LGT Fund Management Co Ltd. Sells 627 Shares of AutoZone, Inc. $AZO

Key Points

• LGT Fund Management sharply reduced its AutoZone stake in the first quarter, selling 627 shares and cutting its position by 73.2% to 230 shares worth about $777,000.
• AutoZone reported better-than-expected quarterly earnings of $38.07 per share, while revenue came in slightly below estimates but still rose 8.4% year over year to $4.84 billion.
• The company’s board approved a $1.5 billion share buyback program, authorizing repurchases of up to 3% of outstanding shares, while analysts still largely rate the stock Buy with a consensus target price around $4,040.87.

LGT Fund Management Co Ltd. lowered its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 73.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 230 shares of the company's stock after selling 627 shares during the quarter. LGT Fund Management Co Ltd.'s holdings in AutoZone were worth $777,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Turning Point Benefit Group Inc. bought a new position in AutoZone during the third quarter worth about $25,000. Torren Management LLC purchased a new position in shares of AutoZone in the fourth quarter worth about $27,000. Transamerica Financial Advisors LLC raised its position 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 purchasing an additional 4 shares during the period. MCF Advisors LLC raised its position in shares of AutoZone by 50.0% in the fourth quarter. MCF Advisors LLC now owns 9 shares of the company's stock valued at $31,000 after purchasing an additional 3 shares during the period. Finally, Bard Associates Inc. purchased a new stake in shares of AutoZone during the 4th quarter valued at approximately $31,000. 92.74% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

AZO has been the subject of several analyst reports. Citigroup cut their price objective on shares of AutoZone from $4,300.00 to $3,700.00 and set a "buy" rating for the company in a report on Wednesday, May 27th. Raymond James Financial restated a "strong-buy" rating on shares of AutoZone in a research report on Wednesday, May 27th. TD Cowen reiterated a "buy" rating and issued a $3,700.00 price target on shares of AutoZone in a research report on Thursday, June 4th. BMO Capital Markets decreased their price objective on 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. Finally, Roth Capital dropped their price objective on AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, AutoZone currently has an average rating of "Moderate Buy" and a consensus target price of $4,040.87.

Insider Buying and Selling at AutoZone

In related news, Director Brian Hannasch acquired 165 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the director owned 1,219 shares in the company, valued at approximately $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.60% of the company's stock.

AutoZone Stock Performance

Shares of AZO stock opened at $3,073.10 on Monday. The company has a market capitalization of $50.17 billion, a PE ratio of 21.13, a price-to-earnings-growth ratio of 1.56 and a beta of 0.33. AutoZone, Inc. has a 52-week low of $2,928.11 and a 52-week high of $4,388.11. The business's fifty day moving average is $3,195.88 and its 200 day moving average is $3,431.01.

AutoZone (NYSE:AZO - Get Free Report) last announced its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping 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 business had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. During the same period in the prior year, the company earned $35.36 EPS. The company's quarterly revenue was up 8.4% compared to the same quarter last year. On average, sell-side analysts forecast 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 program on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

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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