Commerce Bank Takes $18.34 Million Position in AutoZone, Inc. $AZO

Key Points

• Commerce Bank acquired 5,740 AutoZone shares during the second quarter, valued at approximately $18.35 million. Institutional investors collectively own 92.74% of the company.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $4,029.43, despite several firms recently lowering their targets.
• AutoZone exceeded quarterly EPS expectations, reporting $38.07 versus the $36.22 consensus, while revenue rose 8.4% year over year. The company also authorized a $1.5 billion share buyback, covering up to 3% of outstanding shares.

Commerce Bank acquired a new position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 5,740 shares of the company's stock, valued at approximately $18,345,000.

A number of other institutional investors also recently made changes to their positions in the company. Turning Point Benefit Group Inc. acquired a new position in shares of AutoZone in the third quarter valued at approximately $25,000. Torren Management LLC acquired a new stake in AutoZone during the 4th quarter worth approximately $27,000. Transamerica Financial Advisors LLC lifted its holdings in AutoZone by 100.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company's stock worth $28,000 after purchasing an additional 4 shares during the last quarter. MCF Advisors LLC boosted its stake in AutoZone by 50.0% in the 4th quarter. MCF Advisors LLC now owns 9 shares of the company's stock valued at $31,000 after purchasing an additional 3 shares during the period. Finally, Bard Associates Inc. bought a new stake in AutoZone in the 4th quarter valued at $31,000. Institutional investors own 92.74% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on AZO shares. Raymond James Financial reaffirmed a "strong-buy" rating on shares of AutoZone in a report on Wednesday, May 27th. DA Davidson reduced 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 research report on Wednesday, May 27th. JPMorgan Chase & Co. decreased their price target on shares of 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. Evercore reaffirmed an "outperform" rating on shares of AutoZone in a research report on Tuesday, May 26th. Finally, Morgan Stanley dropped their price objective 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 research 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. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $4,029.43.

AutoZone Price Performance

AutoZone stock opened at $2,960.64 on Friday. The stock's fifty day moving average price is $3,054.94 and its two-hundred day moving average price is $3,332.00. AutoZone, Inc. has a one year low of $2,902.20 and a one year high of $4,388.11. The firm has a market cap of $48.35 billion, a PE ratio of 20.36, a price-to-earnings-growth ratio of 1.50 and a beta of 0.33.

AutoZone (NYSE:AZO - Get Free Report) last released its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating 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 revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the company posted $35.36 EPS. Sell-side analysts expect that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

AutoZone announced that its board has initiated a stock buyback program on Tuesday, June 16th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 3% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is undervalued.

Insiders Place Their Bets

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

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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