Korea Investment CORP Purchases Shares of 11,418 AutoZone, Inc. $AZO

Key Points

• Korea Investment Corp. acquired 11,418 AutoZone shares during the second quarter, valued at approximately $36.5 million, giving it about a 0.07% stake. Institutional investors collectively own 92.74% of the company.
• AutoZone reported quarterly EPS of $38.07, exceeding 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, covering up to 3% of outstanding shares.
• Despite several analysts lowering their price targets, AutoZone maintains a “Moderate Buy” consensus rating, with an average target of $4,029.43 versus a recent share price of $2,960.64.

Korea Investment CORP acquired a new stake in AutoZone, Inc. (NYSE:AZO - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,418 shares of the company's stock, valued at approximately $36,491,000. Korea Investment CORP owned approximately 0.07% of AutoZone as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in AZO. Sigma Planning Corp lifted its holdings in AutoZone by 3.6% in the 4th quarter. Sigma Planning Corp now owns 86 shares of the company's stock worth $292,000 after purchasing an additional 3 shares in the last quarter. Midwest Trust Co raised its position in shares of AutoZone by 4.2% during the fourth quarter. Midwest Trust Co now owns 74 shares of the company's stock valued at $251,000 after buying an additional 3 shares during the last quarter. Arrowroot Family Office LLC lifted its holdings in shares of AutoZone by 5.4% in the fourth quarter. Arrowroot Family Office LLC now owns 59 shares of the company's stock worth $200,000 after buying an additional 3 shares in the last quarter. MCF Advisors LLC boosted its position in shares of 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 last quarter. Finally, IVC Wealth Advisors LLC boosted its position in shares of AutoZone by 2.9% during the first quarter. IVC Wealth Advisors LLC now owns 107 shares of the company's stock worth $361,000 after acquiring an additional 3 shares during the last quarter. Institutional investors own 92.74% of the company's stock.

AutoZone Stock Down 0.0%

Shares of NYSE AZO opened at $2,960.64 on Friday. AutoZone, Inc. has a twelve month low of $2,902.20 and a twelve month high of $4,388.11. The firm has a market cap of $48.35 billion, a PE ratio of 20.36, a price-to-earnings-growth ratio of 1.50 and a beta of 0.33. The business has a fifty day simple moving average of $3,054.94 and a two-hundred day simple moving average of $3,332.00.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) 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 the consensus estimate of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The business's revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $35.36 EPS. On average, research analysts expect that AutoZone, Inc. will post 150.39 earnings per share for the current year.

AutoZone announced that its board has authorized a share repurchase program on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to reacquire up to 3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Barclays decreased their price target on shares of AutoZone from $3,900.00 to $3,637.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 4th. Roth Capital reduced their price objective on AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating on the stock in a research note on Wednesday, May 27th. Truist Financial set a $3,700.00 price objective on AutoZone in a research report on Wednesday, May 27th. The Goldman Sachs Group lowered their price objective on AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. Finally, Morgan Stanley dropped their target price on AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating for the company in a report 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's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $4,029.43.

Insider Activity

In other AutoZone news, Director Brian Hannasch bought 165 shares of the company's stock in a transaction on Friday, May 29th. The shares were bought at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the acquisition, the director directly owned 1,219 shares in the company, valued at approximately $3,641,153. The trade was a 15.65% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Dennis W. Leriche sold 1,455 shares of the firm's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the transaction, the vice president directly owned 441 shares in the company, valued at $1,367,100. This trade represents a 76.74% decrease in their position. The SEC filing for this sale provides additional information. 2.60% of the stock is owned by corporate insiders.

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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