The Manufacturers Life Insurance Company Decreases Holdings in AutoZone, Inc. $AZO

The Manufacturers Life Insurance Company lowered its position in AutoZone, Inc. (NYSE:AZO) by 49.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,803 shares of the company’s stock after selling 22,531 shares during the period. The Manufacturers Life Insurance Company’s holdings in AutoZone were worth $77,023,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Brookstone Capital Management raised its stake in shares of AutoZone by 2.1% during the 4th quarter. Brookstone Capital Management now owns 147 shares of the company’s stock worth $499,000 after buying an additional 3 shares during the last quarter. Sigma Planning Corp grew its position in shares of AutoZone by 3.6% in the fourth quarter. Sigma Planning Corp now owns 86 shares of the company’s stock valued at $292,000 after purchasing an additional 3 shares during the last quarter. Midwest Trust Co grew its position in shares of AutoZone by 4.2% in the fourth quarter. Midwest Trust Co now owns 74 shares of the company’s stock valued at $251,000 after purchasing an additional 3 shares during the last quarter. Arrowroot Family Office LLC increased its stake in shares of AutoZone by 5.4% during the 4th quarter. Arrowroot Family Office LLC now owns 59 shares of the company’s stock worth $200,000 after purchasing an additional 3 shares in the last quarter. Finally, MCF Advisors LLC lifted its stake in AutoZone by 50.0% in the 4th quarter. MCF Advisors LLC now owns 9 shares of the company’s stock valued at $31,000 after buying an additional 3 shares in the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on AZO. Evercore reissued an “outperform” rating on shares of AutoZone in a research report on Tuesday, May 26th. Roth Capital dropped their price objective on AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. BNP Paribas Exane cut their target price on shares of AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating for the company in a research note on Wednesday, May 27th. BMO Capital Markets decreased 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 research note on Wednesday, May 27th. Finally, Morgan Stanley cut their price objective on shares of AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $4,040.87.

AutoZone Trading Up 0.9%

Shares of NYSE:AZO opened at $3,147.02 on Thursday. The firm has a market cap of $51.39 billion, a price-to-earnings ratio of 21.64, a PEG ratio of 1.58 and a beta of 0.33. The stock’s 50-day moving average price is $3,085.63 and its two-hundred day moving average price is $3,399.22. AutoZone, Inc. has a 12-month low of $2,902.20 and a 12-month high of $4,388.11.

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

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

Insider Buying and Selling

In related news, Director Brian Hannasch purchased 165 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the transaction, the director owned 1,219 shares of the company’s stock, valued at approximately $3,641,153. This trade represents a 15.65% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.60% of the company’s stock.

AutoZone Company 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.