Meeder Asset Management Inc. Raises Stock Position in AutoZone, Inc. (NYSE:AZO)

Key Points

• Meeder Asset Management Inc. significantly increased its holdings in AutoZone by 1,000%, now owning 110 shares worth approximately $419,000.
• AutoZone reported $35.36 EPS for the recent quarter, missing estimates, but achieved a revenue of $4.46 billion, surpassing expectations.
• Several analysts have upgraded their target prices for AutoZone, with UBS Group setting a new target of $4,260.00 and maintaining a "buy" rating.

Meeder Asset Management Inc. lifted its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 1,000.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 110 shares of the company's stock after acquiring an additional 100 shares during the quarter. Meeder Asset Management Inc.'s holdings in AutoZone were worth $419,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Headlands Technologies LLC purchased a new stake in AutoZone during the fourth quarter worth $29,000. Cornerstone Planning Group LLC purchased a new stake in AutoZone during the first quarter worth $44,000. Minot DeBlois Advisors LLC purchased a new stake in AutoZone during the fourth quarter worth $45,000. Tradewinds Capital Management LLC boosted its holdings in AutoZone by 30.0% during the first quarter. Tradewinds Capital Management LLC now owns 13 shares of the company's stock worth $50,000 after buying an additional 3 shares in the last quarter. Finally, Golden State Wealth Management LLC boosted its holdings in AutoZone by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 14 shares of the company's stock worth $53,000 after buying an additional 7 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. increased their price target on shares of AutoZone from $3,830.00 to $4,350.00 and gave the stock an "overweight" rating in a report on Friday, May 23rd. Mizuho increased their price objective on shares of AutoZone from $3,740.00 to $4,050.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. Bank of America raised shares of AutoZone from a "neutral" rating to a "buy" rating and increased their price objective for the company from $3,900.00 to $4,800.00 in a report on Wednesday, May 21st. Morgan Stanley reaffirmed an "overweight" rating and set a $4,000.00 price objective (up from $3,750.00) on shares of AutoZone in a report on Wednesday, May 28th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating on shares of AutoZone in a report on Wednesday, May 28th. Two analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, AutoZone currently has an average rating of "Buy" and a consensus price target of $4,087.00.

AutoZone Price Performance

Shares of AZO stock traded up $34.27 during trading on Friday, reaching $3,802.65. The company's stock had a trading volume of 11,446 shares, compared to its average volume of 132,671. The company has a market capitalization of $63.82 billion, a price-to-earnings ratio of 25.72, a P/E/G ratio of 2.29 and a beta of 0.39. The stock's 50-day moving average price is $3,707.01 and its 200 day moving average price is $3,610.63. AutoZone, Inc. has a 1-year low of $2,898.57 and a 1-year high of $3,919.50.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings results on Tuesday, May 27th. The company reported $35.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $37.07 by ($1.71). AutoZone had a negative return on equity of 56.07% and a net margin of 13.56%. The firm had revenue of $4.46 billion during the quarter, compared to analysts' expectations of $4.41 billion. During the same quarter in the prior year, the firm earned $36.69 EPS. The firm's revenue was up 5.4% compared to the same quarter last year. On average, sell-side analysts anticipate that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

Insider Activity

In related news, Chairman William C. Rhodes III sold 27,500 shares of AutoZone stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $3,708.93, for a total value of $101,995,575.00. Following the completion of the transaction, the chairman owned 8,546 shares in the company, valued at $31,696,515.78. The trade was a 76.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jamere Jackson sold 2,612 shares of the business's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $3,728.05, for a total transaction of $9,737,666.60. Following the sale, the chief financial officer owned 427 shares of the company's stock, valued at $1,591,877.35. This represents a 85.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,862 shares of company stock worth $126,058,789 over the last three months. Insiders own 2.10% of the company's stock.

AutoZone Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.