Empowered Funds LLC Grows Position in AutoZone, Inc. $AZO

Key Points

• Empowered Funds LLC increased its AutoZone stake by 59.1% in the first quarter to 4,290 shares valued at approximately $14.5 million. Institutional investors collectively own 92.74% of the company.
• AutoZone exceeded quarterly earnings expectations, reporting $38.07 in EPS versus the $36.22 consensus, while revenue rose 8.4% year over year to $4.84 billion. The board also approved a $1.5 billion share-buyback program.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $4,040.87, despite several recent target cuts; shares recently traded near $3,147.

Empowered Funds LLC boosted its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 59.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,290 shares of the company's stock after buying an additional 1,594 shares during the period. Empowered Funds LLC's holdings in AutoZone were worth $14,491,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of AutoZone during the fourth quarter valued at about $939,205,000. Morgan Stanley lifted its holdings in shares of AutoZone by 17.8% in the 4th quarter. Morgan Stanley now owns 492,794 shares of the company's stock worth $1,671,323,000 after acquiring an additional 74,555 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of AutoZone by 387.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company's stock worth $263,832,000 after purchasing an additional 61,821 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of AutoZone by 39.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company's stock worth $584,730,000 after purchasing an additional 50,071 shares during the period. Finally, AQR Capital Management LLC increased its holdings in AutoZone by 80.8% in the 3rd quarter. AQR Capital Management LLC now owns 101,185 shares of the company's stock valued at $432,059,000 after purchasing an additional 45,212 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

AutoZone Stock Up 0.9%

Shares of AZO stock opened at $3,147.02 on Thursday. AutoZone, Inc. has a 52 week low of $2,902.20 and a 52 week high of $4,388.11. The stock has a market capitalization of $51.39 billion, a PE ratio of 21.64, a P/E/G ratio of 1.58 and a beta of 0.33. The firm has a 50 day moving average of $3,085.63 and a two-hundred day moving average of $3,399.22.

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

AutoZone declared that its Board of Directors has approved a share buyback program on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to purchase up to 3% of its shares through open market purchases. Shares buyback programs are typically 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 that occurred on Friday, May 29th. The stock was purchased at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the purchase, the director directly owned 1,219 shares of the company's stock, valued at $3,641,153. This trade represents a 15.65% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 2.60% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on AZO shares. Mizuho cut 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. Morgan Stanley lowered their price target on AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating for the company in a research report on Wednesday, May 27th. Roth Capital cut 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. Robert W. Baird decreased their target price 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. Finally, Truist Financial set a $3,700.00 target price on AutoZone in a research note on Wednesday, May 27th. One equities research 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 stock. According to MarketBeat, AutoZone has an average rating of "Moderate Buy" and a consensus target price of $4,040.87.

AutoZone Company 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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