Meeder Advisory Services Inc. Buys New Holdings in AutoZone, Inc. $AZO

Meeder Advisory Services Inc. acquired a new stake in AutoZone, Inc. (NYSE:AZO) during the second quarter, Holdings Channel.com reports. The firm acquired 376 shares of the company’s stock, valued at approximately $1,202,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Turning Point Benefit Group Inc. purchased a new stake in shares of AutoZone during the 3rd quarter worth approximately $25,000. Torren Management LLC purchased a new position in shares of AutoZone during the fourth quarter worth about $27,000. Transamerica Financial Advisors LLC grew its stake in shares of AutoZone by 100.0% in the 4th 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 last quarter. MCF Advisors LLC increased 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 during the period. Finally, Bard Associates Inc. acquired a new position in shares of AutoZone during the fourth quarter worth about $31,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Insider Buying and Selling

In other news, Director Brian Hannasch purchased 165 shares of the stock in a transaction dated Friday, May 29th. The shares were bought at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the transaction, the director 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. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Dennis W. Leriche sold 1,455 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the completion of the sale, the vice president 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. Corporate insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

AZO has been the subject of several research analyst reports. Evercore reiterated an “outperform” rating on shares of AutoZone in a research report on Tuesday, May 26th. Morgan Stanley lowered their target price on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating on the stock in a report on Wednesday, May 27th. Citigroup cut their price target on AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. BMO Capital Markets cut their target price on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock 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 research note on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $4,029.43.

AutoZone Stock Up 0.2%

Shares of NYSE AZO opened at $3,080.11 on Thursday. The stock has a market capitalization of $50.30 billion, a P/E ratio of 21.18, a P/E/G ratio of 1.56 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 firm’s 50-day moving average price is $3,060.46 and its two-hundred day moving average price is $3,339.85.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, May 26th. The company reported $38.07 EPS 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 firm had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.86 billion. During the same quarter in the prior year, the firm earned $35.36 EPS. AutoZone’s quarterly revenue was up 8.4% on a year-over-year basis. As a group, equities research analysts expect that AutoZone, Inc. will post 150.39 earnings per share for the current year.

AutoZone declared that its board has authorized a stock buyback plan on Tuesday, June 16th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

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.