Sather Financial Group Inc Sells 5,321 Shares of AutoZone, Inc. $AZO

Key Points

• Sather Financial Group sharply reduced its AutoZone position in the first quarter, selling 5,321 shares and cutting its stake by 89.2% to 644 shares worth about $2.18 million.
• AutoZone reported strong quarterly earnings of $38.07 per share, beating analyst estimates, while revenue rose 8.4% year over year to $4.84 billion.
• The company’s board authorized a new $1.5 billion stock buyback, and Wall Street remains generally positive with a Moderate Buy consensus and an average price target of $4,040.87.

Sather Financial Group Inc cut its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 89.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 644 shares of the company's stock after selling 5,321 shares during the quarter. Sather Financial Group Inc's holdings in AutoZone were worth $2,175,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC lifted its stake in AutoZone by 14.4% during the fourth quarter. Brighton Jones LLC now owns 111 shares of the company's stock worth $356,000 after purchasing an additional 14 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of AutoZone in the 2nd quarter valued at $356,000. Guggenheim Capital LLC increased its stake in shares of AutoZone by 3.8% in the 2nd quarter. Guggenheim Capital LLC now owns 248 shares of the company's stock valued at $921,000 after purchasing an additional 9 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of AutoZone by 8.9% during the 2nd quarter. NewEdge Advisors LLC now owns 1,376 shares of the company's stock worth $5,110,000 after buying an additional 112 shares in the last quarter. Finally, Treasurer of the State of North Carolina raised its holdings in shares of AutoZone by 52.3% during the 2nd quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company's stock worth $43,667,000 after buying an additional 4,039 shares in the last quarter. Institutional investors own 92.74% of the company's stock.

Wall Street Analysts Forecast Growth

AZO has been the subject of several recent analyst reports. Mizuho dropped their price objective on AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating for the company in a research report on Wednesday, May 27th. The Goldman Sachs Group decreased their target price on 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. Morgan Stanley dropped their target price on shares of AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating for the company in a report on Wednesday, May 27th. Roth Capital reduced their price target on shares of AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating on the stock in a research note on Wednesday, May 27th. Finally, TD Cowen reaffirmed a "buy" rating and set a $3,700.00 price target on shares of AutoZone in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $4,040.87.

AutoZone Price Performance

Shares of NYSE AZO traded up $77.64 during mid-day trading on Tuesday, hitting $3,035.35. 113,069 shares of the stock traded hands, compared to its average volume of 261,203. AutoZone, Inc. has a twelve month low of $2,928.11 and a twelve month high of $4,388.11. The company has a market cap of $49.57 billion, a PE ratio of 20.87, a price-to-earnings-growth ratio of 1.60 and a beta of 0.33. The firm has a 50 day simple moving average of $3,248.95 and a two-hundred day simple moving average of $3,444.13.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping 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 analyst estimates of $4.86 billion. During the same quarter in the previous year, the company posted $35.36 EPS. AutoZone's quarterly revenue was up 8.4% compared to the same quarter last year. On average, equities research analysts anticipate that AutoZone, Inc. will post 150.51 earnings per share for the current fiscal year.

AutoZone declared that its board has initiated a stock buyback plan on Tuesday, June 16th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to reacquire up to 3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its shares are undervalued.

Insider Transactions at AutoZone

In other news, Director Brian Hannasch purchased 165 shares of AutoZone stock in a transaction dated Friday, May 29th. The shares were bought at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the acquisition, the director owned 1,219 shares in the company, valued at approximately $3,641,153. This trade represents a 15.65% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Earl G. Graves, Jr. sold 50 shares of the company's stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total value of $173,936.00. Following the completion of the transaction, the director directly owned 4,837 shares of the company's stock, valued at $16,826,568.64. This represents a 1.02% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 2.60% of the company's stock.

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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