Callan Family Office LLC Takes $3.13 Million Position in AutoZone, Inc. $AZO

Key Points

• Callan Family Office initiated a roughly $3.13 million position in AutoZone during the second quarter, while institutional investors collectively own 92.74% of the company.
• Analysts maintain a generally positive outlook, with AutoZone receiving a “Moderate Buy” consensus rating and an average price target of $4,029.43, despite several recent target reductions.
• AutoZone exceeded quarterly EPS expectations and reported 8.4% year-over-year revenue growth; its board also authorized a $1.5 billion share-buyback program covering up to 3% of outstanding shares.

Callan Family Office LLC purchased a new position in AutoZone, Inc. (NYSE:AZO - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 979 shares of the company's stock, valued at approximately $3,129,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Keating Financial Advisory Services Inc. purchased a new stake in AutoZone during the 2nd quarter valued at about $112,000. Allworth Financial LP acquired a new stake in AutoZone in the 2nd quarter valued at about $1,209,000. B. Metzler seel. Sohn & Co. AG purchased a new position in AutoZone in the 2nd quarter worth approximately $28,984,000. Fairtree Asset Management Pty Ltd purchased a new position in AutoZone in the 2nd quarter worth approximately $2,144,000. Finally, Portfolio Design Labs LLC acquired a new position in shares of AutoZone during the 2nd quarter worth approximately $243,000. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other AutoZone news, Director Brian Hannasch purchased 165 shares of the stock in a transaction dated Friday, May 29th. The stock was acquired at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the acquisition, the director owned 1,219 shares in the company, valued at $3,641,153. This trade represents a 15.65% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Dennis W. Leriche sold 1,455 shares of the firm's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the sale, the vice president directly owned 441 shares of the company's stock, valued at $1,367,100. The trade was a 76.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.60% of the stock is owned by insiders.

Analyst Ratings Changes

AZO has been the subject of several recent research reports. Evercore reaffirmed an "outperform" rating on shares of AutoZone in a report on Tuesday, May 26th. Robert W. Baird lowered their price objective on AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 27th. Truist Financial set a $3,700.00 target price on AutoZone in a report on Wednesday, May 27th. JPMorgan Chase & Co. cut their target price on AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating for the company in a research note on Wednesday, May 27th. Finally, Guggenheim reduced their price target on AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. One investment 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 company's stock. According to MarketBeat, AutoZone presently has an average rating of "Moderate Buy" and an average price target of $4,029.43.

AutoZone Price Performance

Shares of NYSE AZO opened at $2,960.64 on Friday. The company has a market capitalization of $48.35 billion, a P/E ratio of 20.36, a P/E/G ratio of 1.50 and a beta of 0.33. The company has a 50 day simple moving average of $3,054.94 and a 200-day simple moving average of $3,332.00. AutoZone, Inc. has a 1 year low of $2,902.20 and a 1 year high of $4,388.11.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, beating analysts' consensus estimates of $36.22 by $1.85. The firm had revenue of $4.84 billion for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same period in the prior year, the firm posted $35.36 earnings per share. As a group, research analysts expect that AutoZone, Inc. will post 150.39 EPS for the current year.

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source