Fairtree Asset Management Pty Ltd Acquires New Position in AutoZone, Inc. $AZO

Fairtree Asset Management Pty Ltd bought a new position in AutoZone, Inc. (NYSE:AZO) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 671 shares of the company’s stock, valued at approximately $2,144,000. AutoZone comprises approximately 0.8% of Fairtree Asset Management Pty Ltd’s holdings, making the stock its 29th biggest holding.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Portfolio Design Labs LLC purchased a new stake in AutoZone in the second quarter worth approximately $243,000. Advisors Capital Management LLC purchased a new position in shares of AutoZone during the second quarter worth approximately $2,063,000. PCM Encore LLC purchased a new position in shares of AutoZone during the second quarter worth approximately $1,091,000. Trillium Asset Management LLC bought a new stake in shares of AutoZone in the 2nd quarter worth approximately $20,047,000. Finally, Live Oak Investment Partners bought a new stake in shares of AutoZone in the 2nd quarter worth approximately $431,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.

AutoZone Stock Down 3.8%

Shares of NYSE AZO opened at $2,960.32 on Friday. The firm’s fifty day moving average is $3,057.93 and its 200 day moving average is $3,334.62. 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 cap of $48.34 billion, a price-to-earnings ratio of 20.35, a PEG ratio of 1.56 and a beta of 0.33.

AutoZone (NYSE:AZO) last announced its quarterly earnings results 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. The business had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $35.36 EPS. Equities research analysts anticipate that AutoZone, Inc. will post 150.39 earnings per share for the current year.

AutoZone declared that its Board of Directors has approved a share repurchase plan on Tuesday, June 16th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to buy up to 3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

AZO has been the subject of a number of research reports. Robert W. Baird cut their price objective on shares of AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating for the company in a research note on Wednesday, May 27th. DA Davidson lowered their price target on shares of AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Truist Financial set a $3,700.00 price target on shares of AutoZone in a research report on Wednesday, May 27th. BMO Capital Markets reduced their price objective on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. Finally, Mizuho decreased their price objective on AutoZone from $3,600.00 to $3,200.00 and set a “neutral” 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 issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $4,029.43.

Insider Activity

In related news, VP Dennis W. Leriche sold 1,455 shares of the business’s stock in a transaction dated 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 transaction, the vice president owned 441 shares in the company, valued at $1,367,100. The trade was a 76.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Brian Hannasch purchased 165 shares of the stock in a transaction 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 transaction, the director directly owned 1,219 shares in the company, valued at $3,641,153. The trade was a 15.65% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 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.