12,513 Shares in AutoZone, Inc. $AZO Bought by Osterweis Capital Management Inc.

Key Points

• Osterweis Capital Management initiated a 12,513-share AutoZone position worth approximately $40 million, representing 1.9% of its portfolio; institutional investors collectively own 92.74% of the stock.
• Analysts maintain a bullish outlook, with a consensus “Moderate Buy” rating and an average price target of $4,029.43, despite recent target-price reductions.
• AutoZone beat quarterly EPS estimates and reported 8.4% year-over-year revenue growth. Its board also authorized a $1.5 billion share buyback, while the stock was trading near $3,008—well below its one-year high of $4,388.11.

Osterweis Capital Management Inc. bought a new position in AutoZone, Inc. (NYSE:AZO - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 12,513 shares of the company's stock, valued at approximately $39,991,000. AutoZone accounts for about 1.9% of Osterweis Capital Management Inc.'s portfolio, making the stock its 16th biggest position. Osterweis Capital Management Inc. owned about 0.08% of AutoZone at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in AZO. Turning Point Benefit Group Inc. bought a new position in AutoZone in the 3rd quarter worth approximately $25,000. Torren Management LLC bought a new position in shares of AutoZone during the 4th quarter worth about $27,000. Transamerica Financial Advisors LLC lifted its stake in shares of AutoZone by 100.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company's stock valued at $28,000 after buying an additional 4 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new position in AutoZone in the 2nd quarter valued at approximately $29,000. Finally, MCF Advisors LLC grew its holdings in shares of AutoZone by 50.0% during the 4th quarter. MCF Advisors LLC now owns 9 shares of the company's stock worth $31,000 after purchasing an additional 3 shares in the last quarter. 92.74% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on AZO shares. TD Cowen reiterated a "buy" rating and set a $3,700.00 target price on shares of AutoZone in a research report on Thursday, June 4th. Truist Financial set a $3,700.00 target price on shares of AutoZone in a research report on Wednesday, May 27th. DA Davidson reduced their target price on AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. Raymond James Financial restated a "strong-buy" rating on shares of AutoZone in a report on Wednesday, May 27th. Finally, Roth Capital reduced their target price on shares of AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $4,029.43.

AutoZone Trading Up 1.7%

AutoZone stock opened at $3,008.32 on Tuesday. The firm has a market capitalization of $49.13 billion, a P/E ratio of 20.68, a PEG ratio of 1.50 and a beta of 0.33. The business has a 50-day moving average of $3,053.00 and a 200-day moving average of $3,324.51. AutoZone, Inc. has a 1 year low of $2,902.20 and a 1 year high of $4,388.11.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, beating analysts' consensus estimates of $36.22 by $1.85. The business had revenue of $4.84 billion during the quarter, compared to analysts' expectations of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The firm's quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $35.36 EPS. Research analysts anticipate that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.

AutoZone declared that its board has initiated a share buyback program on Tuesday, June 16th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to reacquire up to 3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Brian Hannasch purchased 165 shares of AutoZone stock in a transaction dated Friday, May 29th. The stock was bought at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the acquisition, the director directly owned 1,219 shares of the company's stock, valued at $3,641,153. This represents a 15.65% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Dennis W. Leriche sold 1,455 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the sale, the vice president directly owned 441 shares of the company's stock, valued at $1,367,100. This represents a 76.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.60% of the stock is currently owned by corporate insiders.

AutoZone Profile

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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