AutoZone, Inc. $AZO Shares Bought by Quantitative Investment Management LLC

Key Points

• Quantitative Investment Management LLC increased its AutoZone stake by 2,453.8% in the second quarter, holding 2,375 shares valued at approximately $7.59 million. Institutional investors and hedge funds collectively own 92.74% of AutoZone.
• AutoZone’s shares opened at $2,967.55, near the lower end of their 52-week range, while the company authorized a $1.5 billion share-repurchase program covering up to 3% of outstanding shares.
• Analysts maintain a generally positive view, with AutoZone carrying a “Moderate Buy” consensus rating and an average price target of $4,029.43, despite several recent target-price reductions. A company vice president also sold 1,455 shares worth $4.51 million.

Quantitative Investment Management LLC raised its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 2,453.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,375 shares of the company's stock after acquiring an additional 2,282 shares during the quarter. AutoZone makes up 0.8% of Quantitative Investment Management LLC's investment portfolio, making the stock its 25th largest position. Quantitative Investment Management LLC's holdings in AutoZone were worth $7,590,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Turning Point Benefit Group Inc. acquired a new position in AutoZone in the 3rd quarter valued at about $25,000. Transamerica Financial Advisors LLC boosted its holdings in shares of AutoZone by 100.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company's stock valued at $28,000 after purchasing an additional 4 shares during the last quarter. Edmond DE Rothschild Holding S.A. acquired a new position in AutoZone in the second quarter valued at $29,000. MCF Advisors LLC grew its position in AutoZone by 50.0% during the fourth quarter. MCF Advisors LLC now owns 9 shares of the company's stock valued at $31,000 after acquiring an additional 3 shares during the period. Finally, Bard Associates Inc. acquired a new stake in AutoZone during the fourth quarter worth about $31,000. 92.74% of the stock is owned by institutional investors and hedge funds.

AutoZone Stock Performance

AZO stock opened at $2,967.55 on Monday. The firm has a market cap of $48.46 billion, a P/E ratio of 20.40, a price-to-earnings-growth ratio of 1.50 and a beta of 0.33. AutoZone, Inc. has a 1 year low of $2,902.20 and a 1 year high of $4,388.11. The stock has a 50-day simple moving average of $3,045.07 and a 200-day simple moving average of $3,305.33.

AutoZone declared that its Board of Directors has approved a share repurchase program on Tuesday, June 16th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to buy up to 3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on AZO shares. Barclays cut their price objective on AutoZone from $3,900.00 to $3,637.00 and set an "overweight" rating on the stock in a report on Tuesday, August 4th. Truist Financial set a $3,700.00 target price on shares of AutoZone in a research report on Wednesday, May 27th. BNP Paribas Exane cut their price target on shares of AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating on the stock in a report on Wednesday, May 27th. Weiss Ratings cut shares of AutoZone from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, July 23rd. Finally, Robert W. Baird decreased their price objective on shares of 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. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, AutoZone has an average rating of "Moderate Buy" and an average price target of $4,029.43.

Insider Transactions at AutoZone

In other AutoZone news, VP Dennis W. Leriche sold 1,455 shares of the stock in a transaction that occurred 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 sale, the vice president owned 441 shares of the company's stock, valued at $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.60% of the stock is owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source