The Manufacturers Life Insurance Company Boosts Stake in AutoZone, Inc. (NYSE:AZO)

The Manufacturers Life Insurance Company lifted its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 186.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 92,870 shares of the company's stock after buying an additional 60,483 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.55% of AutoZone worth $292,544,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in AZO. Capital Performance Advisors LLP bought a new stake in shares of AutoZone in the third quarter valued at approximately $36,000. Meeder Asset Management Inc. boosted its stake in shares of AutoZone by 50.0% in the second quarter. Meeder Asset Management Inc. now owns 15 shares of the company's stock valued at $44,000 after buying an additional 5 shares during the period. Carolina Wealth Advisors LLC bought a new stake in shares of AutoZone in the third quarter valued at approximately $47,000. Darwin Wealth Management LLC bought a new stake in shares of AutoZone in the third quarter valued at approximately $47,000. Finally, E Fund Management Hong Kong Co. Ltd. acquired a new position in AutoZone during the second quarter valued at approximately $50,000. 92.74% of the stock is currently owned by institutional investors.

AutoZone Stock Up 1.2 %

AZO traded up $38.39 during trading on Tuesday, reaching $3,147.95. 247,124 shares of the stock traded hands, compared to its average volume of 139,099. The stock has a market capitalization of $53.20 billion, a PE ratio of 21.03, a P/E/G ratio of 1.57 and a beta of 0.71. The stock's 50-day moving average is $3,112.76 and its 200 day moving average is $3,031.85. AutoZone, Inc. has a 12 month low of $2,510.00 and a 12 month high of $3,256.37.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings data on Tuesday, September 24th. The company reported $48.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $53.31 by ($5.20). The company had revenue of $6.21 billion for the quarter, compared to the consensus estimate of $6.25 billion. AutoZone had a negative return on equity of 52.99% and a net margin of 14.40%. AutoZone's revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period last year, the company earned $46.46 EPS. As a group, equities research analysts anticipate that AutoZone, Inc. will post 158.09 EPS for the current year.

Analysts Set New Price Targets

AZO has been the subject of several research analyst reports. Roth Capital upgraded shares of AutoZone to a "strong-buy" rating in a research report on Tuesday, October 15th. Truist Financial boosted their price objective on shares of AutoZone from $3,341.00 to $3,501.00 and gave the company a "buy" rating in a research report on Monday, October 14th. Roth Mkm restated a "buy" rating and set a $3,634.00 price objective on shares of AutoZone in a research report on Wednesday, October 16th. DA Davidson restated a "neutral" rating and set a $3,025.00 price objective on shares of AutoZone in a research report on Monday, September 30th. Finally, Morgan Stanley boosted their price objective on shares of AutoZone from $3,038.00 to $3,125.00 and gave the company an "overweight" rating in a research report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, fourteen have given a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $3,202.71.

Insider Transactions at AutoZone

In related news, Chairman William C. Rhodes III sold 13,000 shares of the firm's stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $3,107.15, for a total value of $40,392,950.00. Following the transaction, the chairman now owns 13,857 shares of the company's stock, valued at approximately $43,055,777.55. This trade represents a 48.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Scott Murphy sold 1,580 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $3,107.69, for a total transaction of $4,910,150.20. Following the completion of the sale, the vice president now owns 1,218 shares of the company's stock, valued at approximately $3,785,166.42. This trade represents a 56.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,880 shares of company stock valued at $46,225,660 in the last 90 days. 2.10% of the stock is currently owned by corporate insiders.

AutoZone Company Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.