Lombard Odier Asset Management Switzerland SA Acquires New Shares in AutoZone, Inc. $AZO

Key Points

• Lombard Odier Asset Management Switzerland SA opened a new position in AutoZone during the first quarter, buying 2,901 shares valued at about $9.8 million.
• AutoZone reported better-than-expected quarterly earnings of $38.07 per share, with revenue up 8.4% year over year, even though revenue slightly missed estimates.
• The company’s board approved a $1.5 billion stock buyback program, while analysts still largely view the stock favorably with a Moderate Buy consensus and an average target price around $4,040.87.

Lombard Odier Asset Management Switzerland SA purchased a new position in AutoZone, Inc. (NYSE:AZO - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 2,901 shares of the company's stock, valued at approximately $9,799,000.

Other large investors also recently made changes to their positions in the company. Morgan Stanley raised its stake in shares of AutoZone by 17.8% in the 4th quarter. Morgan Stanley now owns 492,794 shares of the company's stock valued at $1,671,323,000 after acquiring an additional 74,555 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in AutoZone by 1.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company's stock worth $1,312,654,000 after purchasing an additional 7,390 shares during the period. Norges Bank acquired a new position in AutoZone during the fourth quarter valued at approximately $939,205,000. PineStone Asset Management Inc. grew its holdings in AutoZone by 1.5% during the fourth quarter. PineStone Asset Management Inc. now owns 269,173 shares of the company's stock valued at $912,900,000 after purchasing an additional 3,868 shares during the last quarter. Finally, First Manhattan CO. LLC. grew its holdings in AutoZone by 2.7% during the fourth quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company's stock valued at $886,246,000 after purchasing an additional 6,765 shares during the last quarter. Institutional investors own 92.74% of the company's stock.

Insiders Place Their Bets

In related news, Director Brian Hannasch purchased 165 shares of AutoZone stock in a transaction on Friday, May 29th. The stock was purchased 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 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 SEC, which is accessible through this link. 2.60% of the stock is currently owned by company insiders.

AutoZone Stock Up 1.0%

Shares of AZO stock opened at $2,953.62 on Friday. AutoZone, Inc. has a 12 month low of $2,902.20 and a 12 month high of $4,388.11. The firm has a market cap of $48.23 billion, a PE ratio of 20.31, a price-to-earnings-growth ratio of 1.50 and a beta of 0.33. The stock has a 50 day moving average of $3,101.53 and a 200-day moving average of $3,402.12.

AutoZone (NYSE:AZO - Get Free Report) last announced its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The business 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 company posted $35.36 earnings per share. AutoZone's quarterly revenue was up 8.4% on a year-over-year basis. As a group, equities analysts predict that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Morgan Stanley reduced their price objective on shares of AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating for the company in a research note on Wednesday, May 27th. Citigroup lowered their target price on shares of AutoZone from $4,300.00 to $3,700.00 and set a "buy" rating on the stock in a research note on Wednesday, May 27th. TD Cowen reiterated a "buy" rating and issued a $3,700.00 target price on shares of AutoZone in a report on Thursday, June 4th. Robert W. Baird cut their target price on shares of AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating for the company in a research report on Wednesday, May 27th. Finally, Guggenheim decreased their price target on shares of AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating for the company 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 issued a Hold rating to the company. Based on data from MarketBeat.com, AutoZone presently has an average rating of "Moderate Buy" and an average price target of $4,040.87.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.