AutoZone, Inc. $AZO Shares Sold by Teachers Retirement System of The State of Kentucky

Key Points

• Teachers Retirement System of the State of Kentucky cut its AutoZone stake by 50.9% in the first quarter, selling 3,514 shares and leaving it with 3,394 shares valued at about $11.46 million.
• AutoZone reported strong quarterly earnings, posting EPS of $38.07 versus estimates of $36.22 and revenue of $4.84 billion, up 8.4% year over year.
• The company’s board authorized a new $1.5 billion share buyback, allowing repurchases of up to 3% of outstanding shares, while analysts currently maintain a consensus rating of “Moderate Buy.”

Teachers Retirement System of The State of Kentucky lessened its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 50.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,394 shares of the company's stock after selling 3,514 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in AutoZone were worth $11,464,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of AZO. Turning Point Benefit Group Inc. acquired a new stake in AutoZone during the third quarter worth about $25,000. Torren Management LLC purchased a new stake in shares of AutoZone in the 4th quarter valued at approximately $27,000. Transamerica Financial Advisors LLC grew its stake in shares of AutoZone by 100.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company's stock valued at $28,000 after buying an additional 4 shares during the period. MCF Advisors LLC increased its holdings in shares of AutoZone by 50.0% during the 4th quarter. MCF Advisors LLC now owns 9 shares of the company's stock worth $31,000 after buying an additional 3 shares during the last quarter. Finally, Bard Associates Inc. acquired a new stake in shares of AutoZone during the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 92.74% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on AZO shares. Roth Capital decreased their price objective on AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. Mizuho reduced their target price on AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 27th. Evercore restated an "outperform" rating on shares of AutoZone in a research report on Tuesday, May 26th. JPMorgan Chase & Co. decreased their price target on AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 27th. Finally, DA Davidson cut their price objective on AutoZone from $4,300.00 to $3,750.00 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 issued a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $4,040.87.

Insider Transactions at AutoZone

In other news, Director Brian Hannasch bought 165 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was bought at an average cost 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. The trade was a 15.65% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 2.60% of the company's stock.

AutoZone Stock Up 0.1%

Shares of NYSE AZO opened at $3,074.96 on Tuesday. The business's 50 day moving average is $3,183.29 and its two-hundred day moving average is $3,428.29. AutoZone, Inc. has a 52-week low of $2,928.11 and a 52-week high of $4,388.11. The firm has a market cap of $50.21 billion, a price-to-earnings ratio of 21.14, a PEG ratio of 1.56 and a beta of 0.33.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, topping the consensus estimate of $36.22 by $1.85. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. During the same period last year, the business posted $35.36 earnings per share. The company's quarterly revenue was up 8.4% on a year-over-year basis. Analysts anticipate that AutoZone, Inc. will post 150.51 EPS for the current fiscal year.

AutoZone announced that its Board of Directors has initiated a stock buyback program on Tuesday, June 16th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to buy up to 3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are undervalued.

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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