KBC Group NV cut its holdings in shares of AutoZone, Inc. (NYSE:AZO – Free Report) by 24.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,080 shares of the company’s stock after selling 2,275 shares during the quarter. KBC Group NV’s holdings in AutoZone were worth $23,915,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Jupiter Asset Management Ltd. acquired a new position in shares of AutoZone in the fourth quarter worth $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund boosted its position in AutoZone by 15.2% during the fourth quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 14,224 shares of the company’s stock valued at $48,241,000 after purchasing an additional 1,882 shares during the last quarter. CIBC Asset Management Inc grew its stake in AutoZone by 67.1% in the fourth quarter. CIBC Asset Management Inc now owns 3,941 shares of the company’s stock valued at $13,366,000 after purchasing an additional 1,582 shares in the last quarter. Asset Advisors Investment Management LLC grew its stake in AutoZone by 13.6% in the fourth quarter. Asset Advisors Investment Management LLC now owns 2,699 shares of the company’s stock valued at $9,154,000 after purchasing an additional 323 shares in the last quarter. Finally, Norges Bank acquired a new position in AutoZone in the 4th quarter worth about $939,205,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.
Insider Transactions at AutoZone
In other news, Director Brian Hannasch bought 165 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the purchase, the director owned 1,219 shares of the company’s stock, valued at $3,641,153. This represents a 15.65% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.60% of the company’s stock.
AutoZone Stock Performance
AutoZone (NYSE:AZO – Get Free Report) last announced its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, beating the consensus estimate of $36.22 by $1.85. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.86 billion. During the same quarter last year, the company posted $35.36 earnings per share. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. On average, analysts forecast that AutoZone, Inc. will post 150.51 EPS for the current fiscal year.
AutoZone declared that its board has approved a share repurchase program on Tuesday, June 16th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
Analyst Ratings Changes
Several equities research analysts have recently issued reports on the company. The Goldman Sachs Group reduced their price target 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. DA Davidson dropped their price objective on AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Citigroup cut their price objective on shares of AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. Weiss Ratings raised shares of AutoZone from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 8th. Finally, Truist Financial set a $3,700.00 price target on shares of AutoZone in a research note 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 company has a consensus rating of “Moderate Buy” and a consensus target price of $4,040.87.
Get Our Latest Stock Report on AZO
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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