California State Teachers Retirement System Boosts Stock Position in AutoZone, Inc. $AZO

California State Teachers Retirement System raised its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 0.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,931 shares of the company's stock after acquiring an additional 90 shares during the period. AutoZone accounts for approximately 0.1% of California State Teachers Retirement System's portfolio, making the stock its 25th largest position. California State Teachers Retirement System owned approximately 0.15% of AutoZone worth $79,677,980 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of AutoZone in the 2nd quarter worth $3,938,566,000. Norges Bank acquired a new stake in shares of AutoZone in the fourth quarter valued at approximately $939,205,000. First Manhattan CO. LLC. boosted its holdings in shares of AutoZone by 2.7% in the 4th quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company's stock valued at $886,246,000 after purchasing an additional 6,765 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in AutoZone in the second quarter valued at $572,885,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of AutoZone by 11,577.6% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 141,066 shares of the company's stock valued at $450,838,000 after acquiring an additional 139,858 shares during the period. 92.74% of the stock is owned by hedge funds and other institutional investors.

AutoZone Stock Down 2.6%

Shares of NYSE AZO traded down $78.33 during trading on Tuesday, reaching $2,887.19. The company had a trading volume of 105,428 shares, compared to its average volume of 251,923. AutoZone, Inc. has a 12-month low of $2,865.13 and a 12-month high of $4,332.68. The stock has a market cap of $47.13 billion, a PE ratio of 19.85, a P/E/G ratio of 1.44 and a beta of 0.34. The business's 50-day moving average is $3,011.00 and its 200 day moving average is $3,241.45.

AutoZone announced that its board has authorized a share buyback program on Tuesday, June 16th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to repurchase up to 3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at AutoZone

In other news, VP Dennis 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 represents a 76.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 2.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on AZO shares. The Goldman Sachs Group dropped their price target 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. Jefferies Financial Group dropped their target price 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. Roth Capital dropped their price objective on AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating for the company in a report on Wednesday, May 27th. Truist Financial set a $3,700.00 price target on AutoZone in a research note on Wednesday, May 27th. Finally, Piper Sandler set a $3,500.00 price target on AutoZone in a research note on Monday, August 31st. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $3,946.96.

AutoZone Profile

AutoZone, Inc is a retailer and distributor of automotive replacement parts, accessories, and maintenance products. The company serves do-it-yourself customers, professional service technicians, and commercial repair businesses through its stores, distribution network, and online platform.

Its product offerings include replacement parts such as batteries, brakes, engine components, and ignition products, along with tools, fluids, filters, and other automotive accessories. AutoZone also provides services such as parts lookup, diagnostic assistance, battery testing and charging, and loaner tools for eligible repairs.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional locations in Mexico and Brazil.

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