IFM Investors Pty Ltd Invests $11.42 Million in AutoZone, Inc. $AZO

IFM Investors Pty Ltd purchased a new stake in AutoZone, Inc. (NYSE:AZO) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 3,380 shares of the company’s stock, valued at approximately $11,417,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Angeles Wealth Management LLC raised its position in AutoZone by 3.2% during the third quarter. Angeles Wealth Management LLC now owns 97 shares of the company’s stock valued at $416,000 after acquiring an additional 3 shares in the last quarter. KCM Investment Advisors LLC increased its holdings in shares of 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 during the last quarter. Blair William & Co. IL raised its stake in shares of AutoZone by 0.3% in the 3rd quarter. Blair William & Co. IL now owns 1,108 shares of the company’s stock valued at $4,753,000 after acquiring an additional 3 shares in the last quarter. Quadrant Capital Group LLC lifted its holdings in AutoZone by 0.6% in the 3rd quarter. Quadrant Capital Group LLC now owns 518 shares of the company’s stock worth $2,222,000 after purchasing an additional 3 shares during the last quarter. Finally, Second Line Capital LLC lifted its holdings in AutoZone by 2.0% in the 3rd quarter. Second Line Capital LLC now owns 153 shares of the company’s stock worth $656,000 after purchasing an additional 3 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the company. Oppenheimer reiterated an “outperform” rating and set a $4,300.00 price target (up from $4,150.00) on shares of AutoZone in a report on Tuesday, March 10th. Barclays lifted their target price on shares of AutoZone from $3,800.00 to $3,900.00 and gave the stock an “overweight” rating in a report on Wednesday, March 4th. JPMorgan Chase & Co. decreased their price target on shares of AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating for the company in a report on Wednesday, May 27th. Evercore reiterated an “outperform” rating on shares of AutoZone in a research note on Tuesday, May 26th. Finally, The Goldman Sachs Group cut their price objective on AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating for the company in a research 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.com, AutoZone currently has a consensus rating of “Moderate Buy” and a consensus price target of $4,040.87.

AutoZone Price Performance

Shares of AutoZone stock opened at $3,220.56 on Thursday. AutoZone, Inc. has a 52-week low of $2,928.11 and a 52-week high of $4,388.11. The firm has a market capitalization of $52.59 billion, a PE ratio of 22.14, a price-to-earnings-growth ratio of 1.62 and a beta of 0.33. The company’s fifty day moving average price is $3,266.59 and its two-hundred day moving average price is $3,448.45.

AutoZone (NYSE:AZO) last released its quarterly earnings data 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 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 last year, the firm earned $35.36 EPS. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. Analysts predict that AutoZone, Inc. will post 150.51 earnings per share for the current fiscal year.

AutoZone announced that its Board of Directors has authorized a stock buyback program on Tuesday, June 16th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to purchase up to 3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other AutoZone news, Director Earl G. Graves, Jr. sold 50 shares of AutoZone stock in a transaction 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 directly owned 4,837 shares of the company’s stock, valued at approximately $16,826,568.64. This trade represents a 1.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Brian Hannasch bought 165 shares of the stock in a transaction dated Friday, May 29th. The stock was 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 disclosure for this purchase is available in the SEC filing. Corporate insiders own 2.60% of the company’s stock.

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.