Verition Fund Management LLC Grows Stake in AutoZone, Inc. $AZO

Key Points

• Verition Fund Management massively increased its AutoZone stake in the fourth quarter, boosting holdings by 1,288.7% to 5,666 shares valued at about $19.2 million.
• AutoZone reported better-than-expected quarterly earnings of $38.07 per share, topping estimates, while revenue rose 8.4% year over year to $4.84 billion.
• Analysts remain generally positive on the stock, with a Moderate Buy consensus and an average price target of about $4,040.87, though several firms recently trimmed their targets.

Verition Fund Management LLC boosted its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 1,288.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,666 shares of the company's stock after acquiring an additional 5,258 shares during the period. Verition Fund Management LLC's holdings in AutoZone were worth $19,216,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Crestwood Advisors Group LLC grew its stake in AutoZone by 1.7% during the 3rd quarter. Crestwood Advisors Group LLC now owns 184 shares of the company's stock valued at $791,000 after acquiring an additional 3 shares in the last quarter. Assetmark Inc. grew its stake in AutoZone by 1.4% during the 3rd quarter. Assetmark Inc. now owns 212 shares of the company's stock valued at $908,000 after acquiring an additional 3 shares in the last quarter. Bridgewater Advisors Inc. grew its stake in AutoZone by 1.3% during the 3rd quarter. Bridgewater Advisors Inc. now owns 229 shares of the company's stock valued at $982,000 after acquiring an additional 3 shares in the last quarter. Compass Capital Corp MA ADV grew its stake in AutoZone by 3.7% during the 3rd quarter. Compass Capital Corp MA ADV now owns 85 shares of the company's stock valued at $365,000 after acquiring an additional 3 shares in the last quarter. Finally, KCM Investment Advisors LLC grew its stake in AutoZone by 0.3% during the 3rd quarter. KCM Investment Advisors LLC now owns 1,153 shares of the company's stock valued at $4,947,000 after acquiring an additional 3 shares in the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

AutoZone Price Performance

AutoZone stock opened at $3,105.57 on Tuesday. The firm has a 50 day simple moving average of $3,361.28 and a 200-day simple moving average of $3,506.08. AutoZone, Inc. has a 1-year low of $2,928.11 and a 1-year high of $4,388.11. The stock has a market cap of $51.18 billion, a price-to-earnings ratio of 21.35, a price-to-earnings-growth ratio of 1.58 and a beta of 0.35.

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 the consensus estimate of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The business had revenue of $4.84 billion during the quarter, compared to analysts' expectations of $4.86 billion. During the same quarter in the prior year, the company posted $35.36 EPS. The business's revenue for the quarter was up 8.4% on a year-over-year basis. Equities analysts expect that AutoZone, Inc. will post 150.45 earnings per share for the current fiscal year.

Insider Activity at AutoZone

In related news, Director Brian Hannasch acquired 165 shares of the firm's 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 acquisition, the director owned 1,219 shares in the company, valued at $3,641,153. The trade was a 15.65% increase in their position. The purchase 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 stock was sold at an average price of $3,478.72, for a total transaction of $173,936.00. Following the completion of the transaction, the director owned 4,837 shares in the company, valued at approximately $16,826,568.64. This represents a 1.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.60% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Guggenheim dropped their price objective on shares of AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. Truist Financial set a $3,700.00 price objective on shares of AutoZone in a research note on Wednesday, May 27th. Morgan Stanley dropped their price target on shares of AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating for the company in a research note on Wednesday, May 27th. DA Davidson dropped their price target on shares of AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. Finally, Barclays increased their price target on shares of AutoZone from $3,800.00 to $3,900.00 and gave the company an "overweight" rating in a research note on Wednesday, March 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $4,040.87.

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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