Fjarde AP Fonden Fourth Swedish National Pension Fund Buys 3,555 Shares of AutoZone, Inc. $AZO

Key Points

• Fjarde AP Fonden boosted its AutoZone stake by 40.2% in the first quarter, buying 3,555 additional shares and bringing its total to 12,394 shares valued at about $41.9 million.
• AutoZone reported stronger-than-expected quarterly earnings, posting $38.07 EPS versus the $36.22 estimate, while revenue rose 8.4% year over year to $4.84 billion.
• The company’s board authorized a $1.5 billion share buyback, equal to up to 3% of outstanding stock, while analysts currently rate the stock a Moderate Buy with an average target price of $4,040.87.

Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 40.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 12,394 shares of the company's stock after buying an additional 3,555 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund owned 0.08% of AutoZone worth $41,864,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of AZO. Turning Point Benefit Group Inc. acquired a new stake in shares of AutoZone during the third quarter worth $25,000. Torren Management LLC acquired a new position in shares of AutoZone in the fourth quarter valued at about $27,000. Transamerica Financial Advisors LLC grew its stake in shares of AutoZone by 100.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company's stock valued at $28,000 after acquiring an additional 4 shares in the last quarter. MCF Advisors LLC increased its position in AutoZone by 50.0% during the fourth quarter. MCF Advisors LLC now owns 9 shares of the company's stock worth $31,000 after acquiring an additional 3 shares during the period. Finally, Bard Associates Inc. acquired a new stake in AutoZone in the 4th quarter worth about $31,000. Institutional investors and hedge funds own 92.74% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Morgan Stanley dropped their price target on shares of 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. Oppenheimer reissued an "outperform" rating and set a $4,300.00 price target (up from $4,150.00) on shares of AutoZone in a research report on Tuesday, March 10th. DA Davidson dropped their price objective on AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating for the company in a report on Wednesday, May 27th. Guggenheim cut their target price on 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, BNP Paribas Exane reduced their target price on AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating on the stock in a report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $4,040.87.

AutoZone Price Performance

Shares of NYSE:AZO opened at $3,158.56 on Friday. AutoZone, Inc. has a 1 year low of $2,928.11 and a 1 year high of $4,388.11. The stock has a market capitalization of $51.56 billion, a price-to-earnings ratio of 21.72, a price-to-earnings-growth ratio of 1.63 and a beta of 0.33. The company's 50 day simple moving average is $3,257.59 and its 200 day simple moving average is $3,446.47.

AutoZone (NYSE:AZO - Get Free Report) last issued 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. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The firm had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.86 billion. During the same quarter last year, the business posted $35.36 EPS. The company's revenue was up 8.4% compared to the same quarter last year. As a group, analysts anticipate that AutoZone, Inc. will post 150.51 EPS for the current fiscal year.

AutoZone declared that its board has initiated 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 repurchase up to 3% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Insider Activity

In related news, Director Earl G. Graves, Jr. sold 50 shares of the firm's stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $3,478.72, for a total value of $173,936.00. Following the sale, the director directly owned 4,837 shares of the company's stock, valued at $16,826,568.64. This trade represents a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Brian Hannasch bought 165 shares of the firm's stock in a transaction on Friday, May 29th. The stock was acquired at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the transaction, the director owned 1,219 shares of the company's stock, valued at approximately $3,641,153. The trade was a 15.65% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 2.60% of the company's stock.

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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