RB Capital Management LLC Invests $2.05 Million in AutoZone, Inc. $AZO

RB Capital Management LLC bought a new position in shares of AutoZone, Inc. (NYSE:AZO) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 642 shares of the company’s stock, valued at approximately $2,052,000.

Other institutional investors also recently bought and sold shares of the company. Benchmark Investment Advisors LLC acquired a new stake in shares of AutoZone during the 2nd quarter worth approximately $713,000. Jupiter Asset Management Ltd. acquired a new position in shares of AutoZone during the 4th quarter valued at $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund lifted 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 acquiring an additional 1,882 shares during the period. CIBC Asset Management Inc boosted its stake in AutoZone by 67.1% during the fourth quarter. CIBC Asset Management Inc now owns 3,941 shares of the company’s stock worth $13,366,000 after acquiring an additional 1,582 shares in the last quarter. Finally, BlackRock Inc. acquired a new stake in AutoZone in the second quarter worth $3,938,566,000. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

AutoZone Trading Up 1.2%

NYSE AZO opened at $2,967.55 on Friday. The firm has a market capitalization of $48.46 billion, a P/E ratio of 20.40, a PEG ratio of 1.49 and a beta of 0.33. The business has a fifty day simple moving average of $3,045.07 and a 200 day simple moving average of $3,307.64. AutoZone, Inc. has a 12 month low of $2,902.20 and a 12 month high of $4,388.11.

AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share (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 firm had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.86 billion. During the same period in the previous year, the firm earned $35.36 EPS. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, sell-side analysts predict that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.

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

Analyst Ratings Changes

Several research firms have weighed in on AZO. BNP Paribas Exane decreased their price target on shares of AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating for the company in a research note on Wednesday, May 27th. JPMorgan Chase & Co. cut their price objective on shares of AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 27th. Citigroup reduced their target price on AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Morgan Stanley decreased their target price on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a research report on Wednesday, May 27th. Finally, Roth Capital dropped their price target on AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, AutoZone presently has an average rating of “Moderate Buy” and an average target price of $4,029.43.

Insider Activity at AutoZone

In other news, VP Dennis W. Leriche sold 1,455 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the completion of the sale, the vice president owned 441 shares in the company, valued at $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.60% of the stock is currently owned by corporate insiders.

AutoZone 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.