UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Boosts Holdings in AutoZone, Inc. $AZO

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in AutoZone, Inc. (NYSE:AZO) by 11,577.6% during the second quarter, Holdings Channel reports. The fund owned 141,066 shares of the company’s stock after buying an additional 139,858 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in AutoZone were worth $450,838,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in AutoZone during the second quarter valued at $3,938,566,000. Morgan Stanley raised 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 acquiring an additional 74,555 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of AutoZone by 1.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company’s stock valued at $1,312,654,000 after purchasing an additional 7,390 shares during the period. Norges Bank bought a new stake in shares of AutoZone during the fourth quarter valued at about $939,205,000. Finally, First Manhattan CO. LLC. increased its holdings in AutoZone by 2.7% during the 4th 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 period. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Wall Street Analyst Weigh In

AZO has been the topic of a number of research analyst reports. Raymond James Financial restated a “strong-buy” rating on shares of AutoZone in a research note on Wednesday, May 27th. DA Davidson decreased their price target on shares of AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. Roth Capital lowered their price objective on shares of AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. 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 note on Wednesday, May 27th. Finally, Weiss Ratings cut 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, the stock presently has an average rating of “Moderate Buy” and an average target price of $4,029.43.

Insider Buying and Selling at AutoZone

In other 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 transaction, the vice president owned 441 shares in the company, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.60% of the company’s stock.

AutoZone Price Performance

AZO opened at $2,967.55 on Monday. The stock’s 50 day simple moving average is $3,045.07 and its 200 day simple moving average is $3,305.33. The firm has a market cap of $48.46 billion, a price-to-earnings ratio of 20.40, a PEG ratio of 1.50 and a beta of 0.33. AutoZone, Inc. has a 1 year low of $2,902.20 and a 1 year high of $4,388.11.

AutoZone announced that its Board of Directors has authorized a stock buyback plan on Tuesday, June 16th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to buy up to 3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is 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.