AutoZone, Inc. $AZO Shares Bought by Munich Reinsurance Co Stock Corp in Munich

Key Points

• Munich Reinsurance increased its AutoZone stake by 168.4% in the second quarter, purchasing 7,077 additional shares to own 11,280 shares valued at approximately $36.1 million.
• Institutional investors and hedge funds collectively own 92.74% of AutoZone, with BlackRock, Morgan Stanley, and T. Rowe Price among the company’s largest shareholders.
• Analysts maintain a generally positive view, with AutoZone rated “Moderate Buy” and an average price target of $3,999.04, while the company has authorized a $1.5 billion share repurchase program.

Munich Reinsurance Co Stock Corp in Munich raised its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 168.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,280 shares of the company's stock after purchasing an additional 7,077 shares during the period. Munich Reinsurance Co Stock Corp in Munich owned 0.07% of AutoZone worth $36,050,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of AZO. BlackRock Inc. purchased a new position in AutoZone in the 2nd quarter valued at about $3,938,566,000. Morgan Stanley increased its stake in AutoZone by 17.8% during the 4th 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 in the last quarter. Price T Rowe Associates Inc. MD increased its stake in AutoZone by 1.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company's stock worth $1,312,654,000 after buying an additional 7,390 shares in the last quarter. Norges Bank acquired a new position in shares of AutoZone during the fourth quarter valued at approximately $939,205,000. Finally, First Manhattan CO. LLC. lifted its position in shares of AutoZone by 2.7% in the fourth quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company's stock valued at $886,246,000 after acquiring an additional 6,765 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

Insider Transactions at AutoZone

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the company's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the completion of the sale, the vice president directly owned 441 shares in the company, valued at $1,367,100. This represents a 76.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on AZO shares. Barclays lowered their price target on AutoZone from $3,900.00 to $3,637.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 4th. Mizuho decreased their price objective on AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating on the stock in a report on Wednesday, May 27th. Truist Financial set a $3,700.00 target price on shares of AutoZone in a research note on Wednesday, May 27th. JPMorgan Chase & Co. dropped their target price on shares of AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating for the company in a report on Wednesday, May 27th. Finally, Morgan Stanley reduced their target price on shares of AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating for the company in a research report on Wednesday, May 27th. One 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 company's stock. According to data from MarketBeat, AutoZone presently has an average rating of "Moderate Buy" and an average price target of $3,999.04.

AutoZone Stock Performance

NYSE:AZO opened at $2,981.99 on Friday. AutoZone, Inc. has a one year low of $2,902.20 and a one year high of $4,388.11. The stock has a market cap of $48.70 billion, a PE ratio of 20.50, a P/E/G ratio of 1.48 and a beta of 0.34. The stock has a 50 day moving average price of $3,036.29 and a 200 day moving average price of $3,280.85.

AutoZone announced that its Board of Directors has initiated a share buyback plan on Tuesday, June 16th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to buy up to 3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

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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