Legal & General Group Plc Invests $319.16 Million in AutoZone, Inc. $AZO

Legal & General Group Plc purchased a new stake in AutoZone, Inc. (NYSE:AZO) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 99,863 shares of the company’s stock, valued at approximately $319,156,000. Legal & General Group Plc owned about 0.61% of AutoZone as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. bought a new position in AutoZone in the second quarter valued at about $3,938,566,000. Morgan Stanley increased its stake in shares of AutoZone by 17.8% in the fourth quarter. Morgan Stanley now owns 492,794 shares of the company’s stock valued at $1,671,323,000 after buying an additional 74,555 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of 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 buying an additional 7,390 shares during the period. Norges Bank bought a new position in AutoZone in the 4th quarter valued at approximately $939,205,000. Finally, First Manhattan CO. LLC. raised its holdings in AutoZone by 2.7% in the 4th quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company’s stock valued at $886,246,000 after buying an additional 6,765 shares during the last quarter. Institutional investors own 92.74% of the company’s stock.

Insiders Place Their Bets

In other news, VP Dennis W. Leriche sold 1,455 shares of AutoZone stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total value 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 approximately $1,367,100. This trade represents a 76.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Brian Hannasch acquired 165 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was acquired at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the purchase, the director directly owned 1,219 shares in the company, valued at $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 2.60% of the company’s stock.

AutoZone Stock Performance

Shares of NYSE AZO opened at $3,023.78 on Wednesday. The company has a market capitalization of $49.38 billion, a P/E ratio of 20.79, a price-to-earnings-growth ratio of 1.53 and a beta of 0.33. AutoZone, Inc. has a 52-week low of $2,902.20 and a 52-week high of $4,388.11. The company’s 50 day moving average price is $3,050.91 and its 200-day moving average price is $3,319.59.

AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping 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 company had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.86 billion. During the same period in the prior year, the company posted $35.36 earnings per share. AutoZone’s revenue for the quarter was up 8.4% compared to the same quarter last year. Analysts forecast that AutoZone, Inc. will post 150.39 earnings per share for the current year.

AutoZone declared that its Board of Directors has initiated a stock buyback 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 shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. DA Davidson reduced their target price on shares of AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Robert W. Baird cut their price target on shares of AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a report on Wednesday, May 27th. Jefferies Financial Group reduced their price objective on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. BMO Capital Markets decreased their price objective on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. Finally, Guggenheim lowered their target price 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. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, AutoZone has an average rating of “Moderate Buy” and a consensus price target of $4,029.43.

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.