Tidal Investments LLC Purchases 1,809 Shares of AutoZone, Inc. $AZO

Key Points

• Tidal Investments increased its AutoZone stake by 29.6% in the second quarter, purchasing 1,809 additional shares and bringing its holdings to 7,922 shares valued at approximately $25.3 million.
• Institutional investors and hedge funds own 92.74% of AutoZone. The company also authorized a $1.5 billion share-buyback program, allowing it to repurchase up to 3% of outstanding shares.
• AutoZone shares recently traded near $2,878, close to their 12-month low, while analysts maintain a “Moderate Buy” consensus with an average price target of $3,957.38 despite several target reductions.

Tidal Investments LLC increased its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 29.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,922 shares of the company's stock after purchasing an additional 1,809 shares during the quarter. Tidal Investments LLC's holdings in AutoZone were worth $25,318,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. California State Teachers Retirement System grew its holdings in AutoZone by 320,651.9% during the 2nd quarter. California State Teachers Retirement System now owns 79,677,980 shares of the company's stock worth $254,646,043,000 after acquiring an additional 79,653,139 shares during the last quarter. BlackRock Inc. bought a new position in shares of AutoZone in the second quarter worth about $3,938,566,000. Norges Bank acquired a new position in shares of AutoZone during the fourth quarter worth approximately $939,205,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of AutoZone during the second quarter worth approximately $572,885,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of AutoZone by 11,577.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 141,066 shares of the company's stock valued at $450,838,000 after purchasing an additional 139,858 shares during the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Dennis LeRiche sold 1,455 shares of the company's stock in a transaction dated 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 completion of the sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 2.60% of the company's stock.

AutoZone Trading Down 1.1%

NYSE AZO opened at $2,878.18 on Friday. The stock has a 50-day simple moving average of $3,016.50 and a 200 day simple moving average of $3,253.93. The company has a market capitalization of $47.00 billion, a PE ratio of 19.79, a P/E/G ratio of 1.46 and a beta of 0.34. AutoZone, Inc. has a 12 month low of $2,876.25 and a 12 month high of $4,388.11.

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

Analysts Set New Price Targets

A number of brokerages recently weighed in on AZO. Wells Fargo & Company lowered their price target on shares of AutoZone from $4,150.00 to $3,500.00 and set an "overweight" rating for the company in a report on Thursday. Weiss Ratings lowered AutoZone from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, July 23rd. Mizuho lowered their target price on AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating for the company in a research note on Wednesday, May 27th. The Goldman Sachs Group dropped their target price on 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. Finally, BNP Paribas Exane cut their price target on 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. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $3,957.38.

About AutoZone

AutoZone, Inc is a retailer and distributor of automotive replacement parts, accessories, and maintenance products. The company serves do-it-yourself customers, professional service technicians, and commercial repair businesses through its stores, distribution network, and online platform.

Its product offerings include replacement parts such as batteries, brakes, engine components, and ignition products, along with tools, fluids, filters, and other automotive accessories. AutoZone also provides services such as parts lookup, diagnostic assistance, battery testing and charging, and loaner tools for eligible repairs.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional locations in Mexico and Brazil.

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