800 Shares in AutoZone, Inc. $AZO Acquired by Louisiana State Employees Retirement System

Key Points

• Louisiana State Employees Retirement System opened a new position in AutoZone, buying 800 shares valued at about $2.7 million in the first quarter.
• Institutional ownership remains very high, with 92.74% of AutoZone shares held by institutions and hedge funds; several large firms also reported major stakes in the company.
• AutoZone recently reported better-than-expected earnings of $38.07 per share and announced a $1.5 billion share buyback, while analysts still rate the stock a consensus Moderate Buy.

Louisiana State Employees Retirement System purchased a new position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 800 shares of the company's stock, valued at approximately $2,702,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AZO. Norges Bank purchased a new position in AutoZone in the fourth quarter valued at $939,205,000. Morgan Stanley boosted its position in shares of AutoZone by 17.8% during the 4th quarter. Morgan Stanley now owns 492,794 shares of the company's stock valued at $1,671,323,000 after acquiring an additional 74,555 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in AutoZone by 387.1% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company's stock worth $263,832,000 after acquiring an additional 61,821 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position 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 valued at $584,730,000 after acquiring an additional 50,071 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of AutoZone by 80.8% in the third quarter. AQR Capital Management LLC now owns 101,185 shares of the company's stock valued at $432,059,000 after buying an additional 45,212 shares in the last quarter. 92.74% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have weighed in on AZO shares. Guggenheim cut their price target 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. Barclays increased their target price on shares of AutoZone from $3,800.00 to $3,900.00 and gave the stock an "overweight" rating in a research note on Wednesday, March 4th. Citigroup reduced their target price on shares of AutoZone from $4,300.00 to $3,700.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. The Goldman Sachs Group decreased their price objective on shares of AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. Finally, JPMorgan Chase & Co. reduced their price target on shares of AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating on the stock in a report on Wednesday, May 27th. One research 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's stock. According to MarketBeat, AutoZone presently has a consensus rating of "Moderate Buy" and a consensus target price of $4,040.87.

AutoZone Stock Down 0.0%

Shares of AZO stock opened at $3,127.52 on Monday. AutoZone, Inc. has a fifty-two week low of $2,928.11 and a fifty-two week high of $4,388.11. The firm's 50 day moving average price is $3,288.33 and its two-hundred day moving average price is $3,454.36. The stock has a market cap of $51.07 billion, a price-to-earnings ratio of 21.50, a price-to-earnings-growth ratio of 1.59 and a beta of 0.35.

AutoZone (NYSE:AZO - Get Free Report) last posted its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $36.22 by $1.85. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. During the same quarter last year, the firm earned $35.36 earnings per share. The company's revenue for the quarter was up 8.4% compared to the same quarter last year. On average, equities analysts forecast that AutoZone, Inc. will post 150.51 EPS for the current fiscal year.

AutoZone declared that its Board of Directors has initiated a share buyback plan on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to reacquire up to 3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Earl G. Graves, Jr. sold 50 shares of the business's stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total transaction of $173,936.00. Following the completion of the sale, the director owned 4,837 shares of the company's stock, valued at $16,826,568.64. This represents a 1.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Brian Hannasch bought 165 shares of the company's stock in a transaction on Friday, May 29th. The stock was bought at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the transaction, the director directly owned 1,219 shares of the company's stock, valued at $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 2.60% of the company's stock.

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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