Kovitz Investment Group Partners LLC Has $12.29 Million Holdings in AutoZone, Inc. $AZO

Key Points

• Kovitz Investment Group Partners LLC cut its AutoZone stake by 54.7% in the fourth quarter, but still held 3,625 shares valued at about $12.29 million.
• AutoZone recently reported better-than-expected earnings, posting $38.07 EPS versus $36.22 expected, while revenue rose 8.4% year over year to $4.84 billion.
• The company’s board approved a new $1.5 billion share repurchase program, authorizing buybacks of up to 3% of outstanding shares, even as analysts keep a Moderate Buy consensus with a $4,040.87 target price.

Kovitz Investment Group Partners LLC cut its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 54.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,625 shares of the company's stock after selling 4,369 shares during the period. Kovitz Investment Group Partners LLC's holdings in AutoZone were worth $12,294,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of AZO. Brighton Jones LLC boosted its stake in AutoZone by 14.4% during the fourth quarter. Brighton Jones LLC now owns 111 shares of the company's stock worth $356,000 after buying an additional 14 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in AutoZone in the 2nd quarter valued at $356,000. Guggenheim Capital LLC raised its stake in shares of AutoZone by 3.8% in the 2nd quarter. Guggenheim Capital LLC now owns 248 shares of the company's stock valued at $921,000 after buying an additional 9 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in shares of AutoZone by 8.9% during the 2nd quarter. NewEdge Advisors LLC now owns 1,376 shares of the company's stock worth $5,110,000 after acquiring an additional 112 shares during the period. Finally, Treasurer of the State of North Carolina lifted its holdings in shares of AutoZone by 52.3% during the 2nd quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company's stock worth $43,667,000 after acquiring an additional 4,039 shares during the period. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

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

AutoZone Stock Up 0.1%

Shares of AutoZone stock opened at $3,064.22 on Friday. AutoZone, Inc. has a 12-month low of $2,928.11 and a 12-month high of $4,388.11. The stock has a market capitalization of $50.04 billion, a P/E ratio of 21.07, a price-to-earnings-growth ratio of 1.55 and a beta of 0.35. The company has a 50-day simple moving average of $3,341.84 and a 200 day simple moving average of $3,487.41.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, beating analysts' consensus estimates of $36.22 by $1.85. The firm had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The company's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the previous year, the business earned $35.36 earnings per share. On average, equities analysts anticipate that AutoZone, Inc. will post 150.51 earnings per share for the current year.

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

Analysts Set New Price Targets

A number of analysts recently weighed in on AZO shares. BNP Paribas Exane lowered their target price on shares of AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 27th. UBS Group set a $4,800.00 price target on shares of AutoZone in a research note on Tuesday, March 3rd. Truist Financial set a $3,700.00 price objective on AutoZone in a report on Wednesday, May 27th. JPMorgan Chase & Co. dropped their target price on AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating for the company in a report on Wednesday, May 27th. Finally, Barclays raised their target price on AutoZone from $3,800.00 to $3,900.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus 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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