Pacer Advisors Inc. Lowers Stock Holdings in AutoZone, Inc. $AZO

Key Points

• Pacer Advisors reduced its AutoZone stake by 31.4% in the first quarter, selling 500 shares and retaining 1,093 shares valued at approximately $3.7 million. Institutional investors overall own 92.74% of the company.
• AutoZone reported quarterly earnings of $38.07 per share, 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-buyback program, covering up to 3% of outstanding shares.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $4,029.43, despite several recent target reductions. Director Brian Hannasch also purchased 165 shares worth roughly $493,000.

Pacer Advisors Inc. cut its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 31.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,093 shares of the company's stock after selling 500 shares during the period. Pacer Advisors Inc.'s holdings in AutoZone were worth $3,692,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Jupiter Asset Management Ltd. acquired a new position in AutoZone in the 4th quarter valued at $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund lifted its stake in shares of AutoZone by 15.2% in the 4th quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 14,224 shares of the company's stock worth $48,241,000 after acquiring an additional 1,882 shares during the period. CIBC Asset Management Inc lifted its stake in shares of AutoZone by 67.1% in the 4th quarter. CIBC Asset Management Inc now owns 3,941 shares of the company's stock worth $13,366,000 after acquiring an additional 1,582 shares during the period. Asset Advisors Investment Management LLC boosted its holdings in shares of AutoZone by 13.6% in the fourth quarter. Asset Advisors Investment Management LLC now owns 2,699 shares of the company's stock valued at $9,154,000 after acquiring an additional 323 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of AutoZone in the fourth quarter valued at about $939,205,000. 92.74% of the stock is owned by hedge funds and other institutional investors.

AutoZone Stock Up 0.0%

Shares of NYSE AZO opened at $3,067.37 on Friday. The stock has a market capitalization of $50.09 billion, a price-to-earnings ratio of 21.09, a price-to-earnings-growth ratio of 1.56 and a beta of 0.33. AutoZone, Inc. has a 52 week low of $2,902.20 and a 52 week high of $4,388.11. The firm has a 50-day moving average price of $3,062.02 and a 200 day moving average price of $3,380.17.

AutoZone (NYSE:AZO - Get Free Report) last issued its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share 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 company 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 business posted $35.36 earnings per share. The firm's revenue for the quarter was up 8.4% compared to the same quarter last year. Equities research analysts expect that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on AZO shares. JPMorgan Chase & Co. cut their price target on shares of AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating for the company in a report on Wednesday, May 27th. TD Cowen reaffirmed a "buy" rating and issued a $3,700.00 price objective on shares of AutoZone in a report on Thursday, June 4th. Barclays dropped their target price on AutoZone from $3,900.00 to $3,637.00 and set an "overweight" rating on the stock in a research report on Tuesday. BMO Capital Markets cut their target price on AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating for the company in a research note on Wednesday, May 27th. Finally, Robert W. Baird reduced their price target on AutoZone from $3,900.00 to $3,600.00 and set a "neutral" 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 issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $4,029.43.

Insider Activity at AutoZone

In other news, Director Brian Hannasch purchased 165 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average price 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 position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.60% of the stock is owned by company insiders.

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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