Public Employees Retirement System of Ohio Takes $19.61 Million Position in AutoZone, Inc. $AZO

Public Employees Retirement System of Ohio acquired a new position in shares of AutoZone, Inc. (NYSE:AZO) in the second quarter, Holdings Channel reports. The institutional investor acquired 6,135 shares of the company’s stock, valued at approximately $19,607,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in shares of AutoZone in the 2nd quarter worth approximately $3,938,566,000. Norges Bank acquired a new position in shares of AutoZone during the fourth quarter worth approximately $939,205,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of AutoZone in the 2nd quarter worth about $572,885,000. Corient Private Wealth LP purchased a new position in shares of AutoZone during the second quarter valued at approximately $38,604,000. Finally, Bank of New York Mellon Corp bought a new stake in AutoZone during the second quarter worth $335,157,000. 92.74% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

AZO has been the topic of several analyst reports. BMO Capital Markets cut their price target on shares of AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. 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 note on Wednesday, May 27th. Truist Financial set a $3,700.00 target price on AutoZone in a report on Wednesday, May 27th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of AutoZone in a research report on Wednesday, May 27th. Finally, Robert W. Baird cut their price objective on AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $4,029.43.

AutoZone Stock Up 1.2%

AZO opened at $2,967.55 on Friday. AutoZone, Inc. has a twelve month low of $2,902.20 and a twelve month high of $4,388.11. The company’s 50-day moving average price is $3,045.07 and its two-hundred day moving average price is $3,307.64. The stock 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 declared that its board has authorized a stock repurchase program on Tuesday, June 16th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to buy up to 3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, VP Dennis W. Leriche sold 1,455 shares of the company’s stock in a transaction that occurred 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 in the company, valued at approximately $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.60% of the company’s stock.

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.