Swiss National Bank Boosts Stock Holdings in AutoZone, Inc. $AZO

Key Points

• Swiss National Bank increased its AutoZone stake by 6.1% in the first quarter, ending with 48,620 shares valued at about $164.2 million. Institutional ownership in AutoZone remains very high at 92.74%.
• AutoZone reported stronger-than-expected earnings for the latest quarter, posting EPS of $38.07 versus the $36.22 estimate, while revenue rose 8.4% year over year to $4.84 billion.
• The company approved a $1.5 billion share buyback in June, authorizing repurchases of up to 3% of shares, a move that typically signals management confidence in valuation.

Swiss National Bank raised its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 6.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 48,620 shares of the company's stock after purchasing an additional 2,780 shares during the quarter. Swiss National Bank owned about 0.30% of AutoZone worth $164,228,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

A number of analysts have recently issued reports on AZO shares. Weiss Ratings upgraded AutoZone from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, July 8th. BMO Capital Markets cut their price target on shares of AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating on the stock in a report on Wednesday, May 27th. Mizuho reduced their price target on shares of AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 27th. The Goldman Sachs Group decreased their price objective on shares of AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. Finally, Truist Financial set a $3,700.00 price objective on shares of AutoZone in a research 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $4,040.87.

Insider Activity

In other 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 price of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the purchase, the director directly owned 1,219 shares of the company's stock, valued at approximately $3,641,153. This trade represents a 15.65% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.60% of the stock is owned by corporate insiders.

AutoZone Stock Performance

AZO stock opened at $3,046.69 on Monday. The firm has a market cap of $49.75 billion, a P/E ratio of 20.95, a price-to-earnings-growth ratio of 1.55 and a beta of 0.33. AutoZone, Inc. has a 1 year low of $2,928.11 and a 1 year high of $4,388.11. The stock has a 50-day simple moving average of $3,142.61 and a 200-day simple moving average of $3,416.47.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, topping the consensus estimate of $36.22 by $1.85. The firm had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.AutoZone's revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the previous year, the company posted $35.36 EPS. On average, equities research analysts predict that AutoZone, Inc. will post 150.51 EPS for the current year.

AutoZone announced that its board has authorized a share buyback plan on Tuesday, June 16th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to repurchase up to 3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

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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