Northwestern Mutual Wealth Management Co. Takes Position in AutoZone, Inc. $AZO

Northwestern Mutual Wealth Management Co. purchased a new position in AutoZone, Inc. (NYSE:AZO - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,801 shares of the company's stock, valued at approximately $5,756,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Jupiter Asset Management Ltd. bought a new position in AutoZone during the fourth quarter valued at $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund grew its stake in shares of AutoZone by 15.2% during the fourth quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 14,224 shares of the company's stock valued at $48,241,000 after buying an additional 1,882 shares during the last quarter. CIBC Asset Management Inc raised its holdings in shares of AutoZone by 67.1% in the fourth quarter. CIBC Asset Management Inc now owns 3,941 shares of the company's stock worth $13,366,000 after buying an additional 1,582 shares during the period. Norges Bank purchased a new stake in shares of AutoZone in the fourth quarter worth approximately $939,205,000. Finally, BlackRock Inc. bought a new stake in shares of AutoZone during the 2nd quarter worth approximately $3,938,566,000. Institutional investors own 92.74% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on AZO shares. BMO Capital Markets cut their price target on shares of AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating on the stock in a report on Wednesday, May 27th. Morgan Stanley lowered their price objective 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 reduced their target price on shares of AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 27th. Roth Capital decreased their price target on shares of AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. Finally, Barclays lowered their price target on AutoZone from $3,900.00 to $3,637.00 and set an "overweight" rating for the company in a report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $4,029.43.

AutoZone Stock Up 0.1%

AZO opened at $2,960.64 on Monday. AutoZone, Inc. has a 52-week low of $2,902.20 and a 52-week high of $4,388.11. The firm's 50-day moving average price is $3,054.94 and its 200-day moving average price is $3,329.19. The company has a market cap of $48.35 billion, a P/E ratio of 20.36, a price-to-earnings-growth ratio of 1.50 and a beta of 0.33.

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

AutoZone declared that its Board of Directors has authorized a stock buyback program on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 3% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its stock is undervalued.

Insider Activity

In other AutoZone news, Director Brian Hannasch purchased 165 shares of AutoZone stock in a transaction that occurred on Friday, May 29th. The stock was bought at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the acquisition, the director owned 1,219 shares of the company's stock, valued at $3,641,153. This trade represents a 15.65% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Dennis W. Leriche sold 1,455 shares of the company's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following 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. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.60% of the company's stock.

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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