Aberdeen Group plc Increases Stock Position in AutoZone, Inc. $AZO

Key Points

• Aberdeen Group plc increased its stake in AutoZone, Inc. by 4.7% during the second quarter, now holding approximately 12,478 shares valued at $46.32 million.
• AutoZone reported a quarterly EPS of $48.71, missing analysts' expectations, while revenue reached $6.24 billion, slightly below the estimated $6.26 billion.
• The company's board has authorized a share repurchase program, usually indicating that leadership believes shares are undervalued.

Aberdeen Group plc grew its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 4.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,478 shares of the company's stock after purchasing an additional 565 shares during the period. Aberdeen Group plc owned approximately 0.07% of AutoZone worth $46,321,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. boosted its position in shares of AutoZone by 3.5% during the 1st quarter. Blue Trust Inc. now owns 89 shares of the company's stock valued at $339,000 after acquiring an additional 3 shares during the last quarter. Kirr Marbach & Co. LLC IN raised its stake in AutoZone by 0.9% during the first quarter. Kirr Marbach & Co. LLC IN now owns 7,761 shares of the company's stock valued at $29,591,000 after purchasing an additional 68 shares in the last quarter. Banco Santander S.A. grew its stake in shares of AutoZone by 98.3% in the 1st quarter. Banco Santander S.A. now owns 829 shares of the company's stock worth $3,161,000 after buying an additional 411 shares in the last quarter. Alpine Bank Wealth Management bought a new stake in shares of AutoZone in the 1st quarter worth about $545,000. Finally, Harel Insurance Investments & Financial Services Ltd. increased its holdings in shares of AutoZone by 19.3% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,607 shares of the company's stock worth $6,127,000 after buying an additional 260 shares during the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

AutoZone Trading Up 2.8%

NYSE:AZO opened at $4,076.62 on Monday. AutoZone, Inc. has a twelve month low of $2,980.10 and a twelve month high of $4,388.11. The company has a market cap of $68.41 billion, a price-to-earnings ratio of 28.14, a price-to-earnings-growth ratio of 1.92 and a beta of 0.40. The stock has a fifty day simple moving average of $4,149.74 and a 200-day simple moving average of $3,857.48.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings data on Tuesday, September 23rd. The company reported $48.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $50.52 by ($1.81). The company had revenue of $6.24 billion during the quarter, compared to analysts' expectations of $6.26 billion. AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. AutoZone's quarterly revenue was up .6% on a year-over-year basis. During the same period last year, the firm earned $51.58 earnings per share. As a group, equities research analysts predict that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

AutoZone announced that its board has authorized a share repurchase program on Wednesday, October 8th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms recently commented on AZO. Truist Financial dropped their price target on AutoZone from $4,504.00 to $4,499.00 and set a "buy" rating for the company in a research report on Wednesday, September 24th. BMO Capital Markets lifted their target price on AutoZone from $4,100.00 to $4,600.00 and gave the stock an "outperform" rating in a report on Thursday, September 25th. JPMorgan Chase & Co. boosted their target price on AutoZone from $4,200.00 to $4,850.00 and gave the company an "overweight" rating in a research report on Monday, September 15th. Zacks Research downgraded AutoZone from a "hold" rating to a "strong sell" rating in a research report on Friday, September 26th. Finally, Citigroup cut their price objective on shares of AutoZone from $4,900.00 to $4,775.00 and set a "buy" rating on the stock in a research report on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $4,544.68.

Insider Activity at AutoZone

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the firm's stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total transaction of $11,627,700.00. Following the transaction, the vice president directly owned 2,925 shares in the company, valued at $11,337,007.50. This trade represents a 50.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP John Scott Murphy sold 2,860 shares of AutoZone stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the completion of the sale, the vice president owned 1,244 shares of the company's stock, valued at $5,194,570.80. The trade was a 69.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is owned by corporate insiders.

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.

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