SEB Asset Management AB Acquires Shares of 3,359 AutoZone, Inc. $AZO

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

Several other institutional investors and hedge funds have also made changes to their positions in AZO. Brighton Jones LLC lifted its stake in AutoZone by 14.4% in the fourth quarter. Brighton Jones LLC now owns 111 shares of the company’s stock valued at $356,000 after buying an additional 14 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in shares of AutoZone in the 2nd quarter valued at $356,000. Guggenheim Capital LLC increased its holdings in shares of AutoZone by 3.8% in the 2nd quarter. Guggenheim Capital LLC now owns 248 shares of the company’s stock valued at $921,000 after acquiring an additional 9 shares during the period. NewEdge Advisors LLC raised its position in AutoZone by 8.9% in the 2nd quarter. NewEdge Advisors LLC now owns 1,376 shares of the company’s stock valued at $5,110,000 after purchasing an additional 112 shares during the last quarter. Finally, Treasurer of the State of North Carolina boosted its stake in AutoZone by 52.3% during the 2nd quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company’s stock worth $43,667,000 after purchasing an additional 4,039 shares during the period. 92.74% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other AutoZone news, Director Brian Hannasch purchased 165 shares of AutoZone stock in a transaction dated Friday, May 29th. The stock was acquired at an average cost of $2,987.00 per share, with a total value 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.60% of the company’s stock.

AutoZone Stock Down 1.8%

Shares of NYSE:AZO opened at $2,990.69 on Tuesday. AutoZone, Inc. has a fifty-two week low of $2,928.11 and a fifty-two week high of $4,388.11. The firm’s 50-day simple moving average is $3,133.81 and its 200-day simple moving average is $3,413.59. 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.

AutoZone (NYSE:AZO) last announced its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $4.86 billion. During the same quarter last year, the firm earned $35.36 earnings per share. The firm’s revenue was up 8.4% compared to the same quarter last year. On average, research analysts forecast that AutoZone, Inc. will post 150.51 EPS for the current year.

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

Wall Street Analysts Forecast Growth

AZO has been the topic of several research reports. The Goldman Sachs Group lowered their price objective on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a research 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 on the stock in a report on Wednesday, May 27th. BMO Capital Markets dropped their price target on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Mizuho reduced their price objective on AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating for the company in a research note on Wednesday, May 27th. Finally, TD Cowen reaffirmed a “buy” rating and set a $3,700.00 price objective on shares of AutoZone in a research report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.