Mitsubishi UFJ Asset Management Co. Ltd. Purchases New Stake in AutoZone, Inc. $AZO

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of AutoZone, Inc. (NYSE:AZO) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 179,254 shares of the company’s stock, valued at approximately $572,885,000. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 1.10% of AutoZone as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of AutoZone during the 4th quarter worth $939,205,000. Bank of New York Mellon Corp purchased a new stake in shares of AutoZone in the second quarter valued at about $335,157,000. Morgan Stanley grew its holdings in shares of AutoZone by 17.8% in the fourth quarter. Morgan Stanley now owns 492,794 shares of the company’s stock valued at $1,671,323,000 after purchasing an additional 74,555 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in AutoZone by 387.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company’s stock worth $263,832,000 after purchasing an additional 61,821 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in AutoZone by 80.8% during the third quarter. AQR Capital Management LLC now owns 101,185 shares of the company’s stock worth $432,059,000 after purchasing an additional 45,212 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on AZO. TD Cowen reiterated a “buy” rating and issued a $3,700.00 target price on shares of AutoZone in a report on Thursday, June 4th. Barclays cut their price target on shares of AutoZone from $3,900.00 to $3,637.00 and set an “overweight” rating for the company in a report on Tuesday, August 4th. Weiss Ratings lowered shares of AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, July 23rd. Raymond James Financial reiterated a “strong-buy” rating on shares of AutoZone in a report on Wednesday, May 27th. Finally, Mizuho lowered their price objective on AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating for the company in a research report on Wednesday, May 27th. One equities research 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 stock. Based on data from MarketBeat, AutoZone presently has a consensus rating of “Moderate Buy” and an average target price of $4,029.43.

Insiders Place Their Bets

In related news, VP Dennis W. Leriche sold 1,455 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the transaction, the vice president owned 441 shares of the company’s stock, valued at approximately $1,367,100. This represents a 76.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Brian Hannasch bought 165 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were purchased 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 directly owned 1,219 shares in the company, valued at $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.60% of the stock is owned by corporate insiders.

AutoZone Stock Performance

Shares of AZO stock opened at $3,026.92 on Monday. The firm’s 50 day moving average price is $3,063.49 and its 200-day moving average price is $3,354.72. AutoZone, Inc. has a one year low of $2,902.20 and a one year high of $4,388.11. The firm has a market cap of $49.43 billion, a P/E ratio of 20.81, a P/E/G ratio of 1.54 and a beta of 0.33.

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

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

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.