Daiichi Life Insurance Co. Ltd. Makes New $4.16 Million Investment in AutoZone, Inc. $AZO

Daiichi Life Insurance Co. Ltd. purchased a new stake in AutoZone, Inc. (NYSE:AZO) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,302 shares of the company’s stock, valued at approximately $4,161,000.

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

Insider Activity

In related news, VP Dennis W. Leriche sold 1,455 shares of the firm’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 value of $4,510,500.00. Following the sale, the vice president directly owned 441 shares of the company’s stock, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Brian Hannasch bought 165 shares of the stock in a transaction that occurred on 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 completion of the acquisition, the director owned 1,219 shares of the company’s stock, valued at $3,641,153. This trade represents a 15.65% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 2.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Jefferies Financial Group decreased their price objective on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. Guggenheim 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. Weiss Ratings cut shares of AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, July 23rd. Robert W. Baird lowered their price target on shares of AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating for the company in a report on Wednesday, May 27th. Finally, Citigroup cut their price objective on shares of AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, AutoZone has an average rating of “Moderate Buy” and a consensus price target of $4,029.43.

AutoZone Stock Up 0.1%

Shares of NYSE:AZO opened at $2,960.64 on Monday. The company has a market cap of $48.35 billion, a P/E ratio of 20.36, a P/E/G ratio of 1.50 and a beta of 0.33. AutoZone, Inc. has a 52 week low of $2,902.20 and a 52 week high of $4,388.11. The business has a fifty day simple moving average of $3,054.94 and a 200-day simple moving average of $3,329.19.

AutoZone (NYSE:AZO) last released its 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. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The firm had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. During the same period in the prior year, the firm posted $35.36 earnings per share. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. Sell-side analysts expect that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

AutoZone declared that its Board of Directors has authorized a share buyback plan on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

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.