First Nebraska Trust Co Purchases Shares of 591 AutoZone, Inc. $AZO

Key Points

• First Nebraska Trust Co. initiated a $1.996 million position in AutoZone by purchasing 591 shares during the first quarter. Institutional investors and hedge funds collectively own 92.74% of the company.
• Analysts maintain a broadly positive outlook, with AutoZone receiving a “Moderate Buy” consensus rating and an average price target of $4,040.87, despite several recent target reductions.
• AutoZone exceeded quarterly EPS expectations, reporting $38.07 versus the $36.22 consensus estimate, while revenue increased 8.4% year over year. The company also authorized a $1.5 billion share buyback, covering up to 3% of outstanding shares.

First Nebraska Trust Co purchased a new stake in AutoZone, Inc. (NYSE:AZO - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 591 shares of the company's stock, valued at approximately $1,996,000.

Other large investors have also recently made changes to their positions in the company. Jupiter Asset Management Ltd. purchased a new position in shares of AutoZone during the fourth quarter worth $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund lifted its stake in AutoZone by 15.2% during the 4th 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 worth $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% during the 4th 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 in the last quarter. Asset Advisors Investment Management LLC boosted its holdings in AutoZone by 13.6% during the 4th quarter. Asset Advisors Investment Management LLC now owns 2,699 shares of the company's stock valued at $9,154,000 after acquiring an additional 323 shares during the period. Finally, Norges Bank purchased a new position in AutoZone during the 4th quarter valued at about $939,205,000. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at AutoZone

In other 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 price of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the purchase, 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.60% of the company's stock.

Analysts Set New Price Targets

AZO has been the topic of a number of recent research reports. BMO Capital Markets cut their price target on shares of AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 27th. Mizuho lowered their price objective on shares of AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating for the company in a research note on Wednesday, May 27th. Robert W. Baird dropped their price objective on shares of AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating for the company in a report on Wednesday, May 27th. Guggenheim cut their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating on the stock in a research note on Wednesday, May 27th. Finally, Citigroup reduced their target price 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. 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. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $4,040.87.

AutoZone Stock Up 0.6%

Shares of NYSE:AZO opened at $3,024.42 on Friday. AutoZone, Inc. has a fifty-two week low of $2,902.20 and a fifty-two week high of $4,388.11. The firm's 50 day moving average price is $3,069.68 and its 200 day moving average price is $3,393.78. The stock has a market cap of $49.39 billion, a price-to-earnings ratio of 20.79, a price-to-earnings-growth ratio of 1.53 and a beta of 0.33.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $4.84 billion during the quarter, compared to analysts' expectations of $4.86 billion. During the same quarter in the previous year, the business posted $35.36 EPS. The firm's revenue was up 8.4% on a year-over-year basis. On average, equities analysts anticipate that AutoZone, Inc. will post 150.39 EPS for the current year.

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

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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