Meiji Yasuda Asset Management Co Ltd. Makes New $572,000 Investment in AutoZone, Inc. $AZO

Meiji Yasuda Asset Management Co Ltd. bought a new position in shares of AutoZone, Inc. (NYSE:AZO) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 179 shares of the company’s stock, valued at approximately $572,000.

Several other hedge funds also recently bought and sold shares of the company. Sigma Planning Corp grew its stake in AutoZone by 3.6% in the fourth quarter. Sigma Planning Corp now owns 86 shares of the company’s stock valued at $292,000 after acquiring an additional 3 shares during the period. Midwest Trust Co increased its stake in AutoZone by 4.2% during the 4th quarter. Midwest Trust Co now owns 74 shares of the company’s stock worth $251,000 after purchasing an additional 3 shares in the last quarter. Arrowroot Family Office LLC raised its holdings in AutoZone by 5.4% during the 4th quarter. Arrowroot Family Office LLC now owns 59 shares of the company’s stock worth $200,000 after buying an additional 3 shares during the period. MCF Advisors LLC raised its holdings in AutoZone by 50.0% during the 4th quarter. MCF Advisors LLC now owns 9 shares of the company’s stock worth $31,000 after buying an additional 3 shares during the period. Finally, IVC Wealth Advisors LLC lifted its stake in AutoZone by 2.9% in the first quarter. IVC Wealth Advisors LLC now owns 107 shares of the company’s stock valued at $361,000 after buying an additional 3 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at AutoZone

In related news, Director Brian Hannasch acquired 165 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was bought at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the acquisition, the director owned 1,219 shares in the company, valued at $3,641,153. This represents a 15.65% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Dennis W. Leriche sold 1,455 shares of the business’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the transaction, the vice president owned 441 shares in the company, valued at approximately $1,367,100. The trade was a 76.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on AZO. Raymond James Financial reissued a “strong-buy” rating on shares of AutoZone in a research report on Wednesday, May 27th. Jefferies Financial Group reduced 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. BMO Capital Markets lowered their target price on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. Morgan Stanley dropped their price target on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 27th. Finally, Roth Capital cut their price target on AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating on the stock in a 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. According to MarketBeat, AutoZone presently has an average rating of “Moderate Buy” and a consensus price target of $4,029.43.

AutoZone Price Performance

Shares of NYSE AZO opened at $3,023.78 on Wednesday. The business has a 50-day moving average of $3,050.91 and a 200-day moving average of $3,319.59. The stock has a market capitalization of $49.38 billion, a price-to-earnings ratio of 20.79, a PEG ratio of 1.53 and a beta of 0.33. AutoZone, Inc. has a fifty-two week low of $2,902.20 and a fifty-two week high of $4,388.11.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, beating the consensus estimate 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 business’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $35.36 earnings per share. On average, sell-side analysts expect that AutoZone, Inc. will post 150.39 EPS for the current year.

AutoZone announced that its board has authorized a share repurchase plan on Tuesday, June 16th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to buy up to 3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

AutoZone Company 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.