IFM Investors Pty Ltd Takes $11.42 Million Position in AutoZone, Inc. $AZO

Key Points

• IFM Investors Pty Ltd disclosed a new first-quarter stake in AutoZone, buying 3,380 shares valued at about $11.42 million.
• AutoZone reported better-than-expected quarterly earnings, with EPS of $38.07 topping estimates, while revenue rose 8.4% year over year to $4.84 billion.
• The company’s board approved a $1.5 billion share buyback plan, authorizing repurchases of up to 3% of outstanding shares.

IFM Investors Pty Ltd acquired a new stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,380 shares of the company's stock, valued at approximately $11,417,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Key Financial Inc boosted its holdings in shares of AutoZone by 6.2% in the first quarter. Key Financial Inc now owns 69 shares of the company's stock valued at $233,000 after acquiring an additional 4 shares in the last quarter. MQS Management LLC acquired a new stake in shares of AutoZone in the first quarter valued at $432,000. Financial & Tax Architects LLC bought a new position in AutoZone during the first quarter valued at about $743,000. SevenBridge Financial Group LLC boosted its stake in AutoZone by 35.8% during the first quarter. SevenBridge Financial Group LLC now owns 1,104 shares of the company's stock valued at $3,963,000 after buying an additional 291 shares in the last quarter. Finally, Lansforsakringar Fondforvaltning AB publ grew its holdings in AutoZone by 0.5% during the first quarter. Lansforsakringar Fondforvaltning AB publ now owns 4,060 shares of the company's stock worth $13,714,000 after acquiring an additional 22 shares during the period. Institutional investors own 92.74% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on AZO shares. The Goldman Sachs Group dropped their price target on shares of AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. Argus raised shares of AutoZone from a "hold" rating to a "buy" rating and set a $4,325.00 target price for the company in a research note on Monday, March 9th. BMO Capital Markets reduced their target price on shares of AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating for the company in a report on Wednesday, May 27th. Guggenheim decreased their price target on shares of AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. Finally, Robert W. Baird dropped their price target on AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating on the stock in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $4,040.87.

AutoZone Price Performance

AZO stock opened at $3,220.56 on Thursday. AutoZone, Inc. has a 52-week low of $2,928.11 and a 52-week high of $4,388.11. The company's 50 day simple moving average is $3,266.59 and its 200-day simple moving average is $3,448.45. The firm has a market capitalization of $52.59 billion, a P/E ratio of 22.14, a P/E/G ratio of 1.62 and a beta of 0.33.

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 analysts' consensus estimates of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The firm had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. During the same quarter last year, the business posted $35.36 EPS. The company's revenue was up 8.4% on a year-over-year basis. Sell-side analysts predict that AutoZone, Inc. will post 150.51 EPS for the current fiscal year.

AutoZone declared that its Board of Directors has approved a share buyback plan on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling at AutoZone

In other AutoZone news, Director Brian Hannasch acquired 165 shares of the firm's stock in a transaction on 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 transaction, the director owned 1,219 shares of the company's stock, valued at $3,641,153. The trade was a 15.65% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Earl G. Graves, Jr. sold 50 shares of AutoZone stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total value of $173,936.00. Following the transaction, the director directly owned 4,837 shares in the company, valued at approximately $16,826,568.64. This trade represents a 1.02% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 2.60% of the company's stock.

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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