7,341 Shares in AutoZone, Inc. $AZO Purchased by MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH

Key Points

• MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH acquired 7,341 shares of AutoZone, Inc., valued at approximately $27.25 million, as part of a broader trend where 92.74% of the company's stock is owned by institutional investors.
• AutoZone's stock experienced a positive movement, trading up 1.4% with a market cap of $70.09 billion, while reporting fiscal challenges with an EPS of $48.71, below analyst estimates.
• Multiple brokerages have revised their price targets for AutoZone, with ratings ranging from "Buy" to "Strong Buy," reflecting an average price target of $4,519.46.

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH acquired a new stake in AutoZone, Inc. (NYSE:AZO - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 7,341 shares of the company's stock, valued at approximately $27,251,000.

A number of other institutional investors also recently added to or reduced their stakes in AZO. AlphaCore Capital LLC acquired a new stake in shares of AutoZone during the 1st quarter valued at approximately $27,000. Saudi Central Bank acquired a new stake in shares of AutoZone during the 1st quarter valued at approximately $27,000. Financial Network Wealth Advisors LLC lifted its position in shares of AutoZone by 66.7% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 10 shares of the company's stock valued at $38,000 after acquiring an additional 4 shares during the period. Cornerstone Planning Group LLC acquired a new stake in shares of AutoZone during the 1st quarter valued at approximately $44,000. Finally, Clearstead Trust LLC acquired a new position in shares of AutoZone during the 1st quarter worth approximately $46,000. Hedge funds and other institutional investors own 92.74% of the company's stock.

Insiders Place Their Bets

In related news, VP Richard Craig Smith sold 3,000 shares of the stock in a transaction dated 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 sale, the vice president owned 2,925 shares in the company, valued at $11,337,007.50. This represents a 50.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.10% of the stock is currently owned by company insiders.

AutoZone Trading Up 1.4%

Shares of AutoZone stock opened at $4,176.31 on Thursday. The company has a fifty day moving average price of $4,060.00 and a 200 day moving average price of $3,809.83. AutoZone, Inc. has a twelve month low of $2,980.10 and a twelve month high of $4,388.11. The stock has a market cap of $70.09 billion, a price-to-earnings ratio of 28.83, a price-to-earnings-growth ratio of 2.28 and a beta of 0.41.

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

Analysts Set New Price Targets

Several brokerages recently issued reports on AZO. Evercore ISI lifted their price objective on AutoZone from $4,250.00 to $4,500.00 and gave the stock an "outperform" rating in a research report on Thursday, September 18th. Truist Financial cut their price target on AutoZone from $4,504.00 to $4,499.00 and set a "buy" rating for the company in a report on Wednesday. Raymond James Financial cut their price target on AutoZone from $4,900.00 to $4,800.00 and set a "strong-buy" rating for the company in a report on Wednesday. BNP Paribas Exane boosted their price target on AutoZone from $4,155.00 to $4,811.00 and gave the company an "outperform" rating in a report on Wednesday. Finally, Wolfe Research began coverage on AutoZone in a report on Thursday, September 18th. They issued an "outperform" rating and a $4,741.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $4,519.46.

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.

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