Rathbones Group PLC Has $23.40 Million Holdings in AutoZone, Inc. $AZO

Key Points

• Rathbones Group reduced its AutoZone stake by 6.9% in the first quarter, selling 513 shares and retaining 6,927 shares valued at approximately $23.4 million. Institutional investors and hedge funds collectively own 92.74% of AutoZone.
• Analysts remain broadly positive, with one Strong Buy, 20 Buy and six Hold ratings; the consensus is “Moderate Buy” with a target price of $4,040.87, despite several firms lowering their price targets.
• AutoZone beat quarterly EPS estimates and reported 8.4% year-over-year revenue growth. The company also approved a $1.5 billion share-repurchase plan, while its shares were trading near $2,995.74, close to the low end of their 12-month range.

Rathbones Group PLC lessened its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 6.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,927 shares of the company's stock after selling 513 shares during the quarter. Rathbones Group PLC's holdings in AutoZone were worth $23,398,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Turning Point Benefit Group Inc. bought a new stake in AutoZone during the 3rd quarter worth about $25,000. Torren Management LLC acquired a new position in shares of AutoZone during the 4th quarter worth about $27,000. Transamerica Financial Advisors LLC grew its holdings in shares of AutoZone by 100.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company's stock valued at $28,000 after acquiring an additional 4 shares in the last quarter. MCF Advisors LLC grew its holdings in shares of AutoZone by 50.0% in the 4th quarter. MCF Advisors LLC now owns 9 shares of the company's stock valued at $31,000 after acquiring an additional 3 shares in the last quarter. Finally, Bard Associates Inc. acquired a new stake in shares of AutoZone in the fourth quarter valued at about $31,000. Institutional investors and hedge funds own 92.74% of the company's stock.

Insider Activity at AutoZone

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

Analyst Ratings Changes

Several analysts recently issued reports on the company. Jefferies Financial Group dropped their target price on AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. Mizuho decreased their price target on AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating for the company in a research note on Wednesday, May 27th. Morgan Stanley lowered their price target on AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 27th. Weiss Ratings cut AutoZone from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, July 23rd. Finally, The Goldman Sachs Group cut their price objective on AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating for the company in a report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $4,040.87.

AutoZone Trading Down 0.7%

Shares of NYSE AZO opened at $2,995.74 on Tuesday. The company has a market capitalization of $48.92 billion, a P/E ratio of 20.60, a P/E/G ratio of 1.53 and a beta of 0.33. AutoZone, Inc. has a 12 month low of $2,902.20 and a 12 month high of $4,388.11. The stock has a 50 day moving average of $3,061.56 and a 200-day moving average of $3,389.26.

AutoZone (NYSE:AZO - Get Free Report) last posted 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. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The business had revenue of $4.84 billion for the quarter, compared to analysts' expectations of $4.86 billion. During the same quarter in the prior year, the business earned $35.36 EPS. The firm's revenue for the quarter was up 8.4% on a year-over-year basis. Analysts predict that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.

AutoZone declared that its Board of Directors has approved a share buyback plan on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board 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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