AMF Tjanstepension AB Grows Stake in AutoZone, Inc. $AZO

Key Points

• AMF Tjanstepension AB increased its AutoZone stake by 2.8% in the first quarter, buying 548 additional shares and bringing its total to 20,147 shares worth about $68.1 million.
• AutoZone reported strong quarterly results, with EPS of $38.07 topping estimates and revenue rising 8.4% year over year to $4.84 billion, though revenue slightly missed expectations.
• The company launched a $1.5 billion share buyback authorizing repurchases of up to 3% of shares, while analysts remain broadly positive with an average “Moderate Buy” rating and a $4,040.87 price target.

AMF Tjanstepension AB boosted its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 2.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,147 shares of the company's stock after acquiring an additional 548 shares during the quarter. AMF Tjanstepension AB owned 0.12% of AutoZone worth $68,052,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in AZO. Norges Bank bought a new stake in AutoZone in the fourth quarter worth $939,205,000. Morgan Stanley grew its holdings in shares of AutoZone by 17.8% during the fourth quarter. Morgan Stanley now owns 492,794 shares of the company's stock valued at $1,671,323,000 after buying an additional 74,555 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of AutoZone by 387.1% during the fourth 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 last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of AutoZone by 39.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company's stock valued at $584,730,000 after purchasing an additional 50,071 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of AutoZone by 80.8% during the 3rd quarter. AQR Capital Management LLC now owns 101,185 shares of the company's stock valued at $432,059,000 after buying an additional 45,212 shares during the period. Institutional investors own 92.74% of the company's stock.

Insider Buying and Selling at AutoZone

In related news, Director Brian Hannasch purchased 165 shares of the firm's stock in a transaction that occurred on Friday, May 29th. The shares were purchased at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the purchase, the director owned 1,219 shares of the company's stock, valued at $3,641,153. This represents a 15.65% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on AZO. TD Cowen reiterated a "buy" rating and issued a $3,700.00 price target on shares of AutoZone in a research report on Thursday, June 4th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of AutoZone in a report on Wednesday, May 27th. Jefferies Financial Group lowered their price objective on AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. Weiss Ratings upgraded AutoZone from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday. Finally, Roth Capital dropped 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 note on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $4,040.87.

AutoZone Trading Up 0.0%

Shares of NYSE:AZO opened at $3,073.10 on Monday. AutoZone, Inc. has a twelve month low of $2,928.11 and a twelve month high of $4,388.11. The company has a market cap of $50.17 billion, a PE ratio of 21.13, a price-to-earnings-growth ratio of 1.56 and a beta of 0.33. The company's 50 day moving average is $3,195.88 and its 200 day moving average is $3,431.01.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings data 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. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. During the same quarter last year, the business posted $35.36 EPS. The company's revenue was up 8.4% on a year-over-year basis. Equities research analysts predict that AutoZone, Inc. will post 150.51 earnings per share for the current fiscal year.

AutoZone announced that its Board of Directors has initiated 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 buy up to 3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

AutoZone Company 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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