OMERS ADMINISTRATION Corp Purchases New Position in AutoZone, Inc. $AZO

Key Points

• OMERS Administration Corp. acquired 998 AutoZone shares worth approximately $3.19 million in the second quarter. Institutional investors collectively own 92.74% of the company.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $4,029.43, despite several recent target-price reductions.
• AutoZone exceeded quarterly earnings expectations, reporting $38.07 in EPS versus $36.22 expected, while revenue rose 8.4% year over year. The board also authorized a $1.5 billion share-repurchase program.

OMERS ADMINISTRATION Corp acquired a new stake in AutoZone, Inc. (NYSE:AZO - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 998 shares of the company's stock, valued at approximately $3,190,000.

Several other hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of AutoZone during the second quarter worth about $3,938,566,000. Morgan Stanley lifted its holdings in shares of AutoZone by 17.8% in the 4th quarter. Morgan Stanley now owns 492,794 shares of the company's stock valued at $1,671,323,000 after purchasing an additional 74,555 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of AutoZone by 1.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company's stock valued at $1,312,654,000 after purchasing an additional 7,390 shares during the period. Norges Bank purchased a new position in AutoZone during the 4th quarter worth approximately $939,205,000. Finally, First Manhattan CO. LLC. grew its stake in AutoZone by 2.7% during the 4th quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company's stock worth $886,246,000 after buying an additional 6,765 shares during the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

Insider Transactions at AutoZone

In related news, VP Dennis W. Leriche sold 1,455 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total transaction 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 $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Brian Hannasch acquired 165 shares of AutoZone stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the transaction, 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 ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 2.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on AZO. JPMorgan Chase & Co. cut their price target on AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 27th. Guggenheim decreased their price objective on AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating for the company in a report on Wednesday, May 27th. Robert W. Baird lowered their target price on shares of AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 27th. Evercore reaffirmed an "outperform" rating on shares of AutoZone in a report on Tuesday, May 26th. Finally, Roth Capital reduced 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 report on Wednesday, May 27th. One investment 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 company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $4,029.43.

AutoZone Stock Performance

Shares of AZO opened at $3,023.78 on Wednesday. The stock has a market capitalization of $49.38 billion, a P/E ratio of 20.79, a P/E/G ratio of 1.53 and a beta of 0.33. AutoZone, Inc. has a 1 year low of $2,902.20 and a 1 year high of $4,388.11. The company's fifty day moving average is $3,050.91 and its two-hundred day moving average is $3,319.59.

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

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

AutoZone 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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