Edgestream Partners L.P. Purchases 2,377 Shares of AutoZone, Inc. $AZO

Key Points

• Edgestream Partners increased its AutoZone stake by 165.1% in the first quarter, purchasing 2,377 shares for a total holding of 3,817 shares valued at approximately $12.9 million. Institutional investors collectively own 92.74% of the company.
• AutoZone reported quarterly earnings of $38.07 per share, beating estimates of $36.22, while revenue rose 8.4% year over year to $4.84 billion. The board also authorized a $1.5 billion share-repurchase program, covering up to 3% of outstanding shares.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $4,040.87, despite several firms recently lowering their targets.

Edgestream Partners L.P. boosted its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 165.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,817 shares of the company's stock after purchasing an additional 2,377 shares during the quarter. AutoZone comprises about 0.4% of Edgestream Partners L.P.'s portfolio, making the stock its 17th biggest position. Edgestream Partners L.P.'s holdings in AutoZone were worth $12,893,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of AZO. Jupiter Asset Management Ltd. purchased a new position in shares of AutoZone during the fourth quarter valued at $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund raised its holdings in shares of AutoZone by 15.2% in the fourth quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 14,224 shares of the company's stock valued at $48,241,000 after acquiring an additional 1,882 shares in the last quarter. CIBC Asset Management Inc lifted its stake in AutoZone by 67.1% in the fourth quarter. CIBC Asset Management Inc now owns 3,941 shares of the company's stock worth $13,366,000 after acquiring an additional 1,582 shares during the period. Asset Advisors Investment Management LLC lifted its stake in AutoZone by 13.6% in the fourth quarter. Asset Advisors Investment Management LLC now owns 2,699 shares of the company's stock worth $9,154,000 after acquiring an additional 323 shares during the period. Finally, Norges Bank bought a new position in AutoZone during the 4th quarter worth about $939,205,000. 92.74% of the stock is owned by institutional investors.

Insider Activity

In other AutoZone news, Director Brian Hannasch purchased 165 shares of AutoZone stock in a transaction dated Friday, May 29th. The shares were acquired at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the transaction, the director owned 1,219 shares in the company, valued at approximately $3,641,153. This trade represents a 15.65% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.60% of the company's stock.

Wall Street Analyst Weigh In

AZO has been the topic of a number of research reports. BMO Capital Markets cut their target price on shares of AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 27th. The Goldman Sachs Group lowered their price target on shares of AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating for the company in a research report on Wednesday, May 27th. TD Cowen reiterated a "buy" rating and set a $3,700.00 price objective on shares of AutoZone in a research note on Thursday, June 4th. Citigroup cut their price objective on shares of AutoZone from $4,300.00 to $3,700.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. Finally, Morgan Stanley reduced 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 investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, AutoZone presently has a consensus rating of "Moderate Buy" and a consensus price target of $4,040.87.

AutoZone Stock Up 0.9%

Shares of AutoZone stock opened at $3,147.02 on Thursday. The firm's 50 day moving average price is $3,085.63 and its 200-day moving average price is $3,399.22. AutoZone, Inc. has a 52-week low of $2,902.20 and a 52-week high of $4,388.11. The company has a market cap of $51.39 billion, a P/E ratio of 21.64, a PEG ratio of 1.58 and a beta of 0.33.

AutoZone (NYSE:AZO - Get Free Report) last posted its earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, beating analysts' consensus estimates of $36.22 by $1.85. The company had revenue of $4.84 billion during the quarter, compared to analysts' expectations of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. AutoZone's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $35.36 earnings per share. As a group, equities research analysts forecast that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.

AutoZone declared that its Board of Directors has authorized 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 purchase up to 3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are 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.

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