Northwestern Mutual Wealth Management Co. Makes New $5.76 Million Investment in AutoZone, Inc. $AZO

Northwestern Mutual Wealth Management Co. purchased a new stake in shares of AutoZone, Inc. (NYSE:AZO) in the second quarter, HoldingsChannel reports. The firm purchased 1,801 shares of the company’s stock, valued at approximately $5,756,000.

A number of other institutional investors and hedge funds have also made changes to their positions in AZO. Quantbot Technologies LP purchased a new stake in shares of AutoZone during the second quarter worth $626,000. Varma Mutual Pension Insurance Co purchased a new position in AutoZone in the second quarter valued at $10,876,000. George Kaiser Family Foundation purchased a new position in AutoZone in the second quarter valued at $377,000. Westpac Banking Corp acquired a new position in AutoZone during the 2nd quarter worth $364,000. Finally, Korea Investment CORP acquired a new position in AutoZone during the 2nd quarter worth $36,491,000. 92.74% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AZO has been the topic of a number of analyst reports. BMO Capital Markets reduced 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. Jefferies Financial Group lowered their price objective on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Morgan Stanley cut their target price on shares of AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 27th. The Goldman Sachs Group reduced their target price on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Finally, JPMorgan Chase & Co. decreased their price target on shares of AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating for the company in a research note on Wednesday, May 27th. One 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $4,029.43.

AutoZone Stock Up 0.1%

Shares of NYSE AZO opened at $2,960.64 on Monday. The business has a 50-day moving average price of $3,054.94 and a 200 day moving average price of $3,329.19. The stock has a market cap of $48.35 billion, a PE ratio of 20.36, a price-to-earnings-growth ratio of 1.50 and a beta of 0.33. AutoZone, Inc. has a 52-week low of $2,902.20 and a 52-week high of $4,388.11.

AutoZone (NYSE:AZO) last posted 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. The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. AutoZone’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the business posted $35.36 earnings per share. Sell-side analysts anticipate that AutoZone, Inc. will post 150.39 earnings per share for the current year.

AutoZone announced that its board has initiated a share repurchase plan 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 shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at AutoZone

In other AutoZone news, Director Brian Hannasch purchased 165 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were purchased at an average cost 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 in the company, valued at $3,641,153. This represents a 15.65% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Dennis W. Leriche sold 1,455 shares of the business’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the sale, the vice president owned 441 shares in the company, valued at $1,367,100. The trade was a 76.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.60% of the stock is currently owned by company insiders.

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.