Varma Mutual Pension Insurance Co Makes New $10.88 Million Investment in AutoZone, Inc. $AZO

Varma Mutual Pension Insurance Co bought a new position in AutoZone, Inc. (NYSE:AZO) in the 2nd quarter, Holdings Channel reports. The firm bought 3,403 shares of the company’s stock, valued at approximately $10,876,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sigma Planning Corp lifted its stake in AutoZone by 3.6% in the fourth quarter. Sigma Planning Corp now owns 86 shares of the company’s stock worth $292,000 after acquiring an additional 3 shares during the period. Midwest Trust Co increased its position in AutoZone by 4.2% during the 4th quarter. Midwest Trust Co now owns 74 shares of the company’s stock valued at $251,000 after purchasing an additional 3 shares during the period. Arrowroot Family Office LLC raised its holdings in shares of AutoZone by 5.4% in the 4th quarter. Arrowroot Family Office LLC now owns 59 shares of the company’s stock valued at $200,000 after purchasing an additional 3 shares in the last quarter. MCF Advisors LLC raised its holdings in shares of AutoZone by 50.0% in the 4th quarter. MCF Advisors LLC now owns 9 shares of the company’s stock valued at $31,000 after purchasing an additional 3 shares in the last quarter. Finally, IVC Wealth Advisors LLC lifted its position in shares of AutoZone by 2.9% in the 1st quarter. IVC Wealth Advisors LLC now owns 107 shares of the company’s stock worth $361,000 after purchasing an additional 3 shares during the period. Institutional investors own 92.74% of the company’s stock.

Insider Activity at AutoZone

In other AutoZone news, VP Dennis W. Leriche sold 1,455 shares of the firm’s stock in a transaction on 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 transaction, the vice president owned 441 shares of the company’s stock, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Brian Hannasch acquired 165 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were acquired at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the purchase, the director owned 1,219 shares in the company, valued at approximately $3,641,153. This trade represents a 15.65% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 2.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on AZO shares. Morgan Stanley cut their price objective on shares of AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating on the stock in a report on Wednesday, May 27th. JPMorgan Chase & Co. cut their price target on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a report on Wednesday, May 27th. 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. Roth Capital reduced their target price on shares of AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Finally, Barclays lowered their price target on shares of AutoZone from $3,900.00 to $3,637.00 and set an “overweight” rating on the stock in a report on Tuesday, August 4th. One investment 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 data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $4,029.43.

AutoZone Stock Performance

AutoZone stock opened at $2,960.64 on Monday. 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. The stock has a 50-day moving average of $3,054.94 and a two-hundred day moving average of $3,329.19. AutoZone, Inc. has a one year low of $2,902.20 and a one year high of $4,388.11.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarter in the previous year, the firm earned $35.36 earnings per share. The company’s revenue was up 8.4% on a year-over-year basis. 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 of Directors has initiated a stock repurchase program on Tuesday, June 16th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

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.