AutoZone, Inc. $AZO Shares Purchased by Saudi Central Bank

Saudi Central Bank boosted its holdings in AutoZone, Inc. (NYSE:AZO) by 88.4% in the second quarter, HoldingsChannel.com reports. The firm owned 1,153 shares of the company’s stock after buying an additional 541 shares during the quarter. Saudi Central Bank’s holdings in AutoZone were worth $3,685,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in AZO. BlackRock Inc. purchased a new position in AutoZone during the 2nd quarter worth approximately $3,938,566,000. Morgan Stanley lifted its stake in shares of AutoZone by 17.8% in the 4th quarter. Morgan Stanley now owns 492,794 shares of the company’s stock worth $1,671,323,000 after acquiring an additional 74,555 shares during the period. Price T Rowe Associates Inc. MD lifted its position 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 purchasing an additional 7,390 shares during the period. Norges Bank purchased a new stake in shares of AutoZone in the fourth quarter valued at approximately $939,205,000. Finally, First Manhattan CO. LLC. grew its stake 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 purchasing an additional 6,765 shares during the period. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Truist Financial set a $3,700.00 price target on AutoZone in a report on Wednesday, May 27th. The Goldman Sachs Group cut their price objective on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Citigroup reduced their target price on AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. DA Davidson decreased their price target 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. Finally, Evercore reiterated an “outperform” rating on shares of AutoZone in a report on Tuesday, May 26th. 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 company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $3,999.04.

Insider Buying and Selling

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of AutoZone 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 transaction, the vice president owned 441 shares of the company’s stock, valued at $1,367,100. The trade was a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.60% of the stock is currently owned by corporate insiders.

AutoZone Stock Down 0.0%

AZO stock opened at $2,981.99 on Monday. The company has a market capitalization of $48.70 billion, a PE ratio of 20.50, a P/E/G ratio of 1.49 and a beta of 0.34. The stock’s 50 day moving average is $3,036.29 and its two-hundred day moving average is $3,276.84. AutoZone, Inc. has a 52-week low of $2,902.20 and a 52-week high of $4,388.11.

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

AutoZone Company 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.