Quantinno Capital Management LP Grows Holdings in AutoZone, Inc. $AZO

Key Points

• Quantinno Capital Management increased its AutoZone stake by 31.2% in the first quarter, owning 12,665 shares valued at approximately $42.8 million. Institutional investors collectively hold 92.74% of AutoZone’s stock.
• AutoZone’s latest quarterly results exceeded expectations, with EPS of $38.07 versus the $36.22 consensus estimate and revenue rising 8.4% year over year to $4.84 billion.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and a $4,040.87 price target. The company also authorized a $1.5 billion share buyback, representing up to 3% of outstanding shares.

Quantinno Capital Management LP raised its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 31.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,665 shares of the company's stock after purchasing an additional 3,010 shares during the quarter. Quantinno Capital Management LP owned 0.08% of AutoZone worth $42,782,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in AutoZone during the 4th quarter valued at about $939,205,000. Morgan Stanley boosted its holdings in shares of AutoZone by 17.8% in the fourth quarter. Morgan Stanley now owns 492,794 shares of the company's stock valued at $1,671,323,000 after purchasing an additional 74,555 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in AutoZone by 387.1% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company's stock worth $263,832,000 after purchasing an additional 61,821 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in AutoZone by 39.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company's stock worth $584,730,000 after purchasing an additional 50,071 shares during the period. Finally, AQR Capital Management LLC increased its holdings in AutoZone by 80.8% during the 3rd quarter. AQR Capital Management LLC now owns 101,185 shares of the company's stock worth $432,059,000 after purchasing an additional 45,212 shares during the period. 92.74% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Brian Hannasch purchased 165 shares of the business's stock in a transaction on Friday, May 29th. The shares were acquired at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the acquisition, 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on AZO shares. TD Cowen restated a "buy" rating and set a $3,700.00 price target on shares of AutoZone in a research note on Thursday, June 4th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of AutoZone in a research note on Wednesday, May 27th. BMO Capital Markets cut their target price on shares of AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 27th. Jefferies Financial Group reduced 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. Finally, Roth Capital lowered their price target on shares of AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating for the company in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, AutoZone presently has a consensus rating of "Moderate Buy" and a consensus price target of $4,040.87.

AutoZone Stock Performance

Shares of AutoZone stock opened at $3,147.02 on Thursday. The company has a market capitalization of $51.39 billion, a PE ratio of 21.64, a P/E/G ratio of 1.58 and a beta of 0.33. The company has a 50-day simple moving average of $3,085.63 and a two-hundred day simple moving average of $3,399.22. AutoZone, Inc. has a one year low of $2,902.20 and a one year high of $4,388.11.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating analysts' consensus estimates of $36.22 by $1.85. The business had revenue of $4.84 billion for the quarter, compared to analysts' expectations of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The company's revenue was up 8.4% compared to the same quarter last year. During the same period last year, the business earned $35.36 EPS. On average, equities analysts predict that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

AutoZone declared that its Board of Directors has authorized a stock buyback 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 stock through open market purchases. Stock buyback programs are generally an indication 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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