SEB Asset Management AB Makes New $11.35 Million Investment in AutoZone, Inc. $AZO

SEB Asset Management AB bought a new stake in AutoZone, Inc. (NYSE:AZO) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 3,359 shares of the company’s stock, valued at approximately $11,346,000.

Several other institutional investors have also modified their holdings of AZO. Jupiter Asset Management Ltd. purchased a new position in shares of AutoZone during the fourth quarter valued at approximately $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund grew its stake in AutoZone by 15.2% in 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 worth $48,241,000 after acquiring an additional 1,882 shares during the period. CIBC Asset Management Inc raised its holdings in AutoZone by 67.1% in the 4th quarter. CIBC Asset Management Inc now owns 3,941 shares of the company’s stock valued at $13,366,000 after acquiring an additional 1,582 shares during the last quarter. Asset Advisors Investment Management LLC raised its holdings in AutoZone by 13.6% in the 4th quarter. Asset Advisors Investment Management LLC now owns 2,699 shares of the company’s stock valued at $9,154,000 after acquiring an additional 323 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of AutoZone during the 4th quarter worth $939,205,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Analysts Set New Price Targets

AZO has been the topic of several analyst reports. Robert W. Baird decreased their price objective on AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a report on Wednesday, May 27th. Mizuho reduced their target price on AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 27th. Roth Capital decreased 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. Citigroup decreased their price target on AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. Finally, The Goldman Sachs Group lowered their price target on AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $4,040.87.

AutoZone Stock Down 1.8%

AZO stock opened at $2,990.69 on Tuesday. The company has a market cap of $48.84 billion, a price-to-earnings ratio of 20.56, a PEG ratio of 1.55 and a beta of 0.33. The business has a fifty day simple moving average of $3,133.81 and a 200-day simple moving average of $3,413.59. AutoZone, Inc. has a 52 week low of $2,928.11 and a 52 week high of $4,388.11.

AutoZone (NYSE:AZO) last issued its 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. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The business had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. During the same period last year, the company posted $35.36 EPS. The business’s quarterly revenue was up 8.4% on a year-over-year basis. As a group, analysts expect that AutoZone, Inc. will post 150.51 earnings per share for the current fiscal year.

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

Insider Activity at AutoZone

In other news, Director Brian Hannasch acquired 165 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were 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 in the company, valued at $3,641,153. This trade represents a 15.65% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.60% of the stock is currently owned by company 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.