AutoZone, Inc. $AZO Shares Acquired by USS Investment Management Ltd

USS Investment Management Ltd increased its holdings in AutoZone, Inc. (NYSE:AZO) by 63.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,842 shares of the company’s stock after buying an additional 18,257 shares during the quarter. AutoZone comprises 0.7% of USS Investment Management Ltd’s portfolio, making the stock its 25th largest holding. USS Investment Management Ltd owned about 0.28% of AutoZone worth $158,147,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on AZO. Argus upgraded shares of AutoZone from a “hold” rating to a “buy” rating and set a $4,325.00 target price for the company in a research report on Monday, March 9th. Raymond James Financial restated a “strong-buy” rating on shares of AutoZone in a research report on Wednesday, May 27th. Weiss Ratings lowered shares of AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Roth Mkm decreased their price objective on shares of AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Finally, BNP Paribas Exane decreased their price objective on shares of AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $4,040.87.

AutoZone Stock Up 1.3%

NYSE:AZO opened at $3,194.13 on Wednesday. The business’s 50-day moving average price is $3,273.71 and its 200 day moving average price is $3,450.20. The firm has a market cap of $52.16 billion, a P/E ratio of 21.96, a PEG ratio of 1.60 and a beta of 0.35. AutoZone, Inc. has a 52-week low of $2,928.11 and a 52-week high of $4,388.11.

AutoZone (NYSE:AZO) last issued 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 net margin of 12.40% and a negative return on equity of 80.35%. The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. During the same period in the prior year, the company earned $35.36 EPS. AutoZone’s revenue was up 8.4% on a year-over-year basis. Sell-side analysts expect that AutoZone, Inc. will post 150.51 EPS for the current year.

AutoZone declared that its Board of Directors has initiated a share buyback program on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Earl G. Graves, Jr. sold 50 shares of the business’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 sale, the director directly owned 4,837 shares in the company, valued at $16,826,568.64. The trade was a 1.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Brian Hannasch bought 165 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the purchase, the director owned 1,219 shares of the company’s stock, valued at approximately $3,641,153. The trade was a 15.65% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.60% of the stock is owned by insiders.

About AutoZone

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.