AutoZone, Inc. $AZO Shares Purchased by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP increased its AutoZone stake by 2.5% in the first quarter, bringing its holdings to 54,143 shares valued at about $182.9 million.
• AutoZone reported better-than-expected quarterly earnings, with EPS of $38.07 topping estimates, while revenue rose 8.4% year over year to $4.84 billion.
• The company’s board approved a $1.5 billion share repurchase program, and analyst sentiment remains positive overall with a Moderate Buy consensus target price of $4,040.87.

Dimensional Fund Advisors LP increased its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 2.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 54,143 shares of the company's stock after buying an additional 1,334 shares during the quarter. Dimensional Fund Advisors LP owned about 0.33% of AutoZone worth $182,867,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Parallel Advisors LLC grew its holdings in AutoZone by 3.2% in the 1st quarter. Parallel Advisors LLC now owns 255 shares of the company's stock valued at $862,000 after buying an additional 8 shares in the last quarter. SEB Asset Management AB acquired a new stake in shares of AutoZone in the 1st quarter worth $11,346,000. Vision Retirement LLC raised its holdings in shares of AutoZone by 0.5% during the 1st quarter. Vision Retirement LLC now owns 602 shares of the company's stock worth $2,033,000 after acquiring an additional 3 shares during the period. Swiss National Bank raised its holdings in shares of AutoZone by 6.1% during the 1st quarter. Swiss National Bank now owns 48,620 shares of the company's stock worth $164,228,000 after acquiring an additional 2,780 shares during the period. Finally, Tandem Wealth Advisors LLC boosted its position in shares of AutoZone by 16.8% during the 1st quarter. Tandem Wealth Advisors LLC now owns 174 shares of the company's stock valued at $588,000 after acquiring an additional 25 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

AutoZone Trading Up 1.0%

NYSE AZO opened at $2,953.62 on Friday. The stock has a market cap of $48.23 billion, a PE ratio of 20.31, a P/E/G ratio of 1.50 and a beta of 0.33. AutoZone, Inc. has a twelve month low of $2,902.20 and a twelve month high of $4,388.11. The stock has a fifty day simple moving average of $3,101.53 and a 200-day simple moving average of $3,402.12.

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 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 company's quarterly revenue was up 8.4% on a year-over-year basis. During the same period last year, the company earned $35.36 EPS. Research analysts predict that AutoZone, Inc. will post 150.39 EPS for the current year.

AutoZone declared that its Board of Directors has approved a stock repurchase program on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Brian Hannasch bought 165 shares of the stock in a transaction on Friday, May 29th. The stock was bought at an average price 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 $3,641,153. This represents a 15.65% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on AZO. Weiss Ratings lowered shares of AutoZone from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday. Morgan Stanley reduced their target price on shares of 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. BNP Paribas Exane reduced their target price on shares of AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 27th. Raymond James Financial reiterated a "strong-buy" rating on shares of AutoZone in a report on Wednesday, May 27th. Finally, Guggenheim dropped their price target on shares of AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. One equities research 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. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $4,040.87.

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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