MASTERINVEST Kapitalanlage GmbH bought a new position in AutoZone, Inc. (NYSE:AZO – Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 992 shares of the company’s stock, valued at approximately $3,170,000.
Other large investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of AutoZone during the second quarter valued at about $3,938,566,000. Norges Bank acquired a new position in shares of AutoZone in the fourth quarter valued at approximately $939,205,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of AutoZone in the second quarter valued at approximately $572,885,000. Corient Private Wealth LP bought a new position in AutoZone in the 2nd quarter valued at approximately $38,604,000. Finally, Bank of New York Mellon Corp bought a new position in AutoZone in the 2nd quarter valued at approximately $335,157,000. 92.74% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on AZO shares. 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. Mizuho dropped their price target on shares of 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. BMO Capital Markets cut their price target on shares of AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Morgan Stanley reduced 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 research note on Wednesday, May 27th. Finally, Roth Capital decreased their price objective on AutoZone from $4,526.00 to $4,023.00 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 issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $4,029.43.
AutoZone Price Performance
Shares of AZO stock opened at $2,932.02 on Friday. The business’s 50 day simple moving average is $3,047.01 and its 200 day simple moving average is $3,310.04. AutoZone, Inc. has a one year low of $2,902.20 and a one year high of $4,388.11. The stock has a market capitalization of $47.88 billion, a PE ratio of 20.16, a PEG ratio of 1.52 and a beta of 0.33.
AutoZone (NYSE:AZO – Get Free Report) last released its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating analysts’ consensus estimates of $36.22 by $1.85. The business had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $35.36 EPS. As a group, research analysts expect that AutoZone, Inc. will post 150.39 earnings per share for the current year.
AutoZone declared that its board has initiated a stock repurchase plan on Tuesday, June 16th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to buy up to 3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
Insider Activity at AutoZone
In other news, VP Dennis W. Leriche sold 1,455 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the completion of the sale, the vice president directly owned 441 shares in the company, valued at $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.60% of the company’s stock.
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.
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