Aster Capital Management DIFC Ltd Acquires New Position in AutoZone, Inc. $AZO

Key Points

• Aster Capital Management DIFC Ltd opened a new position in AutoZone during the fourth quarter, buying 402 shares worth about $1.36 million. The stake makes AutoZone its 23rd largest holding and about 0.6% of its portfolio.
• AutoZone reported better-than-expected quarterly earnings of $38.07 per share, topping estimates, while revenue rose 8.4% year over year to $4.84 billion. Analysts still expect the company to earn about $150.45 per share for the current year.
• Wall Street remains generally positive on the stock, with a Moderate Buy consensus and an average price target of about $4,040.87. Recent insider activity was mixed, with one director selling a small stake and another buying shares.

Aster Capital Management DIFC Ltd acquired a new stake in AutoZone, Inc. (NYSE:AZO - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 402 shares of the company's stock, valued at approximately $1,363,000. AutoZone accounts for 0.6% of Aster Capital Management DIFC Ltd's holdings, making the stock its 23rd largest holding.

Several other large investors have also bought and sold shares of the business. L2 Asset Management LLC lifted its holdings in AutoZone by 7.7% in the fourth quarter. L2 Asset Management LLC now owns 84 shares of the company's stock valued at $285,000 after buying an additional 6 shares during the period. Cynosure Group LLC lifted its holdings in AutoZone by 144.9% in the fourth quarter. Cynosure Group LLC now owns 240 shares of the company's stock valued at $814,000 after buying an additional 142 shares during the period. USS Investment Management Ltd lifted its holdings in AutoZone by 809.8% in the fourth quarter. USS Investment Management Ltd now owns 28,585 shares of the company's stock valued at $96,968,000 after buying an additional 25,443 shares during the period. Vanguard Personalized Indexing Management LLC lifted its holdings in AutoZone by 0.3% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 3,151 shares of the company's stock valued at $10,687,000 after buying an additional 9 shares during the period. Finally, Verition Fund Management LLC lifted its holdings in AutoZone by 1,288.7% in the fourth quarter. Verition Fund Management LLC now owns 5,666 shares of the company's stock valued at $19,216,000 after buying an additional 5,258 shares during the period. 92.74% of the stock is currently owned by institutional investors and hedge funds.

AutoZone Stock Performance

Shares of NYSE:AZO opened at $3,105.57 on Tuesday. AutoZone, Inc. has a 52 week low of $2,928.11 and a 52 week high of $4,388.11. The company has a market capitalization of $51.18 billion, a PE ratio of 21.35, a PEG ratio of 1.58 and a beta of 0.35. The company has a 50 day moving average price of $3,361.28 and a two-hundred day moving average price of $3,506.08.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. During the same quarter in the prior year, the firm earned $35.36 earnings per share. The firm's revenue was up 8.4% compared to the same quarter last year. On average, sell-side analysts forecast that AutoZone, Inc. will post 150.45 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on AZO. BMO Capital Markets lowered their target price on shares of AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating for the company in a research note on Wednesday, May 27th. Truist Financial set a $3,700.00 target price on shares of AutoZone in a research note on Wednesday, May 27th. Oppenheimer reaffirmed an "outperform" rating and issued a $4,300.00 target price (up from $4,150.00) on shares of AutoZone in a research note on Tuesday, March 10th. The Goldman Sachs Group lowered their target price on shares of 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. Finally, Morgan Stanley lowered their target price on shares of AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating for the company in a research note on Wednesday, May 27th. One investment 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's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $4,040.87.

Insider Buying and Selling at AutoZone

In related news, Director Earl G. Graves, Jr. sold 50 shares of the firm's stock in a transaction on Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total value of $173,936.00. Following the completion of the transaction, the director owned 4,837 shares of the company's stock, valued at approximately $16,826,568.64. This trade represents a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Brian Hannasch bought 165 shares of the firm's stock in a transaction that occurred on Friday, May 29th. The stock was acquired at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the transaction, 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 disclosure for this purchase is available in the SEC filing. 2.60% of the stock is owned by corporate 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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