11,720 Shares in AutoZone, Inc. $AZO Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems acquired 11,720 AutoZone shares valued at approximately $37.5 million, while institutional investors collectively own 92.74% of the company.
• AutoZone shares opened at $2,981.99, near the lower end of their one-year range, and the board authorized a $1.5 billion stock buyback covering up to 3% of outstanding shares.
• Analysts maintain a generally positive view, with one Strong Buy, 20 Buy, and six Hold ratings; the consensus rating is “Moderate Buy” with an average price target of $3,999.04.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 11,720 shares of the company's stock, valued at approximately $37,456,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.07% of AutoZone as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. California State Teachers Retirement System increased its position in shares of AutoZone by 320,651.9% during the 2nd quarter. California State Teachers Retirement System now owns 79,677,980 shares of the company's stock worth $254,646,043,000 after purchasing an additional 79,653,139 shares during the last quarter. BlackRock Inc. purchased a new stake in AutoZone in the 2nd quarter valued at about $3,938,566,000. Norges Bank purchased a new stake in AutoZone in the 4th quarter valued at about $939,205,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in AutoZone in the second quarter valued at about $572,885,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in AutoZone by 11,577.6% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 141,066 shares of the company's stock valued at $450,838,000 after buying an additional 139,858 shares during the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

AutoZone Price Performance

Shares of NYSE:AZO opened at $2,981.99 on Tuesday. The firm has a market capitalization of $48.70 billion, a PE ratio of 20.50, a price-to-earnings-growth ratio of 1.49 and a beta of 0.34. AutoZone, Inc. has a 1 year low of $2,902.20 and a 1 year high of $4,388.11. The firm's 50-day moving average is $3,033.00 and its two-hundred day moving average is $3,271.49.

AutoZone announced that its Board of Directors has authorized a stock buyback program on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 3% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AZO. Roth Capital dropped their price target on shares of AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating for the company in a research report on Wednesday, May 27th. Raymond James Financial restated a "strong-buy" rating on shares of AutoZone in a report on Wednesday, May 27th. The Goldman Sachs Group dropped 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 report on Wednesday, May 27th. DA Davidson cut their target price on AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. Finally, Robert W. Baird decreased their price target on AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $3,999.04.

Insider Buying and Selling

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the business'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 in the company, valued at $1,367,100. The trade was a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.60% of the stock is owned by corporate 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.

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