Man Group plc Invests $12.04 Million in AutoZone, Inc. $AZO

Man Group plc purchased a new stake in shares of AutoZone, Inc. (NYSE:AZO) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,766 shares of the company’s stock, valued at approximately $12,036,000.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of AutoZone during the 2nd quarter worth approximately $3,938,566,000. Morgan Stanley lifted its holdings in 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 boosted its stake 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 last quarter. Norges Bank bought a new position in AutoZone in the fourth quarter valued at approximately $939,205,000. Finally, First Manhattan CO. LLC. grew its holdings in 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 acquiring an additional 6,765 shares during the period. Institutional investors own 92.74% of the company’s stock.

Insider Activity

In related news, VP Dennis W. Leriche sold 1,455 shares of the company’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the completion of the sale, the vice president owned 441 shares in the company, valued at $1,367,100. This represents a 76.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is owned by company insiders.

AutoZone Stock Performance

Shares of NYSE:AZO opened at $2,932.02 on Friday. AutoZone, Inc. has a 52 week low of $2,902.20 and a 52 week high of $4,388.11. The company has a market capitalization of $47.88 billion, a PE ratio of 20.16, a PEG ratio of 1.52 and a beta of 0.33. The company has a 50 day moving average price of $3,047.01 and a two-hundred day moving average price of $3,310.04.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping analysts’ consensus estimates of $36.22 by $1.85. The company had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period last year, the firm posted $35.36 earnings per share. On average, sell-side analysts forecast that AutoZone, Inc. will post 150.39 earnings per share for the current year.

AutoZone declared that its board has authorized a stock buyback program on Tuesday, June 16th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to purchase up to 3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

AZO has been the subject of several recent research reports. 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 research report on Tuesday, August 4th. Weiss Ratings lowered AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, July 23rd. Evercore reaffirmed an “outperform” rating on shares of AutoZone in a research note 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 report on Wednesday, May 27th. Finally, The Goldman Sachs Group cut their target price on AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. One investment 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 MarketBeat, the company currently has a consensus 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.