Arrowstreet Capital Limited Partnership Raises Holdings in AutoZone, Inc. $AZO

Arrowstreet Capital Limited Partnership grew its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 1.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 119,781 shares of the company's stock after purchasing an additional 1,843 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.73% of AutoZone worth $404,594,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Sei Investments Co. boosted its holdings in shares of AutoZone by 9.9% during the 1st quarter. Sei Investments Co. now owns 49,561 shares of the company's stock valued at $167,410,000 after acquiring an additional 4,477 shares during the last quarter. State of Wyoming boosted its holdings in AutoZone by 13.6% in the first quarter. State of Wyoming now owns 25 shares of the company's stock worth $84,000 after purchasing an additional 3 shares during the last quarter. Lavaca Capital LLC bought a new stake in AutoZone in the 1st quarter worth approximately $1,040,000. Signature Equity Partners LLC raised its stake in AutoZone by 340.0% during the 1st quarter. Signature Equity Partners LLC now owns 22 shares of the company's stock valued at $74,000 after buying an additional 17 shares during the last quarter. Finally, NewEdge Wealth LLC raised its stake in AutoZone by 9.1% during the 1st quarter. NewEdge Wealth LLC now owns 23,599 shares of the company's stock valued at $79,711,000 after buying an additional 1,962 shares during the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

AutoZone Stock Down 1.7%

Shares of AZO opened at $2,923.23 on Friday. The business has a 50-day simple moving average of $3,108.82 and a two-hundred day simple moving average of $3,405.28. AutoZone, Inc. has a 52 week low of $2,902.20 and a 52 week high of $4,388.11. The stock has a market cap of $47.74 billion, a price-to-earnings ratio of 20.10, a PEG ratio of 1.51 and a beta of 0.33.

AutoZone (NYSE:AZO - Get Free Report) last announced its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) 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 company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. During the same period in the previous year, the company posted $35.36 EPS. The firm's revenue was up 8.4% on a year-over-year basis. On average, equities analysts anticipate that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

AutoZone announced that its board has approved a share buyback plan on Tuesday, June 16th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to purchase up to 3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have recently issued reports on AZO. Mizuho dropped their price target on AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 27th. Morgan Stanley dropped their target price on AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 27th. Roth Capital cut their price target on AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. The Goldman Sachs Group reduced their price target on shares of AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating for the company in a research report on Wednesday, May 27th. Finally, BMO Capital Markets dropped their price objective on shares of AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating on the stock in a 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $4,040.87.

Insider Buying and Selling at AutoZone

In other news, Director Brian Hannasch acquired 165 shares of AutoZone stock in a transaction dated Friday, May 29th. The stock was purchased at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the purchase, the director directly owned 1,219 shares in the company, valued at approximately $3,641,153. This trade represents a 15.65% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is currently owned by insiders.

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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