Man Group plc Makes New Investment in AutoZone, Inc. $AZO

Key Points

• Man Group plc acquired 3,766 AutoZone shares during the second quarter, valued at approximately $12.0 million.
• AutoZone is heavily institutionally owned, with investors holding 92.74% of shares; BlackRock, Norges Bank and several other major institutions also established or expanded positions.
• The stock opened at $2,932.02, well below its 12-month high of $4,388.11. Despite recent analyst target cuts, AutoZone exceeded quarterly EPS expectations, reported 8.4% year-over-year revenue growth and authorized a $1.5 billion share-repurchase plan.

Man Group plc acquired a new stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 3,766 shares of the company's stock, valued at approximately $12,036,000.

Several other large investors also recently modified their holdings of AZO. BlackRock Inc. bought a new position in shares of AutoZone during the 2nd quarter worth approximately $3,938,566,000. Norges Bank bought a new stake in AutoZone in the fourth quarter valued at $939,205,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in AutoZone in the second quarter valued at $572,885,000. Bank of New York Mellon Corp acquired a new position in AutoZone during the second quarter worth $335,157,000. Finally, Legal & General Group Plc acquired a new position in AutoZone during the second quarter worth $319,156,000. 92.74% of the stock is currently owned by institutional investors.

AutoZone Stock Performance

Shares of NYSE:AZO opened at $2,932.02 on Friday. The business has a fifty day moving average of $3,047.01 and a 200-day moving average of $3,310.04. AutoZone, Inc. has a twelve month low of $2,902.20 and a twelve month high of $4,388.11. The firm has a market cap of $47.88 billion, a PE ratio of 20.16, a price-to-earnings-growth ratio of 1.52 and a beta of 0.33.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The business had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.86 billion. During the same quarter in the prior year, the company earned $35.36 EPS. The firm's quarterly revenue was up 8.4% on a year-over-year basis. On average, analysts anticipate that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.

AutoZone announced that its Board of Directors has authorized a share repurchase plan on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to buy up to 3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

AZO has been the topic of several recent analyst reports. Truist Financial set a $3,700.00 target price on shares of AutoZone in a research note on Wednesday, May 27th. Morgan Stanley dropped 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. Mizuho cut their price target on shares of AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating for the company in a report on Wednesday, May 27th. DA Davidson reduced their price target on shares of AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. Finally, TD Cowen reaffirmed a "buy" rating and set a $3,700.00 price objective on shares of AutoZone in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, AutoZone has an average rating of "Moderate Buy" and a consensus target price of $4,029.43.

Insider Buying and Selling at AutoZone

In other AutoZone news, VP Dennis W. Leriche sold 1,455 shares of the business's stock in a transaction dated 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 transaction, the vice president directly owned 441 shares of the company's stock, valued at approximately $1,367,100. The trade was a 76.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company's stock.

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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