Evelyn Partners Investment Management LLP Boosts Stock Holdings in AutoZone, Inc. $AZO

Key Points

• Evelyn Partners increased its AutoZone stake by 7.9% in the first quarter, holding 11,290 shares valued at approximately $38.1 million. Institutional investors collectively own 92.74% of the company.
• AutoZone reported quarterly EPS of $38.07, 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, representing up to 3% of outstanding shares.
• Despite several analysts lowering their price targets, AutoZone retains a “Moderate Buy” consensus rating with an average target of $4,040.87, well above its reported trading price of $3,070.25.

Evelyn Partners Investment Management LLP grew its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 7.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,290 shares of the company's stock after purchasing an additional 825 shares during the quarter. AutoZone makes up 1.0% of Evelyn Partners Investment Management LLP's portfolio, making the stock its 22nd biggest position. Evelyn Partners Investment Management LLP owned 0.07% of AutoZone worth $38,135,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Morgan Stanley increased its holdings in AutoZone by 17.8% during the fourth quarter. Morgan Stanley now owns 492,794 shares of the company's stock valued at $1,671,323,000 after buying an additional 74,555 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in AutoZone by 1.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company's stock worth $1,312,654,000 after buying an additional 7,390 shares during the period. Norges Bank bought a new stake in AutoZone during the 4th quarter valued at $939,205,000. PineStone Asset Management Inc. increased its holdings in shares of AutoZone by 1.5% in the 4th quarter. PineStone Asset Management Inc. now owns 269,173 shares of the company's stock valued at $912,900,000 after acquiring an additional 3,868 shares during the period. Finally, First Manhattan CO. LLC. raised its position in shares of AutoZone by 2.7% in the 4th quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company's stock worth $886,246,000 after acquiring an additional 6,765 shares in the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

Insider Buying and Selling at AutoZone

In other news, Director Brian Hannasch acquired 165 shares of AutoZone stock in a transaction dated 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 purchase, the director directly owned 1,219 shares in the company, valued at $3,641,153. This trade represents a 15.65% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.60% of the company's stock.

AutoZone Trading Up 3.8%

NYSE:AZO opened at $3,070.25 on Tuesday. AutoZone, Inc. has a twelve month low of $2,902.20 and a twelve month high of $4,388.11. The company has a market cap of $50.12 billion, a PE ratio of 21.11, a P/E/G ratio of 1.50 and a beta of 0.33. The company's 50 day moving average is $3,095.65 and its two-hundred day moving average is $3,401.79.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings data 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 net margin of 12.40% and a negative return on equity of 80.35%. The business had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. During the same period in the previous year, the firm posted $35.36 earnings per share. The business's revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, analysts expect 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 repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to buy up to 3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

AZO has been the subject of a number of recent research reports. Citigroup reduced their target price on shares of AutoZone from $4,300.00 to $3,700.00 and set a "buy" rating for the company in a report on Wednesday, May 27th. BNP Paribas Exane cut their price objective on shares of AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 27th. BMO Capital Markets reduced their price objective on shares of AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating for the company in a research note on Wednesday, May 27th. Guggenheim decreased their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating for the company in a research report on Wednesday, May 27th. Finally, JPMorgan Chase & Co. lowered their target price on shares of 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. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, AutoZone currently has a consensus rating of "Moderate Buy" and an average target price of $4,040.87.

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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