Illinois Municipal Retirement Fund boosted its holdings in AutoZone, Inc. (NYSE:AZO – Free Report) by 3.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,250 shares of the company’s stock after purchasing an additional 199 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in AutoZone were worth $21,111,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in AutoZone in the fourth quarter valued at $939,205,000. Morgan Stanley boosted its stake in shares of AutoZone by 17.8% during the fourth quarter. Morgan Stanley now owns 492,794 shares of the company’s stock worth $1,671,323,000 after buying an additional 74,555 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in shares of AutoZone by 387.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company’s stock worth $263,832,000 after buying an additional 61,821 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of AutoZone by 39.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company’s stock worth $584,730,000 after buying an additional 50,071 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in AutoZone by 80.8% in the 3rd quarter. AQR Capital Management LLC now owns 101,185 shares of the company’s stock valued at $432,059,000 after acquiring an additional 45,212 shares during the period. Institutional investors and hedge funds own 92.74% of the company’s stock.
AutoZone Stock Down 2.0%
Shares of NYSE:AZO opened at $2,970.83 on Thursday. AutoZone, Inc. has a 52 week low of $2,928.11 and a 52 week high of $4,388.11. The company has a 50-day moving average price of $3,161.51 and a 200 day moving average price of $3,421.80. The company has a market cap of $48.50 billion, a P/E ratio of 20.43, a PEG ratio of 1.54 and a beta of 0.33.
AutoZone announced that its Board of Directors has approved a stock repurchase program on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 3% of its stock through open market purchases. Stock buyback programs are generally a sign 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. 2.60% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
Several research firms have commented on AZO. Mizuho reduced their price objective on 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 lowered their target price on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. Guggenheim dropped their target price on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Robert W. Baird cut their price target on AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating for the company in a research note on Wednesday, May 27th. Finally, JPMorgan Chase & Co. decreased their price target on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating for the company in a report on Wednesday, May 27th. One investment 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. According to data from MarketBeat, AutoZone presently has an average rating of “Moderate Buy” and an average target price of $4,040.87.
View Our Latest Stock Analysis on AutoZone
AutoZone 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.
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