Meiji Yasuda Asset Management Co Ltd. Buys New Stake in AutoZone, Inc. $AZO

Meiji Yasuda Asset Management Co Ltd. purchased a new stake in AutoZone, Inc. (NYSE:AZO) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 179 shares of the company’s stock, valued at approximately $572,000.

Other hedge funds have also modified their holdings of the company. Turning Point Benefit Group Inc. purchased a new position in shares of AutoZone in the third quarter worth about $25,000. Torren Management LLC acquired a new stake in shares of AutoZone during the fourth quarter valued at about $27,000. Transamerica Financial Advisors LLC raised its position in AutoZone by 100.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock valued at $28,000 after purchasing an additional 4 shares during the period. MCF Advisors LLC raised its holdings in shares of 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 during the period. Finally, Bard Associates Inc. purchased a new stake in AutoZone during the fourth quarter worth about $31,000. 92.74% of the stock is owned by hedge funds and other institutional investors.

AutoZone Price Performance

NYSE 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 business’s 50-day simple moving average is $3,050.91 and its 200-day simple moving average is $3,319.59. The firm has a market capitalization of $49.38 billion, a P/E 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 data on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $36.22 by $1.85. The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the company earned $35.36 earnings per share. On average, equities research analysts expect that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.

AutoZone announced that its board has authorized a share repurchase plan on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities analysts have recently commented on AZO shares. Guggenheim lowered their price objective on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Citigroup cut their target price on shares of AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Mizuho reduced their price objective on AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating for the company in a research note on Wednesday, May 27th. Jefferies Financial Group cut their price objective on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Finally, Weiss Ratings cut AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, July 23rd. One 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’s stock. Based on data from MarketBeat, AutoZone has a consensus rating of “Moderate Buy” and a consensus target price of $4,029.43.

Insider Activity at AutoZone

In related news, Director Brian Hannasch acquired 165 shares of AutoZone stock in a transaction dated Friday, May 29th. The stock was acquired at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the purchase, the director directly owned 1,219 shares in the company, valued at $3,641,153. The trade was a 15.65% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 sale, the vice president directly owned 441 shares in the company, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 2.60% of the company’s stock.

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.