this article, we will discuss the 5 stocks that may be splitting soon. If you want to explore similar stocks, you can also read 10 Stocks That May Be Splitting Soon.

5. AutoZone, Inc. (NYSE:AZO)

Number of Hedge Fund Holders: 42

AutoZone, Inc. (NYSE:AZO) is a leading retailer and one of the largest distributors of automotive parts and accessories in the United States. The company offers a wide variety of products for cars, trucks, and SUVs. AutoZone, Inc. (NYSE:AZO) is committed to providing the best possible service to its customers. The company is cash-rich and has a strong track record of delivering shareholder value. The company has free cash flows of $2.53 billion. On October 4, AutoZone, Inc. (NYSE:AZO) announced its board of directors has authorized a share buyback program of $2.5 billion of the company’s common stock. The company has authorized $33.7 billion in share repurchases since 1998.

AutoZone, Inc. (NYSE:AZO) has split its stock two times in its history of being a public company. The company’s most recent split was a 2-for-1 stock split in April of 1994, and its share price since then has surged from $29 to $2,464 per share, as of November 9. AutoZone, Inc. (NYSE:AZO) is ranked high among the stocks that may split soon.

On October 20, Truist analyst Scot Ciccarelli raised his price target on AutoZone, Inc. (NYSE:AZO) to $2,533 from $2,292 and maintained a Buy rating on the shares.

At the close of Q2 2022, 42 hedge funds were eager on Autozone, Inc. (NYSE:AZO) and disclosed positions worth $1.28 billion in aggregate. As of September 30, Aubrey Capital Management is the top investor in AutoZone, Inc. (NYSE:AZO) and has stakes worth $4.07 billion in the company.

Here is what Carillon Tower Advisers had to say about AutoZone, Inc. (NYSE:AZO) in its second-quarter 2022 investor letter:

“AutoZone, Inc. (NYSE:AZO) sells automotive replacement parts and accessories. The company reported another solid quarterly update that highlighted particularly robust growth in its commercial segment, market share gains, and stable gross margins. Additionally, investors have appreciated the company’s historically stable business model that is positioned to perform well in periods of economic stress.”