Wellington Management Group LLP Purchases 7,051 Shares of AutoZone, Inc. $AZO

Wellington Management Group LLP increased its position in shares of AutoZone, Inc. (NYSE:AZO) by 12.6% during the 2nd quarter, HoldingsChannel reports. The fund owned 62,901 shares of the company’s stock after purchasing an additional 7,051 shares during the quarter. Wellington Management Group LLP’s holdings in AutoZone were worth $201,028,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in AutoZone during the 2nd quarter worth about $3,938,566,000. Morgan Stanley lifted its position in AutoZone by 17.8% during the 4th quarter. Morgan Stanley now owns 492,794 shares of the company’s stock valued at $1,671,323,000 after purchasing an additional 74,555 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of AutoZone by 1.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company’s stock valued at $1,312,654,000 after purchasing an additional 7,390 shares during the last quarter. Norges Bank bought a new position in shares of AutoZone in the 4th quarter valued at about $939,205,000. Finally, First Manhattan CO. LLC. grew its position in shares of 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 buying an additional 6,765 shares during the period. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on AZO shares. Weiss Ratings downgraded shares of AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, July 23rd. Truist Financial set a $3,700.00 price objective on shares of AutoZone in a research note on Wednesday, May 27th. Robert W. Baird lowered their target price on shares of AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating for the company in a report on Wednesday, May 27th. TD Cowen dropped their target price on shares of AutoZone from $3,700.00 to $3,500.00 and set a “buy” rating for the company in a research report on Monday. Finally, BNP Paribas Exane cut their price target on AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $3,999.04.

Insiders Place Their Bets

In related news, VP Dennis W. Leriche sold 1,455 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the vice president owned 441 shares in the company, valued at approximately $1,367,100. The trade was a 76.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.60% of the stock is owned by insiders.

AutoZone Price Performance

Shares of AZO stock opened at $2,995.99 on Tuesday. The stock has a market cap of $48.92 billion, a PE ratio of 20.60, a price-to-earnings-growth ratio of 1.50 and a beta of 0.33. The stock has a 50-day moving average of $3,045.89 and a 200-day moving average of $3,300.64. AutoZone, Inc. has a one year low of $2,902.20 and a one year high of $4,388.11.

AutoZone declared that its Board of Directors has authorized a share repurchase program on Tuesday, June 16th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership 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.