Independent Financial Group LLC Purchases Shares of 258 AutoZone, Inc. $AZO

Independent Financial Group LLC purchased a new position in shares of AutoZone, Inc. (NYSE:AZO) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 258 shares of the company’s stock, valued at approximately $871,000.

Other institutional investors have also modified their holdings of the company. Turning Point Benefit Group Inc. purchased a new stake in shares of AutoZone in the third quarter worth about $25,000. Torren Management LLC acquired a new position in AutoZone in the fourth quarter valued at approximately $27,000. Transamerica Financial Advisors LLC lifted its holdings in AutoZone by 100.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock valued at $28,000 after acquiring an additional 4 shares during the period. MCF Advisors LLC boosted 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 purchasing an additional 3 shares in the last quarter. Finally, Bard Associates Inc. purchased a new stake in AutoZone in the 4th quarter worth approximately $31,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.

AutoZone Price Performance

Shares of NYSE:AZO opened at $3,009.58 on Wednesday. AutoZone, Inc. has a 1 year low of $2,928.11 and a 1 year high of $4,388.11. The firm has a market capitalization of $49.13 billion, a price-to-earnings ratio of 20.69, a price-to-earnings-growth ratio of 1.52 and a beta of 0.33. The business’s 50 day moving average price is $3,125.74 and its 200-day moving average price is $3,410.91.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $4.86 billion. During the same quarter in the previous year, the firm earned $35.36 EPS. The firm’s revenue was up 8.4% compared to the same quarter last year. On average, sell-side analysts expect that AutoZone, Inc. will post 150.51 earnings per share for the current year.

AutoZone announced that its Board of Directors has approved a stock 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 a sign that the company’s board believes its shares are undervalued.

Insider Transactions at AutoZone

In other news, Director Brian Hannasch acquired 165 shares of the business’s stock in a transaction 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 purchase, the director owned 1,219 shares in the company, valued at approximately $3,641,153. This represents a 15.65% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on AZO shares. Jefferies Financial Group cut their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Evercore reissued an “outperform” rating on shares of AutoZone in a report on Tuesday, May 26th. Raymond James Financial restated a “strong-buy” rating on shares of AutoZone in a research report on Wednesday, May 27th. Roth Capital decreased their price objective on shares of AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Finally, BMO Capital Markets lowered their target price on shares of 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. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, AutoZone has a consensus rating of “Moderate Buy” and an average price target of $4,040.87.

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.