Assenagon Asset Management S.A. Reduces Holdings in AutoZone, Inc. $AZO

Key Points

• Assenagon Asset Management cut its AutoZone stake by 5.2% in the first quarter, selling 1,007 shares and leaving it with 18,216 shares valued at about $61.5 million.
• AutoZone reported better-than-expected quarterly earnings of $38.07 per share, beating estimates, while revenue rose 8.4% year over year to $4.84 billion.
• The company’s board authorized a $1.5 billion stock buyback plan, and analysts currently rate the stock a Moderate Buy with an average price target of about $4,040.87.

Assenagon Asset Management S.A. reduced its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 5.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,216 shares of the company's stock after selling 1,007 shares during the period. Assenagon Asset Management S.A. owned 0.11% of AutoZone worth $61,530,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. Banco Bilbao Vizcaya Argentaria S.A. lifted its stake in shares of AutoZone by 6.6% during the third quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 4,966 shares of the company's stock valued at $21,315,000 after buying an additional 306 shares during the period. Numerai GP LLC grew its stake in AutoZone by 1,199.3% in the 3rd quarter. Numerai GP LLC now owns 1,754 shares of the company's stock worth $7,525,000 after acquiring an additional 1,619 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in AutoZone in the 4th quarter worth approximately $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund raised its holdings in AutoZone by 15.2% in the 4th quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 14,224 shares of the company's stock valued at $48,241,000 after acquiring an additional 1,882 shares during the last quarter. Finally, CIBC Asset Management Inc raised its holdings in AutoZone by 67.1% in the 4th quarter. CIBC Asset Management Inc now owns 3,941 shares of the company's stock valued at $13,366,000 after acquiring an additional 1,582 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

AutoZone Trading Down 0.9%

Shares of AZO opened at $3,059.55 on Friday. AutoZone, Inc. has a twelve month low of $2,928.11 and a twelve month high of $4,388.11. The firm has a market capitalization of $49.96 billion, a P/E ratio of 21.04, a price-to-earnings-growth ratio of 1.57 and a beta of 0.35. The stock's fifty day simple moving average is $3,296.67 and its 200 day simple moving average is $3,458.93.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings results 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. The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The firm's quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $35.36 earnings per share. Sell-side analysts predict that AutoZone, Inc. will post 150.51 earnings per share for the current year.

AutoZone declared that its board has authorized a stock 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 reacquire up to 3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Insider Transactions at AutoZone

In related news, Director Earl G. Graves, Jr. sold 50 shares of the stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total transaction of $173,936.00. Following the completion of the sale, the director owned 4,837 shares of the company's stock, valued at approximately $16,826,568.64. This represents a 1.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brian Hannasch purchased 165 shares of the business's stock in a transaction that occurred on Friday, May 29th. The stock was acquired at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the acquisition, the director directly owned 1,219 shares of the company's stock, valued at $3,641,153. This trade represents a 15.65% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 2.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on AZO shares. Mizuho decreased their price objective on AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating on the stock in a report on Wednesday, May 27th. The Goldman Sachs Group dropped their target price on AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. Citigroup reduced their target price on AutoZone from $4,300.00 to $3,700.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. Jefferies Financial Group reduced their target price on AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. Finally, Morgan Stanley decreased their price target on 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. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $4,040.87.

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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