Saudi Central Bank Raises Stake in AutoZone, Inc. $AZO

Saudi Central Bank boosted its holdings in AutoZone, Inc. (NYSE:AZO) by 88.4% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 1,153 shares of the company’s stock after buying an additional 541 shares during the period. Saudi Central Bank’s holdings in AutoZone were worth $3,685,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Benchmark Investment Advisors LLC purchased a new position in AutoZone in the second quarter worth about $713,000. Jupiter Asset Management Ltd. purchased a new stake in AutoZone in the 4th quarter valued at about $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund increased its holdings in AutoZone by 15.2% during the 4th 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. BlackRock Inc. purchased a new position in shares of AutoZone during the second quarter valued at $3,938,566,000. Finally, CIBC Asset Management Inc raised its holdings in shares of AutoZone by 67.1% in the 4th 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 in the last quarter. Hedge funds and other institutional investors own 92.74% of the company’s stock.

AutoZone Stock Down 0.0%

AZO stock opened at $2,981.99 on Monday. The business has a fifty day moving average of $3,036.29 and a two-hundred day moving average of $3,276.84. The stock has a market cap of $48.70 billion, a price-to-earnings ratio of 20.50, a price-to-earnings-growth ratio of 1.49 and a beta of 0.34. AutoZone, Inc. has a 52-week low of $2,902.20 and a 52-week high of $4,388.11.

AutoZone announced that its board has initiated a share buyback program on Tuesday, June 16th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows 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 leadership believes its shares are undervalued.

Insider Transactions at AutoZone

In other news, VP Dennis LeRiche sold 1,455 shares of the firm’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 completion of the transaction, the vice president directly owned 441 shares in the company, valued at $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on AZO shares. BNP Paribas Exane dropped their price objective on AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Mizuho cut their price target on AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 27th. JPMorgan Chase & Co. decreased their target price on shares of AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating for the company in a research note on Wednesday, May 27th. Piper Sandler set a $3,500.00 price target on AutoZone in a research report on Monday, August 31st. Finally, Weiss Ratings lowered shares of AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, July 23rd. 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’s stock. Based on data from MarketBeat.com, AutoZone presently has an average rating of “Moderate Buy” and an average target price 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.