Assenagon Asset Management S.A. Has $78.17 Million Holdings in AutoZone, Inc. $AZO

Key Points

• Assenagon Asset Management increased its AutoZone stake by 34.3% in the second quarter, owning 24,458 shares valued at approximately $78.2 million. Institutional investors collectively hold 92.74% of the company.
• AutoZone reported quarterly earnings of $38.07 per share, beating estimates of $36.22, while revenue rose 8.4% year over year to $4.84 billion. The board also authorized a $1.5 billion share-repurchase program.
• Analysts maintain a generally positive view, with a “Moderate Buy” consensus and an average price target of $4,029.43, despite several recent target-price reductions. Shares opened at $3,122, up 1.7%.

Assenagon Asset Management S.A. increased its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 34.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,458 shares of the company's stock after buying an additional 6,242 shares during the quarter. Assenagon Asset Management S.A. owned about 0.15% of AutoZone worth $78,166,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Turning Point Benefit Group Inc. bought a new position in AutoZone in the third quarter valued at about $25,000. Torren Management LLC bought a new stake in shares of AutoZone during the fourth quarter worth about $27,000. Transamerica Financial Advisors LLC grew its holdings in shares of AutoZone by 100.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company's stock worth $28,000 after purchasing an additional 4 shares during the last quarter. MCF Advisors LLC increased its stake in shares of AutoZone by 50.0% in the fourth quarter. MCF Advisors LLC now owns 9 shares of the company's stock valued at $31,000 after buying an additional 3 shares during the period. Finally, Bard Associates Inc. bought a new position in shares of AutoZone during the fourth quarter valued at $31,000. Institutional investors own 92.74% of the company's stock.

AutoZone Stock Up 1.7%

Shares of NYSE:AZO opened at $3,122.00 on Friday. The business's 50 day moving average is $3,065.73 and its 200 day moving average is $3,378.36. AutoZone, Inc. has a 12-month low of $2,902.20 and a 12-month high of $4,388.11. The stock has a market cap of $50.98 billion, a price-to-earnings ratio of 21.46, a PEG ratio of 1.56 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 EPS for the quarter, topping the consensus estimate of $36.22 by $1.85. The business had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The company's revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $35.36 earnings per share. As a group, equities research analysts expect that AutoZone, Inc. will post 150.39 earnings per share for the current year.

AutoZone announced that its Board of Directors has initiated a share repurchase program on Tuesday, June 16th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other AutoZone news, Director Brian Hannasch bought 165 shares of AutoZone stock in a transaction dated 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 completion of the purchase, the director directly owned 1,219 shares of the company's stock, valued at approximately $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 2.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on AZO shares. BMO Capital Markets decreased their price objective on 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 decreased their target price on shares of AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating for the company in a research report on Wednesday, May 27th. Morgan Stanley lowered their price target on shares of AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating for the company in a report on Wednesday, May 27th. Truist Financial set a $3,700.00 price target on shares of AutoZone in a research report on Wednesday, May 27th. Finally, Citigroup reduced their price objective on shares of AutoZone from $4,300.00 to $3,700.00 and set a "buy" rating on the stock in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $4,029.43.

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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