Sei Investments Co. Boosts Position in AutoZone, Inc. $AZO

Key Points

• Sei Investments Co. increased its AutoZone stake by 9.9% in the first quarter, buying 4,477 additional shares and bringing its total holding to 49,561 shares valued at about $167.4 million.
• Several other institutions also raised their positions, and hedge funds and other institutional investors now own 92.74% of AutoZone; meanwhile, director Brian Hannasch bought 165 shares in a recent insider transaction.
• Analysts remain broadly bullish despite trimming price targets, with a consensus rating of “Moderate Buy” and an average price target of $4,040.87. AutoZone also posted stronger-than-expected quarterly EPS and its board authorized a $1.5 billion share buyback.

Sei Investments Co. grew its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 9.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 49,561 shares of the company's stock after buying an additional 4,477 shares during the period. Sei Investments Co. owned 0.30% of AutoZone worth $167,410,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of AZO. Norges Bank bought a new stake in AutoZone during the 4th quarter worth approximately $939,205,000. Morgan Stanley lifted its stake in AutoZone by 17.8% in the 4th quarter. Morgan Stanley now owns 492,794 shares of the company's stock worth $1,671,323,000 after purchasing an additional 74,555 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in AutoZone by 387.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company's stock valued at $263,832,000 after purchasing an additional 61,821 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in AutoZone by 39.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company's stock valued at $584,730,000 after purchasing an additional 50,071 shares during the period. Finally, AQR Capital Management LLC grew its position in shares of AutoZone by 80.8% during the 3rd quarter. AQR Capital Management LLC now owns 101,185 shares of the company's stock valued at $432,059,000 after purchasing an additional 45,212 shares in the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at AutoZone

In other news, Director Brian Hannasch bought 165 shares of the business's stock in a transaction on Friday, May 29th. The stock was acquired at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the purchase, the director directly owned 1,219 shares in the company, valued at $3,641,153. This represents a 15.65% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

AZO has been the topic of several research analyst reports. Roth Capital decreased their price target on shares of AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. BMO Capital Markets reduced their target price on AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating for the company in a research report on Wednesday, May 27th. Morgan Stanley reduced their target price on 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. JPMorgan Chase & Co. decreased their target price on AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 27th. Finally, Citigroup dropped their price target on AutoZone from $4,300.00 to $3,700.00 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 given a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $4,040.87.

AutoZone Stock Down 1.4%

Shares of AZO stock opened at $2,971.21 on Thursday. The business has a 50-day moving average price of $3,117.89 and a two-hundred day moving average price of $3,407.95. AutoZone, Inc. has a 12-month low of $2,928.11 and a 12-month high of $4,388.11. The firm has a market cap of $48.52 billion, a P/E ratio of 20.43, a price-to-earnings-growth ratio of 1.53 and a beta of 0.33.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $36.22 by $1.85. The firm had revenue of $4.84 billion during the quarter, compared to analysts' expectations of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the prior year, the business earned $35.36 EPS. As a group, research analysts expect that AutoZone, Inc. will post 150.51 EPS for the current fiscal year.

AutoZone announced that its Board of Directors has initiated a share buyback plan on Tuesday, June 16th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to reacquire up to 3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are 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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