AutoZone, Inc. $AZO Shares Purchased by Formuepleje A S

Key Points

• Formuepleje A S increased its AutoZone position by 19.4% in the second quarter, acquiring 1,598 additional shares and holding 9,855 shares worth approximately $31.5 million. Institutional investors and hedge funds collectively own 92.74% of AutoZone.
• Analysts remain broadly positive, with one Strong Buy, 20 Buy and six Hold ratings. However, several firms lowered their price targets, and the consensus target is now $3,999.04.
• AutoZone authorized a $1.5 billion share-repurchase program, allowing it to buy back up to 3% of outstanding shares, while the stock recently traded near $2,981.99—close to its one-year low.

Formuepleje A S boosted its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 19.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,855 shares of the company's stock after buying an additional 1,598 shares during the period. AutoZone makes up about 2.5% of Formuepleje A S's holdings, making the stock its 17th biggest position. Formuepleje A S owned approximately 0.06% of AutoZone worth $31,496,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Benchmark Investment Advisors LLC purchased a new stake in shares of AutoZone in the second quarter valued at approximately $713,000. Jupiter Asset Management Ltd. acquired a new position in AutoZone during the fourth quarter worth $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund raised its position in AutoZone by 15.2% in the fourth quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 14,224 shares of the company's stock worth $48,241,000 after acquiring an additional 1,882 shares in the last quarter. BlackRock Inc. purchased a new position in AutoZone in the second quarter worth $3,938,566,000. Finally, CIBC Asset Management Inc lifted its holdings in AutoZone by 67.1% in the fourth quarter. CIBC Asset Management Inc now owns 3,941 shares of the company's stock valued at $13,366,000 after acquiring an additional 1,582 shares during the period. 92.74% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on AZO shares. BNP Paribas Exane lowered 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 research note on Wednesday, May 27th. DA Davidson reduced their price objective on shares of AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. BMO Capital Markets decreased their price objective on shares of AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating on the stock in a report on Wednesday, May 27th. Morgan Stanley lowered their target price on shares of AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 27th. Finally, Barclays dropped their target price on shares of AutoZone from $3,900.00 to $3,637.00 and set an "overweight" rating for the company in a report on Tuesday, August 4th. 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 data from MarketBeat, AutoZone currently has an average rating of "Moderate Buy" and a consensus price target of $3,999.04.

AutoZone Price Performance

Shares of AZO opened at $2,981.99 on Monday. AutoZone, Inc. has a 1-year low of $2,902.20 and a 1-year high of $4,388.11. The stock has a market cap of $48.70 billion, a price-to-earnings ratio of 20.50, a price-to-earnings-growth ratio of 1.49 and a beta of 0.34. The firm has a 50 day simple moving average of $3,036.29 and a 200-day simple moving average of $3,276.84.

AutoZone declared that its board has initiated a share buyback plan on Tuesday, June 16th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other news, VP Dennis LeRiche sold 1,455 shares of the business'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 transaction, the vice president directly owned 441 shares of the company's stock, 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 through the SEC website. 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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