TD Waterhouse Canada Inc. Acquires 1,281 Shares of AutoZone, Inc. $AZO

Key Points

• TD Waterhouse Canada increased its AutoZone stake by 123.4% in the second quarter, acquiring 1,281 additional shares for a total of 2,319 shares valued at approximately $7.47 million.
• Institutional investors own 92.74% of AutoZone, with major additions or stake increases from BlackRock, Morgan Stanley, T. Rowe Price, Norges Bank and First Manhattan.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $3,999.04, while AutoZone authorized a $1.5 billion share repurchase plan covering up to 3% of its outstanding stock.

TD Waterhouse Canada Inc. grew its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 123.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,319 shares of the company's stock after acquiring an additional 1,281 shares during the quarter. TD Waterhouse Canada Inc.'s holdings in AutoZone were worth $7,469,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of AutoZone during the 2nd quarter valued at $3,938,566,000. Morgan Stanley lifted its stake in AutoZone by 17.8% in the fourth 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 during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in AutoZone by 1.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company's stock worth $1,312,654,000 after purchasing an additional 7,390 shares during the last quarter. Norges Bank purchased a new stake in AutoZone during the fourth quarter valued at about $939,205,000. Finally, First Manhattan CO. LLC. grew its stake in shares of AutoZone by 2.7% during the fourth quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company's stock valued at $886,246,000 after buying an additional 6,765 shares during the last quarter. 92.74% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on AZO. Weiss Ratings lowered AutoZone from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, July 23rd. Jefferies Financial Group cut their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. BNP Paribas Exane decreased their target price on shares of AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 27th. JPMorgan Chase & Co. lowered their price target on shares of AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating for the company in a report on Wednesday, May 27th. Finally, The Goldman Sachs Group dropped their price target on shares of AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating for the company in a research report on Wednesday, May 27th. One 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 stock. According to data from MarketBeat, AutoZone presently has a consensus rating of "Moderate Buy" and an average price target of $3,999.04.

Insider Buying and Selling at AutoZone

In other news, VP Dennis LeRiche sold 1,455 shares of AutoZone stock in a transaction that occurred on 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 in the company, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.60% of the company's stock.

AutoZone Stock Up 0.5%

NYSE AZO opened at $2,981.99 on Friday. The firm has a market capitalization of $48.70 billion, a PE ratio of 20.50, a P/E/G ratio of 1.49 and a beta of 0.34. The stock's 50 day moving average is $3,036.29 and its 200 day moving average is $3,280.85. AutoZone, Inc. has a twelve month low of $2,902.20 and a twelve month high of $4,388.11.

AutoZone declared that its Board of Directors has initiated a share buyback plan on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to reacquire up to 3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management 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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