The Manufacturers Life Insurance Company Boosts Position in AutoZone, Inc. $AZO

The Manufacturers Life Insurance Company grew its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 13.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 99,046 shares of the company’s stock after buying an additional 11,774 shares during the quarter. The Manufacturers Life Insurance Company owned 0.59% of AutoZone worth $367,682,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Flputnam Investment Management Co. lifted its holdings in shares of AutoZone by 3.2% during the 1st quarter. Flputnam Investment Management Co. now owns 96 shares of the company’s stock valued at $366,000 after acquiring an additional 3 shares in the last quarter. McLean Asset Management Corp increased its holdings in AutoZone by 3.6% in the 2nd quarter. McLean Asset Management Corp now owns 87 shares of the company’s stock valued at $320,000 after purchasing an additional 3 shares in the last quarter. NBC Securities Inc. raised its position in AutoZone by 0.9% in the second quarter. NBC Securities Inc. now owns 347 shares of the company’s stock valued at $1,288,000 after purchasing an additional 3 shares during the period. Valeo Financial Advisors LLC raised its position in AutoZone by 4.3% in the second quarter. Valeo Financial Advisors LLC now owns 72 shares of the company’s stock valued at $267,000 after purchasing an additional 3 shares during the period. Finally, Ritholtz Wealth Management lifted its stake in shares of AutoZone by 0.3% during the second quarter. Ritholtz Wealth Management now owns 1,179 shares of the company’s stock worth $4,377,000 after purchasing an additional 3 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company’s stock.

AutoZone Trading Down 2.0%

AutoZone stock opened at $3,425.96 on Thursday. AutoZone, Inc. has a 52 week low of $3,162.00 and a 52 week high of $4,388.11. The stock has a market cap of $56.97 billion, a P/E ratio of 23.89, a price-to-earnings-growth ratio of 1.67 and a beta of 0.40. The stock has a 50 day moving average of $3,870.19 and a 200-day moving average of $3,899.19.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, December 9th. The company reported $31.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $32.69 by ($1.65). AutoZone had a negative return on equity of 65.38% and a net margin of 12.78%.The company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.64 billion. During the same quarter last year, the firm posted $32.52 EPS. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. As a group, equities analysts predict that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

AutoZone announced that its Board of Directors has authorized a share buyback plan on Wednesday, October 8th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on AZO shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of AutoZone in a research note on Monday. Raymond James Financial reduced their price target on AutoZone from $4,800.00 to $4,600.00 and set a “strong-buy” rating on the stock in a research report on Wednesday. Jefferies Financial Group reaffirmed a “buy” rating and issued a $4,400.00 price objective on shares of AutoZone in a research report on Wednesday. JPMorgan Chase & Co. lifted their price objective on shares of AutoZone from $4,200.00 to $4,850.00 and gave the company an “overweight” rating in a research note on Monday, September 15th. Finally, DA Davidson reduced their target price on shares of AutoZone from $4,850.00 to $4,500.00 and set a “buy” rating on the stock in a research report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, AutoZone currently has a consensus rating of “Moderate Buy” and a consensus target price of $4,398.31.

Insider Transactions at AutoZone

In related news, SVP K. Michelle Borninkhof sold 300 shares of the business’s stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $3,775.00, for a total value of $1,132,500.00. Following the completion of the sale, the senior vice president directly owned 416 shares of the company’s stock, valued at $1,570,400. The trade was a 41.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP John Scott Murphy sold 2,860 shares of the stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the transaction, the vice president directly owned 1,244 shares in the company, valued at approximately $5,194,570.80. This represents a 69.69% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 5,693 shares of company stock valued at $23,259,891. Insiders own 2.60% of the company’s stock.

About AutoZone

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.