Korea Investment CORP Invests $36.49 Million in AutoZone, Inc. $AZO

Korea Investment CORP acquired a new position in shares of AutoZone, Inc. (NYSE:AZO) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 11,418 shares of the company’s stock, valued at approximately $36,491,000.

A number of other institutional investors also recently added to or reduced their stakes in AZO. Sigma Planning Corp grew its stake in AutoZone by 3.6% in the fourth quarter. Sigma Planning Corp now owns 86 shares of the company’s stock valued at $292,000 after purchasing an additional 3 shares during the last quarter. Midwest Trust Co raised its holdings in AutoZone by 4.2% in the fourth quarter. Midwest Trust Co now owns 74 shares of the company’s stock worth $251,000 after purchasing an additional 3 shares in the last quarter. Arrowroot Family Office LLC lifted its position in shares of AutoZone by 5.4% during the fourth quarter. Arrowroot Family Office LLC now owns 59 shares of the company’s stock valued at $200,000 after buying an additional 3 shares during the last quarter. MCF Advisors LLC lifted its position in shares of AutoZone by 50.0% during the fourth quarter. MCF Advisors LLC now owns 9 shares of the company’s stock valued at $31,000 after buying an additional 3 shares during the last quarter. Finally, IVC Wealth Advisors LLC boosted its holdings in shares of AutoZone by 2.9% in the 1st quarter. IVC Wealth Advisors LLC now owns 107 shares of the company’s stock valued at $361,000 after buying an additional 3 shares in the last quarter. Institutional investors own 92.74% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on AZO shares. JPMorgan Chase & Co. cut their price objective on shares of AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 27th. The Goldman Sachs Group decreased their target price on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Truist Financial set a $3,700.00 target price on shares of AutoZone in a research note on Wednesday, May 27th. Robert W. Baird cut their price target on shares of AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a report on Wednesday, May 27th. Finally, Roth Capital reduced their price target on AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. One 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 stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $4,029.43.

AutoZone Stock Performance

Shares of NYSE AZO opened at $2,960.64 on Friday. AutoZone, Inc. has a fifty-two week low of $2,902.20 and a fifty-two week high of $4,388.11. The company has a market cap of $48.35 billion, a PE ratio of 20.36, a P/E/G ratio of 1.50 and a beta of 0.33. The business has a 50-day simple moving average of $3,054.94 and a two-hundred day simple moving average of $3,332.00.

AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $36.22 by $1.85. The firm had revenue of $4.84 billion for 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 company posted $35.36 earnings per share. On average, sell-side analysts predict that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

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

Insider Activity at AutoZone

In related news, Director Brian Hannasch purchased 165 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was acquired at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the acquisition, the director owned 1,219 shares in the company, valued at approximately $3,641,153. This represents a 15.65% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Dennis W. Leriche sold 1,455 shares of AutoZone 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 of the company’s stock, 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 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.