Key Points
- AutoZone VP Dennis Leriche sold 1,455 shares at an average price of $3,100, generating $4.51 million. His remaining ownership fell 76.74% to 441 shares.
- AutoZone’s latest quarterly results exceeded expectations, with EPS of $38.07 versus the $36.22 consensus estimate and revenue up 8.4% year over year to $4.84 billion.
- The company authorized a $1.5 billion share-repurchase program, while analysts maintain a “Moderate Buy” consensus and an average price target of $4,029.43.
AutoZone, Inc. (NYSE:AZO - Get Free Report) VP Dennis Leriche sold 1,455 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the completion of the sale, the vice president directly owned 441 shares of the company's stock, valued at $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
AutoZone Stock Performance
Shares of AZO opened at $3,063.67 on Tuesday. The company's 50 day moving average price is $3,066.60 and its 200 day moving average price is $3,373.77. AutoZone, Inc. has a 52 week low of $2,902.20 and a 52 week high of $4,388.11. The company has a market capitalization of $50.03 billion, a PE ratio of 21.06, a PEG ratio of 1.59 and a beta of 0.33.
AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. During the same quarter in the prior year, the business earned $35.36 EPS. The company's revenue for the quarter was up 8.4% compared to the same quarter last year. On average, equities analysts forecast that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.
AutoZone declared that its board has approved a stock repurchase plan on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 3% of its stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its stock is undervalued.
Institutional Investors Weigh In On AutoZone
Several institutional investors and hedge funds have recently modified their holdings of the business. Jupiter Asset Management Ltd. bought a new position in AutoZone during 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 holdings in AutoZone by 15.2% in the 4th 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 period. CIBC Asset Management Inc grew its position in AutoZone by 67.1% in the 4th quarter. CIBC Asset Management Inc now owns 3,941 shares of the company's stock worth $13,366,000 after purchasing an additional 1,582 shares during the last quarter. Asset Advisors Investment Management LLC grew its position in AutoZone by 13.6% in the 4th quarter. Asset Advisors Investment Management LLC now owns 2,699 shares of the company's stock worth $9,154,000 after purchasing an additional 323 shares during the last quarter. Finally, Norges Bank bought a new position in shares of AutoZone during the 4th quarter worth about $939,205,000. Institutional investors and hedge funds own 92.74% of the company's stock.
Analysts Set New Price Targets
AZO has been the subject of several recent research reports. DA Davidson cut their price objective on AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating for the company in a report on Wednesday, May 27th. Mizuho dropped their target price on 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. JPMorgan Chase & Co. cut their price target on AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating for the company in a research note on Wednesday, May 27th. Raymond James Financial reiterated a "strong-buy" rating on shares of AutoZone in a report on Wednesday, May 27th. Finally, Roth Capital lowered their price target on AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $4,029.43.
View Our Latest Report on AZO
AutoZone Company Profile
(
Get Free Report)
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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