Independent Financial Group LLC Invests $871,000 in AutoZone, Inc. $AZO

Independent Financial Group LLC purchased a new position in shares of AutoZone, Inc. (NYSE:AZO) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 258 shares of the company’s stock, valued at approximately $871,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AZO. Jupiter Asset Management Ltd. acquired a new position in AutoZone in the 4th quarter valued at about $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund raised its position in shares of AutoZone by 15.2% during 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 buying an additional 1,882 shares during the period. CIBC Asset Management Inc raised its position in shares of AutoZone by 67.1% during the 4th quarter. CIBC Asset Management Inc now owns 3,941 shares of the company’s stock valued at $13,366,000 after buying an additional 1,582 shares during the period. Asset Advisors Investment Management LLC lifted its holdings 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 acquiring an additional 323 shares during the last quarter. Finally, Norges Bank acquired a new position in AutoZone in the fourth quarter valued at approximately $939,205,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

AutoZone Stock Up 0.5%

Shares of NYSE AZO opened at $3,009.58 on Wednesday. The firm has a market cap of $49.13 billion, a price-to-earnings ratio of 20.69, a PEG ratio of 1.52 and a beta of 0.33. AutoZone, Inc. has a 52-week low of $2,928.11 and a 52-week high of $4,388.11. The business’s 50 day moving average is $3,125.74 and its two-hundred day moving average is $3,410.91.

AutoZone (NYSE:AZO) last released its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $4.86 billion. During the same period in the prior year, the firm earned $35.36 earnings per share. The firm’s revenue was up 8.4% compared to the same quarter last year. Analysts anticipate that AutoZone, Inc. will post 150.51 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

AZO has been the subject of several recent analyst reports. The Goldman Sachs Group cut their target price on 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. Evercore reaffirmed an “outperform” rating on shares of AutoZone in a research note on Tuesday, May 26th. BNP Paribas Exane lowered their price target on AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. Guggenheim cut their price objective on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Finally, Citigroup reduced 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 report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $4,040.87.

Insider Activity

In other news, Director Brian Hannasch bought 165 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were purchased at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the purchase, the director owned 1,219 shares in the company, valued at approximately $3,641,153. The trade was a 15.65% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 2.60% of the company’s stock.

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.