Munich Reinsurance Co Stock Corp in Munich Invests $14.20 Million in AutoZone, Inc. $AZO

Munich Reinsurance Co Stock Corp in Munich acquired a new position in shares of AutoZone, Inc. (NYSE:AZO) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 4,203 shares of the company’s stock, valued at approximately $14,197,000.

Several other large investors have also recently made changes to their positions in AZO. Banco Bilbao Vizcaya Argentaria S.A. increased its stake in shares of AutoZone by 6.6% in the 3rd quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 4,966 shares of the company’s stock valued at $21,315,000 after purchasing an additional 306 shares in the last quarter. Numerai GP LLC boosted its position in AutoZone by 1,199.3% during the third quarter. Numerai GP LLC now owns 1,754 shares of the company’s stock worth $7,525,000 after purchasing an additional 1,619 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new position in AutoZone during the fourth quarter worth approximately $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund grew its holdings in AutoZone by 15.2% in the fourth quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 14,224 shares of the company’s stock valued at $48,241,000 after purchasing an additional 1,882 shares during the period. Finally, CIBC Asset Management Inc grew its holdings in AutoZone by 67.1% in the fourth quarter. CIBC Asset Management Inc now owns 3,941 shares of the company’s stock valued at $13,366,000 after purchasing an additional 1,582 shares during the period. 92.74% of the stock is currently owned by institutional investors and hedge funds.

AutoZone Price Performance

NYSE AZO opened at $3,072.69 on Thursday. The company has a market cap of $50.18 billion, a PE ratio of 21.13, a price-to-earnings-growth ratio of 1.56 and a beta of 0.33. The stock’s 50 day simple moving average is $3,216.17 and its 200-day simple moving average is $3,436.12. AutoZone, Inc. has a 1-year low of $2,928.11 and a 1-year high of $4,388.11.

AutoZone (NYSE:AZO) last announced its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating analysts’ consensus estimates of $36.22 by $1.85. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. During the same quarter last year, the firm posted $35.36 EPS. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. On average, equities research analysts anticipate that AutoZone, Inc. will post 150.51 EPS for the current fiscal year.

AutoZone declared that its Board of Directors has authorized a stock buyback program on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Guggenheim reduced their target price on 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. Raymond James Financial reissued a “strong-buy” rating on shares of AutoZone in a research note on Wednesday, May 27th. Roth Capital cut 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 report on Wednesday, May 27th. Truist Financial set a $3,700.00 price objective on shares of AutoZone in a research report on Wednesday, May 27th. Finally, The Goldman Sachs Group decreased their price objective on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. One research 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 has a consensus rating of “Moderate Buy” and a consensus target price of $4,040.87.

Insider Transactions at AutoZone

In other news, Director Earl G. Graves, Jr. sold 50 shares of the stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total value of $173,936.00. Following the completion of the sale, the director directly owned 4,837 shares in the company, valued at $16,826,568.64. This represents a 1.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Brian Hannasch purchased 165 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was acquired at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the purchase, the director owned 1,219 shares of the company’s stock, valued at approximately $3,641,153. This represents a 15.65% increase in their position. The SEC filing for this purchase provides additional information. 2.60% of the stock is owned by corporate insiders.

About AutoZone

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.