Wellington Management Group LLP Buys 7,051 Shares of AutoZone, Inc. $AZO

Key Points

• Wellington Management increased its AutoZone stake by 12.6% in the second quarter, purchasing 7,051 shares and bringing its holdings to 62,901 shares valued at approximately $201 million. Institutional investors collectively own 92.74% of the company.
• AutoZone shares opened at $2,995.99, near the lower end of their 12-month range. The company also authorized a $1.5 billion share-repurchase program, allowing it to buy back up to 3% of outstanding shares.
• Analysts maintain a broadly positive view, with a “Moderate Buy” consensus and an average price target of $3,999.04, despite several firms lowering their targets. A company vice president separately sold 1,455 shares for $4.51 million.

Wellington Management Group LLP lifted its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 12.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 62,901 shares of the company's stock after buying an additional 7,051 shares during the period. Wellington Management Group LLP owned about 0.39% of AutoZone worth $201,028,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. BlackRock Inc. acquired a new stake in AutoZone in the 2nd quarter valued at $3,938,566,000. Morgan Stanley raised its stake in AutoZone by 17.8% during the fourth quarter. Morgan Stanley now owns 492,794 shares of the company's stock worth $1,671,323,000 after acquiring an additional 74,555 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of AutoZone by 1.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company's stock valued at $1,312,654,000 after acquiring an additional 7,390 shares during the period. Norges Bank acquired a new stake in shares of AutoZone in the 4th quarter valued at $939,205,000. Finally, First Manhattan CO. LLC. grew its holdings in shares of AutoZone by 2.7% in the 4th quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company's stock worth $886,246,000 after purchasing an additional 6,765 shares during the last quarter. Institutional investors own 92.74% of the company's stock.

Insider Activity

In other news, VP Dennis W. Leriche sold 1,455 shares of the company's 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 transaction, the vice president directly owned 441 shares in the company, valued at approximately $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.60% of the company's stock.

AutoZone Stock Up 1.1%

Shares of NYSE:AZO opened at $2,995.99 on Tuesday. The firm has a market cap of $48.92 billion, a P/E ratio of 20.60, a P/E/G ratio of 1.50 and a beta of 0.33. AutoZone, Inc. has a 12 month low of $2,902.20 and a 12 month high of $4,388.11. The company's 50-day moving average price is $3,045.89 and its two-hundred day moving average price is $3,300.64.

AutoZone declared that its board has initiated a stock repurchase program on Tuesday, June 16th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to buy up to 3% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

AZO has been the subject of several analyst reports. Guggenheim cut their price target on shares of AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating for the company in a report on Wednesday, May 27th. Piper Sandler set a $3,500.00 price objective on shares of AutoZone in a report on Monday. Jefferies Financial Group cut their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. The Goldman Sachs Group decreased their price target on AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. Finally, BNP Paribas Exane dropped their price target on AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating for the company in a 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 given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $3,999.04.

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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