Edgestream Partners L.P. Raises Holdings in AutoZone, Inc. $AZO

Edgestream Partners L.P. grew its stake in shares of AutoZone, Inc. (NYSE:AZO) by 165.1% during the 1st quarter, HoldingsChannel.com reports. The fund owned 3,817 shares of the company’s stock after purchasing an additional 2,377 shares during the quarter. AutoZone accounts for about 0.4% of Edgestream Partners L.P.’s holdings, making the stock its 17th biggest holding. Edgestream Partners L.P.’s holdings in AutoZone were worth $12,893,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Turning Point Benefit Group Inc. acquired a new stake in AutoZone in the 3rd quarter worth approximately $25,000. Torren Management LLC acquired a new position in AutoZone during the 4th quarter valued at approximately $27,000. Transamerica Financial Advisors LLC raised its holdings in shares of AutoZone by 100.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock worth $28,000 after buying an additional 4 shares during the last quarter. MCF Advisors LLC raised its holdings in shares of AutoZone by 50.0% in the fourth 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. acquired a new stake in shares of AutoZone during the fourth quarter worth $31,000. 92.74% of the stock is owned by hedge funds and other institutional investors.

AutoZone Price Performance

NYSE AZO opened at $3,147.02 on Thursday. AutoZone, Inc. has a 1 year low of $2,902.20 and a 1 year high of $4,388.11. The company has a market capitalization of $51.39 billion, a PE ratio of 21.64, a P/E/G ratio of 1.58 and a beta of 0.33. The company has a fifty day moving average of $3,085.63 and a 200 day moving average of $3,399.22.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping the consensus estimate of $36.22 by $1.85. The company had revenue of $4.84 billion for 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 firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period last year, the firm earned $35.36 EPS. Research analysts expect that AutoZone, Inc. will post 150.39 earnings per share for the current year.

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

Insider Activity at AutoZone

In related news, Director Brian Hannasch bought 165 shares of the stock in a transaction dated Friday, May 29th. The shares were purchased at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the purchase, 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.60% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Morgan Stanley dropped their price objective on shares of AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating on the stock in a report on Wednesday, May 27th. 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 research report on Wednesday, May 27th. Evercore reiterated an “outperform” rating on shares of AutoZone in a research note on Tuesday, May 26th. Guggenheim reduced their price objective on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Finally, Roth Capital decreased their target price on AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. One 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, AutoZone currently has an average rating of “Moderate Buy” and a consensus price target of $4,040.87.

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.