Petrus Trust Company LTA Buys Shares of 10,395 AutoZone, Inc. $AZO

Key Points

• Petrus Trust Company LTA initiated a position in AutoZone by purchasing 10,395 shares valued at approximately $33.2 million. The stock now represents 3.1% of the trust’s portfolio, while institutional investors collectively own 92.74% of AutoZone.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $4,029.43, despite several recent target-price cuts.
• AutoZone exceeded quarterly EPS expectations, reporting $38.07 versus the $36.22 consensus, while revenue rose 8.4% year over year. The company also authorized a $1.5 billion share-repurchase program, covering up to 3% of outstanding shares.

Petrus Trust Company LTA bought a new position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 10,395 shares of the company's stock, valued at approximately $33,222,000. AutoZone makes up 3.1% of Petrus Trust Company LTA's portfolio, making the stock its 9th largest position. Petrus Trust Company LTA owned 0.06% of AutoZone at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in AZO. BlackRock Inc. bought a new stake in shares of AutoZone during the 2nd quarter valued at $3,938,566,000. Morgan Stanley grew its holdings in AutoZone by 17.8% during the 4th quarter. Morgan Stanley now owns 492,794 shares of the company's stock valued at $1,671,323,000 after buying an additional 74,555 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in AutoZone by 1.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company's stock valued at $1,312,654,000 after buying an additional 7,390 shares in the last quarter. Norges Bank bought a new stake in shares of AutoZone during the fourth quarter valued at about $939,205,000. Finally, First Manhattan CO. LLC. increased its position in shares of 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 buying an additional 6,765 shares during the period. 92.74% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AZO. Jefferies Financial Group lowered their price target on shares of AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. TD Cowen reaffirmed a "buy" rating and set a $3,700.00 target price on shares of AutoZone in a report on Thursday, June 4th. Weiss Ratings cut shares of AutoZone from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, July 23rd. Mizuho cut their price target on shares of AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating for the company in a report on Wednesday, May 27th. Finally, BMO Capital Markets reduced their price target on shares of AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating for the company in a research report on Wednesday, May 27th. One investment 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. According to data from MarketBeat.com, AutoZone currently has a consensus rating of "Moderate Buy" and an average target price of $4,029.43.

Insider Transactions at AutoZone

In other news, Director Brian Hannasch acquired 165 shares of AutoZone stock in a transaction dated Friday, May 29th. The shares were purchased at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following 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. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Dennis W. Leriche sold 1,455 shares of the firm's stock in a transaction dated 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 directly owned 441 shares in the company, valued at approximately $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 2.60% of the company's stock.

AutoZone Price Performance

Shares of AZO opened at $2,995.37 on Thursday. AutoZone, Inc. has a 1-year low of $2,902.20 and a 1-year high of $4,388.11. The company has a market capitalization of $48.91 billion, a P/E ratio of 20.59, a P/E/G ratio of 1.54 and a beta of 0.33. The firm's 50 day simple moving average is $3,049.65 and its 200 day simple moving average is $3,315.31.

AutoZone (NYSE:AZO - Get Free Report) last posted 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 net margin of 12.40% and a negative return on equity of 80.35%. The firm's revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $35.36 EPS. On average, equities analysts anticipate that AutoZone, Inc. will post 150.39 earnings per share for the current year.

AutoZone declared that its board has approved a stock repurchase program on Tuesday, June 16th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to purchase up to 3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is 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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