3,575 Shares in AutoZone, Inc. $AZO Purchased by Empowered Funds LLC

Empowered Funds LLC acquired a new stake in AutoZone, Inc. (NYSE:AZO) in the second quarter, HoldingsChannel.com reports. The fund acquired 3,575 shares of the company’s stock, valued at approximately $11,425,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AZO. BlackRock Inc. purchased a new position in shares of AutoZone during the 2nd quarter worth approximately $3,938,566,000. Morgan Stanley raised its position in AutoZone by 17.8% in the fourth quarter. Morgan Stanley now owns 492,794 shares of the company’s stock worth $1,671,323,000 after acquiring an additional 74,555 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in AutoZone by 1.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company’s stock valued at $1,312,654,000 after acquiring an additional 7,390 shares during the period. Norges Bank acquired a new stake in AutoZone in the fourth quarter valued at $939,205,000. Finally, First Manhattan CO. LLC. boosted its position in shares of 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 purchasing an additional 6,765 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company’s stock.

AutoZone Stock Up 1.2%

NYSE:AZO opened at $2,967.55 on Friday. AutoZone, Inc. has a 52-week low of $2,902.20 and a 52-week high of $4,388.11. The stock has a fifty day simple moving average of $3,045.07 and a 200-day simple moving average of $3,307.64. The company has a market capitalization of $48.46 billion, a PE ratio of 20.40, a price-to-earnings-growth 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 authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to reacquire up to 3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AZO. BNP Paribas Exane cut their price target on shares of AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. Morgan Stanley decreased their price objective on shares of AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating on the stock in a report on Wednesday, May 27th. Guggenheim dropped 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 report on Wednesday, May 27th. Barclays dropped their target price 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. Finally, Weiss Ratings lowered AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $4,029.43.

Insider Activity 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 transaction of $4,510,500.00. Following the completion of the transaction, the vice president directly owned 441 shares of the company’s stock, valued at $1,367,100. This trade represents a 76.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.60% of the stock is owned by corporate 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.