Legal & General Group Plc Buys New Shares in AutoZone, Inc. $AZO

Legal & General Group Plc bought a new position in shares of AutoZone, Inc. (NYSE:AZO) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 99,863 shares of the company’s stock, valued at approximately $319,156,000.

Other large investors have also bought and sold shares of the company. Benchmark Investment Advisors LLC bought a new position in AutoZone in the second quarter worth approximately $713,000. Jupiter Asset Management Ltd. bought a new stake in shares of AutoZone during the fourth quarter valued at approximately $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund raised its position in shares of AutoZone by 15.2% during 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 worth $48,241,000 after purchasing an additional 1,882 shares during the period. CIBC Asset Management Inc raised its position in shares of AutoZone by 67.1% during the fourth quarter. CIBC Asset Management Inc now owns 3,941 shares of the company’s stock worth $13,366,000 after purchasing an additional 1,582 shares during the period. Finally, BlackRock Inc. bought a new position in shares of AutoZone in the 2nd quarter worth $3,938,566,000. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at AutoZone

In other news, Director Brian Hannasch purchased 165 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the acquisition, the director owned 1,219 shares in the company, valued at $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Dennis W. 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 transaction 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. 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 Ratings Changes

A number of analysts have commented on AZO shares. Barclays decreased their price target on shares of AutoZone from $3,900.00 to $3,637.00 and set an “overweight” rating for the company in a research note on Tuesday, August 4th. TD Cowen reaffirmed a “buy” rating and issued a $3,700.00 price objective on shares of AutoZone in a research note on Thursday, June 4th. Roth Capital reduced their price objective 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. Guggenheim decreased 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 report on Wednesday, May 27th. Finally, DA Davidson lowered their target price on shares of AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $4,029.43.

AutoZone Trading Up 0.5%

Shares of AutoZone stock opened at $3,023.78 on Wednesday. The stock has a fifty day simple moving average of $3,050.91 and a 200 day simple moving average of $3,319.59. AutoZone, Inc. has a 12-month low of $2,902.20 and a 12-month high of $4,388.11. The company has a market capitalization of $49.38 billion, a P/E ratio of 20.79, a price-to-earnings-growth ratio of 1.53 and a beta of 0.33.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating the consensus estimate of $36.22 by $1.85. The business had revenue of $4.84 billion for 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 revenue was up 8.4% on a year-over-year basis. During the same period last year, the business earned $35.36 EPS. On average, analysts predict that AutoZone, Inc. will post 150.39 EPS for the current year.

AutoZone declared that its Board of Directors has authorized a share repurchase program on Tuesday, June 16th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership 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.