Munich Reinsurance Co Stock Corp in Munich Grows Stock Position in AutoZone, Inc. $AZO

Munich Reinsurance Co Stock Corp in Munich increased its holdings in AutoZone, Inc. (NYSE:AZO) by 168.4% in the 2nd quarter, HoldingsChannel reports. The fund owned 11,280 shares of the company’s stock after purchasing an additional 7,077 shares during the quarter. Munich Reinsurance Co Stock Corp in Munich’s holdings in AutoZone were worth $36,050,000 at the end of the most recent quarter.

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

Insider Transactions at AutoZone

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of AutoZone stock in a transaction 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 transaction, the vice president directly 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. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.60% of the company’s stock.

AutoZone Price Performance

Shares of AutoZone stock opened at $2,981.99 on Friday. The firm’s fifty day simple moving average is $3,036.29 and its 200-day simple moving average is $3,280.85. The stock has a market capitalization of $48.70 billion, a price-to-earnings ratio of 20.50, a PEG ratio of 1.48 and a beta of 0.34. AutoZone, Inc. has a 12 month low of $2,902.20 and a 12 month high of $4,388.11.

AutoZone announced that its board has approved a stock buyback plan on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to purchase up to 3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

AZO has been the topic of several recent research reports. BMO Capital Markets cut their target price on shares of AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. BNP Paribas Exane lowered their target price on shares of 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. TD Cowen decreased their price target on AutoZone from $3,700.00 to $3,500.00 and set a “buy” rating for the company in a report on Monday, August 31st. Evercore reiterated an “outperform” rating on shares of AutoZone in a report on Tuesday, May 26th. Finally, Roth Capital dropped their price target on shares of AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. One investment 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 stock. According to data from MarketBeat.com, AutoZone 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.