AutoZone (NYSE:AZO) VP Sells $4,510,500.00 in Stock

Key Points

• AutoZone VP Dennis Leriche sold 1,455 shares at an average price of $3,100, generating $4.51 million and reducing his holdings by 76.74% to 441 shares.
• AutoZone shares fell to $3,063.67, while the company reported quarterly EPS of $38.07, beating estimates, and revenue of $4.84 billion, up 8.4% year over year.
• The board approved a $1.5 billion stock-repurchase program; analysts maintain a “Moderate Buy” consensus with an average price target of $4,029.43.

AutoZone, Inc. (NYSE:AZO - Get Free Report) VP Dennis Leriche sold 1,455 shares of AutoZone stock in a transaction on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the completion of the sale, the vice president owned 441 shares in the company, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

AutoZone Price Performance

AutoZone stock traded down $63.62 during mid-day trading on Monday, reaching $3,063.67. 133,304 shares of the company traded hands, compared to its average volume of 247,230. AutoZone, Inc. has a 52-week low of $2,902.20 and a 52-week high of $4,388.11. The firm has a market capitalization of $50.03 billion, a price-to-earnings ratio of 21.06, a P/E/G ratio of 1.59 and a beta of 0.33. The firm's 50 day moving average price is $3,065.73 and its 200 day moving average price is $3,377.36.

AutoZone (NYSE:AZO - Get Free Report) last posted its earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, topping the consensus estimate of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The firm had revenue of $4.84 billion during the quarter, compared to analysts' expectations of $4.86 billion. During the same period last year, the company posted $35.36 EPS. The company's quarterly revenue was up 8.4% compared to the same quarter last year. On average, sell-side analysts anticipate that AutoZone, Inc. will post 150.39 EPS for the current year.

AutoZone announced that its Board of Directors has approved a stock buyback program on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to repurchase up to 3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On AutoZone

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Turning Point Benefit Group Inc. purchased a new stake in shares of AutoZone in the 3rd quarter worth approximately $25,000. Torren Management LLC purchased a new position in AutoZone during the fourth quarter valued at $27,000. Transamerica Financial Advisors LLC boosted its holdings in AutoZone by 100.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company's stock worth $28,000 after acquiring an additional 4 shares in the last quarter. MCF Advisors LLC grew its stake in shares of AutoZone by 50.0% in the fourth quarter. MCF Advisors LLC now owns 9 shares of the company's stock worth $31,000 after acquiring an additional 3 shares during the last quarter. Finally, Bard Associates Inc. purchased a new stake in shares of AutoZone in the fourth quarter worth $31,000. Institutional investors own 92.74% of the company's stock.

Wall Street Analyst Weigh In

AZO has been the topic of a number of research analyst reports. Evercore reiterated an "outperform" rating on shares of AutoZone in a report on Tuesday, May 26th. Jefferies Financial Group dropped their price target on AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. Guggenheim reduced their price target on AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating on the stock in a research note on Wednesday, May 27th. Truist Financial set a $3,700.00 price objective on AutoZone in a report on Wednesday, May 27th. Finally, Roth Capital lowered their price objective on AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating for the company in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $4,029.43.

About AutoZone

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.

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