ABN AMRO Bank N.V. Buys Shares of 497 AutoZone, Inc. $AZO

Key Points

• ABN AMRO Bank purchased 497 AutoZone shares worth approximately $1.585 million during the second quarter. Institutional investors and hedge funds collectively own 92.74% of the company.
• AutoZone exceeded quarterly earnings expectations, reporting $38.07 in EPS versus the $36.22 consensus estimate, while revenue rose 8.4% year over year to $4.84 billion.
• The board approved a $1.5 billion share-repurchase authorization, while analysts maintained a “Moderate Buy” consensus despite lowering price targets; the average target is $4,029.43 compared with a recent share price near $3,026.92.

ABN AMRO Bank N.V. purchased a new position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 497 shares of the company's stock, valued at approximately $1,585,000.

Several other hedge funds have also made changes to their positions in the business. Norges Bank purchased a new position in AutoZone in the fourth quarter valued at $939,205,000. Morgan Stanley raised its position in AutoZone by 17.8% in the 4th quarter. Morgan Stanley now owns 492,794 shares of the company's stock valued at $1,671,323,000 after purchasing an additional 74,555 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of AutoZone by 387.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company's stock valued at $263,832,000 after buying an additional 61,821 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of AutoZone by 39.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company's stock valued at $584,730,000 after buying an additional 50,071 shares during the period. Finally, AQR Capital Management LLC grew its position in shares of AutoZone by 80.8% during the third quarter. AQR Capital Management LLC now owns 101,185 shares of the company's stock worth $432,059,000 after buying an additional 45,212 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

AutoZone Price Performance

NYSE AZO opened at $3,026.92 on Friday. The firm's fifty day moving average price is $3,063.49 and its 200 day moving average price is $3,357.72. AutoZone, Inc. has a 12 month low of $2,902.20 and a 12 month high of $4,388.11. The company has a market capitalization of $49.43 billion, a price-to-earnings ratio of 20.81, a price-to-earnings-growth ratio of 1.54 and a beta of 0.33.

AutoZone (NYSE:AZO - Get Free Report) last announced its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating analysts' consensus estimates of $36.22 by $1.85. The firm 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%. AutoZone's quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the company earned $35.36 earnings per share. As a group, sell-side analysts forecast that AutoZone, Inc. will post 150.39 earnings per share for the current year.

AutoZone announced that its Board of Directors has approved a share buyback plan on Tuesday, June 16th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to reacquire up to 3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Morgan Stanley cut their target price on shares of AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 27th. BMO Capital Markets lowered their price target on shares of AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating for the company in a report on Wednesday, May 27th. BNP Paribas Exane dropped their price objective on shares of AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 27th. Evercore restated an "outperform" rating on shares of AutoZone in a report on Tuesday, May 26th. Finally, Jefferies Financial Group decreased their price objective on shares of AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating for the company in a research report on Wednesday, May 27th. One research 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 company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $4,029.43.

Insider Buying and Selling

In other AutoZone news, Director Brian Hannasch purchased 165 shares of AutoZone stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the transaction, the director directly owned 1,219 shares in the company, valued at $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible 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 owned 441 shares of the company's stock, valued at approximately $1,367,100. This represents a 76.74% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.60% of the stock is currently owned by 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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