Morningstar Investment Management LLC Makes New Investment in AutoZone, Inc. $AZO

Morningstar Investment Management LLC acquired a new position in shares of AutoZone, Inc. (NYSE:AZO) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 272 shares of the company’s stock, valued at approximately $1,010,000.

Other large investors have also recently bought and sold shares of the company. Verdence Capital Advisors LLC boosted its stake in shares of AutoZone by 17.3% in the 2nd quarter. Verdence Capital Advisors LLC now owns 1,455 shares of the company’s stock valued at $5,403,000 after purchasing an additional 215 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in shares of AutoZone by 3.7% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 224 shares of the company’s stock valued at $832,000 after purchasing an additional 8 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of AutoZone by 3.0% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 516 shares of the company’s stock valued at $1,916,000 after purchasing an additional 15 shares in the last quarter. Yousif Capital Management LLC boosted its stake in shares of AutoZone by 9.0% in the 2nd quarter. Yousif Capital Management LLC now owns 2,256 shares of the company’s stock valued at $8,375,000 after purchasing an additional 186 shares in the last quarter. Finally, MGO One Seven LLC boosted its stake in shares of AutoZone by 330.1% in the 2nd quarter. MGO One Seven LLC now owns 843 shares of the company’s stock valued at $3,129,000 after purchasing an additional 647 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

AutoZone Price Performance

NYSE:AZO opened at $4,094.61 on Tuesday. The firm’s 50 day simple moving average is $4,152.28 and its 200 day simple moving average is $3,859.75. AutoZone, Inc. has a one year low of $2,980.10 and a one year high of $4,388.11. The company has a market cap of $68.71 billion, a PE ratio of 28.26, a P/E/G ratio of 1.92 and a beta of 0.40.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, September 23rd. The company reported $48.71 EPS for the quarter, missing the consensus estimate of $50.52 by ($1.81). AutoZone had a negative return on equity of 60.49% and a net margin of 13.19%.The business had revenue of $6.24 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same quarter in the prior year, the business earned $51.58 earnings per share. The firm’s quarterly revenue was up .6% on a year-over-year basis. Equities research analysts expect that AutoZone, Inc. will post 152.94 EPS for the current year.

AutoZone declared that its board has initiated a stock repurchase program on Wednesday, October 8th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity at AutoZone

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $3,875.90, for a total transaction of $11,627,700.00. Following the completion of the transaction, the vice president owned 2,925 shares in the company, valued at approximately $11,337,007.50. This trade represents a 50.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John Scott Murphy sold 2,860 shares of the firm’s stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $4,175.70, for a total transaction of $11,942,502.00. Following the transaction, the vice president owned 1,244 shares of the company’s stock, valued at approximately $5,194,570.80. The trade was a 69.69% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

AZO has been the topic of a number of research analyst reports. Barclays raised their price target on shares of AutoZone from $3,916.00 to $4,610.00 and gave the company an “overweight” rating in a research note on Thursday, September 11th. Raymond James Financial reduced their price target on shares of AutoZone from $4,900.00 to $4,800.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, September 24th. DA Davidson restated a “buy” rating and issued a $4,850.00 price target on shares of AutoZone in a research note on Wednesday, September 24th. Weiss Ratings restated a “buy (b-)” rating on shares of AutoZone in a research note on Wednesday, October 8th. Finally, TD Cowen raised their price target on shares of AutoZone from $4,300.00 to $4,900.00 and gave the company a “buy” rating in a research note on Thursday, September 18th. One research analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, AutoZone has a consensus rating of “Moderate Buy” and a consensus price target of $4,544.68.

About AutoZone

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.