Mirae Asset Global Investments Co. Ltd. Raises Stock Holdings in AutoZone, Inc. $AZO

Key Points

• Mirae Asset raised its stake in AutoZone (NYSE:AZO) by 14.1%, now owning 3,877 shares worth about $13.15 million at the end of the quarter.
• Wall Street is broadly positive on AZO, with a consensus "Moderate Buy" rating and an average target price of about $4,312, and several firms recently raised their targets or reiterated outperform/buy ratings.
• There was significant insider selling—VP Richard Craig Smith sold 5,910 shares for roughly $21.9 million—and institutional investors own roughly 92.7% of the stock (insiders ~2.6%).

Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 14.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,877 shares of the company's stock after acquiring an additional 478 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in AutoZone were worth $13,149,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Childress Capital Advisors LLC increased its position in shares of AutoZone by 12.7% during the fourth quarter. Childress Capital Advisors LLC now owns 115 shares of the company's stock valued at $390,000 after acquiring an additional 13 shares during the last quarter. KBC Group NV increased its position in shares of AutoZone by 1.5% during the fourth quarter. KBC Group NV now owns 9,355 shares of the company's stock valued at $31,727,000 after acquiring an additional 138 shares during the last quarter. Townsend & Associates Inc increased its position in shares of AutoZone by 2.7% during the fourth quarter. Townsend & Associates Inc now owns 3,631 shares of the company's stock valued at $12,584,000 after acquiring an additional 95 shares during the last quarter. Farther Finance Advisors LLC increased its position in AutoZone by 46.0% in the fourth quarter. Farther Finance Advisors LLC now owns 387 shares of the company's stock worth $1,313,000 after buying an additional 122 shares during the last quarter. Finally, Tyche Wealth Partners LLC increased its position in AutoZone by 3.0% in the fourth quarter. Tyche Wealth Partners LLC now owns 208 shares of the company's stock worth $705,000 after buying an additional 6 shares during the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AZO has been the subject of a number of recent research reports. BMO Capital Markets decreased their target price on AutoZone from $4,400.00 to $4,300.00 and set an "outperform" rating for the company in a research report on Wednesday, March 4th. Oppenheimer reissued an "outperform" rating and issued a $4,300.00 target price (up from $4,150.00) on shares of AutoZone in a research report on Tuesday, March 10th. Evercore raised their target price on AutoZone from $4,100.00 to $4,125.00 and gave the stock an "outperform" rating in a research report on Friday, February 27th. Citigroup raised their target price on AutoZone from $4,200.00 to $4,300.00 and gave the stock a "buy" rating in a research report on Wednesday, March 4th. Finally, Barclays raised their target price on AutoZone from $3,800.00 to $3,900.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 4th. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, AutoZone currently has an average rating of "Moderate Buy" and an average target price of $4,312.13.

Insider Buying and Selling at AutoZone

In other news, VP Richard Craig Smith sold 5,910 shares of AutoZone stock in a transaction on Friday, January 23rd. The stock was sold at an average price of $3,700.00, for a total value of $21,867,000.00. Following the completion of the transaction, the vice president directly owned 2,627 shares in the company, valued at approximately $9,719,900. The trade was a 69.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Earl G. Graves, Jr. sold 50 shares of AutoZone stock in a transaction on Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total value of $173,936.00. Following the completion of the transaction, the director owned 4,837 shares of the company's stock, valued at approximately $16,826,568.64. This trade represents a 1.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.60% of the stock is currently owned by insiders.

AutoZone Stock Performance

Shares of NYSE AZO opened at $3,578.99 on Monday. The stock has a market cap of $58.98 billion, a PE ratio of 25.07, a price-to-earnings-growth ratio of 1.83 and a beta of 0.41. AutoZone, Inc. has a fifty-two week low of $3,210.72 and a fifty-two week high of $4,388.11. The stock has a fifty day moving average of $3,573.58 and a 200-day moving average of $3,660.23.

AutoZone (NYSE:AZO - Get Free Report) last announced its quarterly earnings results on Tuesday, March 3rd. The company reported $27.63 earnings per share for the quarter, beating the consensus estimate of $27.59 by $0.04. The company had revenue of $4.27 billion during the quarter, compared to analysts' expectations of $4.31 billion. AutoZone had a negative return on equity of 72.31% and a net margin of 12.47%.The firm's quarterly revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the business earned $28.29 earnings per share. On average, sell-side analysts predict that AutoZone, Inc. will post 152.94 EPS for the current year.

About AutoZone

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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