Varma Mutual Pension Insurance Co Purchases New Position in AutoZone, Inc. $AZO

Varma Mutual Pension Insurance Co acquired a new position in AutoZone, Inc. (NYSE:AZO) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,403 shares of the company’s stock, valued at approximately $10,876,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AZO. George Kaiser Family Foundation bought a new stake in AutoZone in the second quarter worth $377,000. Westpac Banking Corp purchased a new position in shares of AutoZone in the 2nd quarter worth $364,000. Korea Investment CORP bought a new stake in shares of AutoZone in the 2nd quarter worth about $36,491,000. Ieq Capital LLC bought a new stake in shares of AutoZone in the 2nd quarter worth about $5,892,000. Finally, Callan Family Office LLC purchased a new stake in shares of AutoZone during the 2nd quarter valued at about $3,129,000. 92.74% of the stock is currently owned by institutional investors.

AutoZone Price Performance

AutoZone stock opened at $2,960.64 on Monday. AutoZone, Inc. has a 1-year low of $2,902.20 and a 1-year high of $4,388.11. The firm has a market capitalization of $48.35 billion, a P/E ratio of 20.36, a price-to-earnings-growth ratio of 1.50 and a beta of 0.33. The company’s 50-day moving average is $3,054.94 and its 200 day moving average is $3,329.19.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $36.22 by $1.85. The business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $35.36 earnings per share. Research analysts anticipate that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

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

Analyst Ratings Changes

AZO has been the subject of several recent research reports. Jefferies Financial Group dropped their price target on 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. BMO Capital Markets decreased their price objective on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Weiss Ratings lowered AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, July 23rd. Morgan Stanley cut their target price on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 27th. Finally, Evercore restated an “outperform” rating on shares of AutoZone in a report on Tuesday, May 26th. 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 stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $4,029.43.

Insiders Place Their Bets

In other AutoZone news, VP Dennis W. Leriche sold 1,455 shares of the company’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the transaction, the vice president owned 441 shares of the company’s stock, valued at $1,367,100. This represents a 76.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Brian Hannasch bought 165 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were acquired at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the transaction, the director owned 1,219 shares of the company’s stock, valued at approximately $3,641,153. The trade was a 15.65% increase in their position. The disclosure for this purchase is available in the SEC filing. 2.60% of the stock is owned by insiders.

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.