OMERS ADMINISTRATION Corp Makes New Investment in AutoZone, Inc. $AZO

OMERS ADMINISTRATION Corp purchased a new position in shares of AutoZone, Inc. (NYSE:AZO) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 998 shares of the company’s stock, valued at approximately $3,190,000.

A number of other large investors have also made changes to their positions in the stock. BlackRock Inc. acquired a new position in shares of AutoZone during the 2nd quarter worth $3,938,566,000. Norges Bank acquired a new stake in AutoZone in the 4th quarter valued at about $939,205,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in AutoZone during the second quarter worth about $572,885,000. Bank of New York Mellon Corp purchased a new position in AutoZone during the second quarter worth $335,157,000. Finally, Morgan Stanley increased its position in AutoZone by 17.8% during the fourth quarter. Morgan Stanley now owns 492,794 shares of the company’s stock worth $1,671,323,000 after buying an additional 74,555 shares in the last quarter. 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 several recent research reports. Morgan Stanley reduced their price objective 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. Guggenheim cut their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Evercore restated an “outperform” rating on shares of AutoZone in a report on Tuesday, May 26th. TD Cowen reaffirmed a “buy” rating and set a $3,700.00 price target on shares of AutoZone in a research note on Thursday, June 4th. Finally, Barclays lowered 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. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $4,029.43.

AutoZone Stock Performance

AZO opened at $3,023.78 on Wednesday. AutoZone, Inc. has a 1 year low of $2,902.20 and a 1 year high of $4,388.11. The company’s 50 day simple moving average is $3,050.91 and its 200 day simple moving average is $3,319.59. The stock has a market capitalization of $49.38 billion, a PE ratio of 20.79, a P/E/G ratio of 1.53 and a beta of 0.33.

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

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

Insiders Place Their Bets

In other news, VP Dennis W. Leriche sold 1,455 shares of the business’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the completion of the sale, the vice president directly owned 441 shares of the company’s stock, valued at $1,367,100. The trade was a 76.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Brian Hannasch acquired 165 shares of the company’s stock in a transaction dated 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 owned 1,219 shares in the company, valued at approximately $3,641,153. The trade was a 15.65% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 2.60% of the stock is owned by company insiders.

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.