Kentucky Retirement Systems Raises Stock Holdings in AutoZone, Inc. $AZO

Kentucky Retirement Systems raised its stake in AutoZone, Inc. (NYSE:AZO) by 167.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,810 shares of the company’s stock after purchasing an additional 1,761 shares during the period. Kentucky Retirement Systems’ holdings in AutoZone were worth $9,492,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Norges Bank bought a new position in shares of AutoZone during the 4th quarter worth approximately $939,205,000. Morgan Stanley boosted its position in shares of AutoZone by 17.8% in the 4th quarter. Morgan Stanley now owns 492,794 shares of the company’s stock worth $1,671,323,000 after purchasing an additional 74,555 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in AutoZone by 387.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company’s stock worth $263,832,000 after buying an additional 61,821 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in AutoZone by 39.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company’s stock valued at $584,730,000 after buying an additional 50,071 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in AutoZone by 80.8% in the third quarter. AQR Capital Management LLC now owns 101,185 shares of the company’s stock worth $432,059,000 after acquiring an additional 45,212 shares in the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on AZO shares. DA Davidson dropped their price target on AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. Morgan Stanley lowered their target price on shares of AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a research note on Wednesday, May 27th. Raymond James Financial reissued a “strong-buy” rating on shares of AutoZone in a research report on Wednesday, May 27th. Citigroup cut their price target on shares of AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. Finally, TD Cowen reaffirmed a “buy” rating and issued a $3,700.00 price target on shares of AutoZone in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $4,040.87.

Insider Buying and Selling

In other news, Director Brian Hannasch bought 165 shares of AutoZone stock in a transaction on Friday, May 29th. The shares were bought at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the purchase, the director directly owned 1,219 shares of the company’s stock, valued at approximately $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is owned by company insiders.

AutoZone Stock Up 0.9%

Shares of AZO opened at $3,147.02 on Thursday. 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 $3,085.63 and a two-hundred day simple moving average of $3,399.22. The company has a market capitalization of $51.39 billion, a PE ratio of 21.64, a price-to-earnings-growth ratio of 1.58 and a beta of 0.33.

AutoZone (NYSE:AZO) last announced its quarterly 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. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The firm had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.86 billion. During the same quarter in the previous year, the company posted $35.36 EPS. The company’s revenue was up 8.4% compared to the same quarter last year. As a group, equities analysts anticipate 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 plan on Tuesday, June 16th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

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.