AutoZone, Inc. $AZO Shares Acquired by Quantitative Investment Management LLC

Quantitative Investment Management LLC raised its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 2,453.8% in the second quarter, Holdings Channel.com reports. The firm owned 2,375 shares of the company’s stock after buying an additional 2,282 shares during the period. AutoZone comprises 0.8% of Quantitative Investment Management LLC’s portfolio, making the stock its 25th largest holding. Quantitative Investment Management LLC’s holdings in AutoZone were worth $7,590,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in AZO. Brighton Jones LLC raised its stake in AutoZone by 14.4% during the fourth quarter. Brighton Jones LLC now owns 111 shares of the company’s stock valued at $356,000 after buying an additional 14 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in shares of AutoZone during the second quarter valued at $356,000. Guggenheim Capital LLC boosted its stake in AutoZone by 3.8% during the 2nd quarter. Guggenheim Capital LLC now owns 248 shares of the company’s stock valued at $921,000 after purchasing an additional 9 shares during the period. NewEdge Advisors LLC boosted its position in shares of AutoZone by 8.9% during the second quarter. NewEdge Advisors LLC now owns 1,376 shares of the company’s stock worth $5,110,000 after buying an additional 112 shares during the period. Finally, Treasurer of the State of North Carolina grew its stake in shares of AutoZone by 52.3% in the second quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company’s stock worth $43,667,000 after purchasing an additional 4,039 shares in the last quarter. Institutional investors own 92.74% of the company’s stock.

AutoZone Price Performance

AutoZone stock opened at $2,967.55 on Monday. AutoZone, Inc. has a fifty-two week low of $2,902.20 and a fifty-two week high of $4,388.11. The firm’s 50 day simple moving average is $3,045.07 and its 200-day simple moving average is $3,305.33. The company has a market cap of $48.46 billion, a P/E ratio of 20.40, a price-to-earnings-growth ratio of 1.50 and a beta of 0.33.

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

Insider Buying and Selling

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 completion of the transaction, the vice president owned 441 shares of the company’s stock, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on AZO. Citigroup decreased 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 report on Wednesday, May 27th. BMO Capital Markets dropped their price target on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Morgan Stanley cut their price objective on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a research report on Wednesday, May 27th. BNP Paribas Exane reduced their price objective on AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating for the company in a research note on Wednesday, May 27th. Finally, Mizuho decreased their target price on AutoZone from $3,600.00 to $3,200.00 and set a “neutral” 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 issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $4,029.43.

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.