AutoZone, Inc. $AZO Position Trimmed by First Trust Advisors LP

Key Points

• First Trust Advisors LP cut its AutoZone stake by 68.3% in the first quarter, leaving it with 1,906 shares valued at approximately $6.4 million. Institutional investors still own 92.74% of the company.
• AutoZone beat quarterly EPS expectations, reporting $38.07 versus the $36.22 consensus, while revenue rose 8.4% year over year to $4.84 billion. The company also authorized a $1.5 billion share buyback, covering up to 3% of outstanding shares.
• Shares opened at $3,024.42, well below their 52-week high of $4,388.11. Analysts maintain a “Moderate Buy” consensus with an average price target of $4,040.87, and a director recently purchased 165 shares.

First Trust Advisors LP decreased its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 68.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,906 shares of the company's stock after selling 4,110 shares during the quarter. First Trust Advisors LP's holdings in AutoZone were worth $6,437,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Morgan Stanley boosted its stake in shares of AutoZone by 17.8% during the 4th quarter. Morgan Stanley now owns 492,794 shares of the company's stock worth $1,671,323,000 after acquiring an additional 74,555 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of AutoZone by 1.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company's stock worth $1,312,654,000 after purchasing an additional 7,390 shares during the period. Norges Bank purchased a new stake in shares of AutoZone during the fourth quarter valued at $939,205,000. First Manhattan CO. LLC. lifted its holdings in shares of AutoZone by 2.7% during the fourth quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company's stock valued at $886,246,000 after purchasing an additional 6,765 shares during the last quarter. Finally, Northern Trust Corp boosted its position in shares of AutoZone by 1.2% in the 3rd quarter. Northern Trust Corp now owns 189,789 shares of the company's stock valued at $814,240,000 after purchasing an additional 2,333 shares during the period. Institutional investors own 92.74% of the company's stock.

AutoZone Stock Performance

Shares of AZO opened at $3,024.42 on Monday. The company has a market capitalization of $49.39 billion, a PE ratio of 20.79, a PEG ratio of 1.53 and a beta of 0.33. The company's 50 day moving average price is $3,069.68 and its 200 day moving average price is $3,392.87. AutoZone, Inc. has a 52 week low of $2,902.20 and a 52 week high of $4,388.11.

AutoZone (NYSE:AZO - Get Free Report) last issued its 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. 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 analyst estimates of $4.86 billion. During the same quarter last year, the business posted $35.36 EPS. The company's revenue for the quarter was up 8.4% on a year-over-year basis. On average, equities analysts forecast that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

AutoZone announced that its board has initiated a share buyback plan on Tuesday, June 16th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to purchase up to 3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms have issued reports on AZO. BMO Capital Markets cut their price objective on AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating on the stock in a report on Wednesday, May 27th. DA Davidson decreased their target price on shares of AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating for the company in a report on Wednesday, May 27th. Robert W. Baird dropped their target price on shares of AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 27th. BNP Paribas Exane cut their price target on shares of AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating on the stock in a report on Wednesday, May 27th. Finally, Citigroup reduced their price target on shares of AutoZone from $4,300.00 to $3,700.00 and set a "buy" rating for the company in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $4,040.87.

Insider Transactions at AutoZone

In other news, Director Brian Hannasch bought 165 shares of the stock in a transaction on Friday, May 29th. The shares were 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 $3,641,153. This trade represents a 15.65% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.60% of the company's stock.

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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