PCM Encore LLC Invests $1.09 Million in AutoZone, Inc. $AZO

Key Points

• PCM Encore LLC purchased 341 AutoZone shares worth approximately $1.09 million in the second quarter. Institutional investors collectively own 92.74% of the company.
• AutoZone reported quarterly EPS of $38.07, exceeding the $36.22 consensus estimate, while revenue rose 8.4% year over year to $4.84 billion. The board also authorized a $1.5 billion share-buyback program.
• Shares recently traded at $2,960.32, down 3.8%, but analysts maintain a “Moderate Buy” consensus with an average price target of $4,029.43. Insider activity was mixed, with a vice president selling shares while a director increased his position.

PCM Encore LLC purchased a new stake in AutoZone, Inc. (NYSE:AZO - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 341 shares of the company's stock, valued at approximately $1,091,000.

Several other hedge funds also recently modified their holdings of the company. Turning Point Benefit Group Inc. bought a new stake in AutoZone during the 3rd quarter worth $25,000. Torren Management LLC bought a new position in AutoZone in the fourth quarter valued at about $27,000. Transamerica Financial Advisors LLC boosted its stake in shares of AutoZone by 100.0% during 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 in the last quarter. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of AutoZone during the second quarter valued at about $29,000. Finally, MCF Advisors LLC boosted its stake in shares of AutoZone by 50.0% during 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 in the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

Insider Buying and Selling

In other news, VP Dennis W. Leriche sold 1,455 shares of the business's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the transaction, the vice president owned 441 shares in the company, valued at approximately $1,367,100. The trade was a 76.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Brian Hannasch acquired 165 shares of the firm's stock in a transaction dated Friday, May 29th. The shares were purchased at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the transaction, the director owned 1,219 shares of the company's stock, valued at $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 2.60% of the company's stock.

AutoZone Trading Down 3.8%

NYSE AZO opened at $2,960.32 on Friday. The firm has a market capitalization of $48.34 billion, a PE ratio of 20.35, a price-to-earnings-growth ratio of 1.56 and a beta of 0.33. The business's 50-day moving average price is $3,057.93 and its two-hundred day moving average price is $3,334.62. AutoZone, Inc. has a 12 month low of $2,902.20 and a 12 month high of $4,388.11.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $4.84 billion during 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 firm's revenue was up 8.4% compared to the same quarter last year. During the same period last year, the company earned $35.36 earnings per share. As a group, analysts forecast that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

AutoZone announced that its Board of Directors has authorized a share buyback program on Tuesday, June 16th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to purchase up to 3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Morgan Stanley lowered their price objective on 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. The Goldman Sachs Group cut their target price on shares of AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. DA Davidson reduced their target price on shares of AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. BNP Paribas Exane reduced 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 report on Wednesday, May 27th. Finally, Raymond James Financial restated a "strong-buy" rating on shares of AutoZone in a research 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 assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $4,029.43.

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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