LGT Fund Management Co Ltd. Sells 627 Shares of AutoZone, Inc. $AZO

LGT Fund Management Co Ltd. decreased its position in shares of AutoZone, Inc. (NYSE:AZO) by 73.2% during the first quarter, HoldingsChannel reports. The firm owned 230 shares of the company’s stock after selling 627 shares during the period. LGT Fund Management Co Ltd.’s holdings in AutoZone were worth $777,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Turning Point Benefit Group Inc. purchased a new position in shares of AutoZone in the 3rd quarter worth about $25,000. Torren Management LLC purchased a new position in shares of AutoZone during the 4th quarter valued at about $27,000. Transamerica Financial Advisors LLC raised its holdings in shares of AutoZone by 100.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock valued at $28,000 after buying an additional 4 shares in the last quarter. MCF Advisors LLC lifted its position in AutoZone by 50.0% in the 4th quarter. MCF Advisors LLC now owns 9 shares of the company’s stock worth $31,000 after buying an additional 3 shares during the last quarter. Finally, Bard Associates Inc. bought a new stake in AutoZone in the 4th quarter worth approximately $31,000. Institutional investors own 92.74% of the company’s stock.

AutoZone Price Performance

Shares of AutoZone stock opened at $3,073.10 on Monday. The business’s 50 day simple moving average is $3,195.88 and its two-hundred day simple moving average is $3,431.01. The stock has a market capitalization of $50.17 billion, a P/E ratio of 21.13, a price-to-earnings-growth ratio of 1.56 and a beta of 0.33. AutoZone, Inc. has a one year low of $2,928.11 and a one year high of $4,388.11.

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

AutoZone announced that its board has authorized a share buyback program on Tuesday, June 16th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to purchase up to 3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on AZO. BNP Paribas Exane reduced their price target on shares of AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. TD Cowen restated a “buy” rating and issued a $3,700.00 price objective on shares of AutoZone in a report on Thursday, June 4th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of AutoZone in a research note on Wednesday, May 27th. Mizuho reduced their target price on shares of AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating on the stock in a report on Wednesday, May 27th. Finally, Jefferies Financial Group reduced their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. One 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 company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $4,040.87.

Insider Activity at AutoZone

In other news, Director Brian Hannasch purchased 165 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was bought at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the acquisition, the director directly owned 1,219 shares of the company’s stock, valued at $3,641,153. This represents a 15.65% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is currently 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.