MassMutual Private Wealth & Trust FSB Acquires 9,122 Shares of AutoZone, Inc. $AZO

Key Points

• MassMutual Private Wealth & Trust FSB dramatically increased its AutoZone stake by purchasing 9,122 shares in the third quarter, bringing its holdings to 9,206 shares valued at approximately $26.1 million. Institutional investors collectively own 92.74% of the company.
• AutoZone reported quarterly revenue of $6.59 billion, up 5.6% year over year, while earnings exceeded analyst expectations; the company also authorized a $1.5 billion share-repurchase program.
• Despite the stock trading near its 12-month low at $2,798.29, analysts maintain a “Moderate Buy” consensus with an average price target of $3,710.36, although several firms recently lowered their targets.

MassMutual Private Wealth & Trust FSB increased its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 10,859.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 9,206 shares of the company's stock after buying an additional 9,122 shares during the period. MassMutual Private Wealth & Trust FSB owned about 0.06% of AutoZone worth $26,053,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. Silverleafe Capital Partners LLC lifted its stake in AutoZone by 0.4% in the third quarter. Silverleafe Capital Partners LLC now owns 2,979 shares of the company's stock valued at $8,431,000 after buying an additional 11 shares during the last quarter. Polaris Financial Partners bought a new position in shares of AutoZone during the third quarter worth about $569,000. CX Institutional grew its position in shares of AutoZone by 8,649.3% during the third quarter. CX Institutional now owns 20,036 shares of the company's stock worth $56,702,000 after acquiring an additional 19,807 shares during the last quarter. Burkett Financial Services LLC acquired a new stake in shares of AutoZone in the 3rd quarter worth about $31,000. Finally, QRG Capital Management Inc. increased its holdings in shares of AutoZone by 26,077.9% in the 2nd quarter. QRG Capital Management Inc. now owns 49,738 shares of the company's stock worth $158,960,000 after acquiring an additional 49,548 shares during the period. Institutional investors own 92.74% of the company's stock.

AutoZone Price Performance

Shares of NYSE:AZO opened at $2,798.29 on Monday. AutoZone, Inc. has a 12 month low of $2,756.13 and a 12 month high of $4,252.54. The stock has a market cap of $45.70 billion, a price-to-earnings ratio of 18.31, a PEG ratio of 1.29 and a beta of 0.40. The stock's 50 day moving average price is $2,964.72 and its 200 day moving average price is $3,160.31.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings results on Tuesday, September 22nd. The company reported $56.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.54 by $55.51. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%.The firm had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.70 billion. During the same period last year, the company posted $48.71 EPS. The firm's quarterly revenue was up 5.6% on a year-over-year basis. On average, sell-side analysts expect that AutoZone, Inc. will post 172.12 EPS for the current year.

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

Insider Buying and Selling at AutoZone

In related news, VP Dennis LeRiche sold 1,455 shares of AutoZone stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following 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 Securities & Exchange Commission, which is available at the SEC website. 2.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on AZO shares. Truist Financial reduced their target price on shares of AutoZone from $3,817.00 to $3,648.00 and set a "buy" rating for the company in a research note on Wednesday, September 23rd. Raymond James Financial cut their price target on AutoZone from $4,000.00 to $3,700.00 and set a "strong-buy" rating on the stock in a report on Wednesday, September 23rd. Roth Capital decreased their price objective on AutoZone from $4,023.00 to $3,850.00 and set a "buy" rating for the company in a report on Wednesday, September 23rd. Mizuho decreased their price objective on AutoZone from $3,200.00 to $3,000.00 and set a "neutral" rating for the company in a report on Wednesday, September 23rd. Finally, TD Cowen lowered their target price on AutoZone from $3,500.00 to $3,400.00 and set a "buy" rating on the stock in a research report on Wednesday, September 23rd. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $3,710.36.

AutoZone Profile

AutoZone, Inc is a specialty retailer of automotive replacement parts, accessories and maintenance products. The company serves do-it-yourself customers as well as professional automotive repair shops, offering products such as batteries, brakes, filters, engine components, tools, fluids and other vehicle parts.

In addition to its retail stores, AutoZone provides commercial sales and delivery services for professional repair businesses. The company also operates ALLDATA, which offers automotive diagnostic, repair and shop-management software and information services to repair professionals.

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

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