AutoZone, Inc. $AZO Shares Sold by APG Asset Management N.V.

Key Points

• APG Asset Management N.V. reduced its holdings in AutoZone by 8.7%, owning 19,765 shares valued at approximately $69.76 million as of the latest SEC filing.
• Insider trading activity included CFO Jamere Jackson selling 2,612 shares for over $9.73 million, reflecting an 85.95% decrease in his ownership stake.
• AutoZone's stock price opened at $4,104.35 with a market capitalization of $68.88 billion, following a quarterly earnings report that missed analyst expectations.

APG Asset Management N.V. cut its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 8.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,765 shares of the company's stock after selling 1,875 shares during the quarter. APG Asset Management N.V. owned about 0.12% of AutoZone worth $69,764,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. AlphaCore Capital LLC purchased a new stake in shares of AutoZone during the 1st quarter worth about $27,000. Financial Network Wealth Advisors LLC raised its holdings in AutoZone by 66.7% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 10 shares of the company's stock valued at $38,000 after acquiring an additional 4 shares during the last quarter. Cornerstone Planning Group LLC acquired a new stake in AutoZone in the 1st quarter valued at about $44,000. Minot DeBlois Advisors LLC acquired a new stake in AutoZone in the 4th quarter valued at about $45,000. Finally, Clearstead Trust LLC acquired a new stake in shares of AutoZone during the 1st quarter worth approximately $46,000. 92.74% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the business's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $3,875.90, for a total transaction of $11,627,700.00. Following the sale, the vice president directly owned 2,925 shares in the company, valued at approximately $11,337,007.50. The trade was a 50.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman William C. Rhodes III sold 27,500 shares of the business's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $3,708.93, for a total transaction of $101,995,575.00. Following the sale, the chairman owned 8,546 shares in the company, valued at $31,696,515.78. This trade represents a 76.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,862 shares of company stock worth $126,058,789 in the last quarter. Company insiders own 2.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on AZO shares. Morgan Stanley restated an "overweight" rating and set a $4,000.00 price target (up previously from $3,750.00) on shares of AutoZone in a report on Wednesday, May 28th. The Goldman Sachs Group set a $3,811.00 price target on shares of AutoZone in a research report on Friday, May 23rd. Guggenheim raised their price objective on shares of AutoZone from $3,850.00 to $4,100.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. Bank of America upgraded shares of AutoZone from a "neutral" rating to a "buy" rating and raised their price objective for the company from $3,900.00 to $4,800.00 in a report on Wednesday, May 21st. Finally, JPMorgan Chase & Co. lifted their target price on shares of AutoZone from $3,830.00 to $4,350.00 and gave the company an "overweight" rating in a report on Friday, May 23rd. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, AutoZone currently has a consensus rating of "Buy" and an average target price of $4,101.29.

AutoZone Trading Up 0.6%

AZO stock traded up $23.50 during trading on Wednesday, reaching $4,203.67. The stock had a trading volume of 110,914 shares, compared to its average volume of 130,355. The company has a market capitalization of $70.54 billion, a P/E ratio of 28.45, a PEG ratio of 2.48 and a beta of 0.38. The firm has a fifty day moving average price of $3,831.83 and a 200 day moving average price of $3,702.38. AutoZone, Inc. has a 1-year low of $2,898.57 and a 1-year high of $4,216.02.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings data on Tuesday, May 27th. The company reported $35.36 EPS for the quarter, missing analysts' consensus estimates of $37.07 by ($1.71). AutoZone had a negative return on equity of 56.07% and a net margin of 13.56%.The business had revenue of $4.46 billion during the quarter, compared to analyst estimates of $4.41 billion. During the same period in the prior year, the firm earned $36.69 EPS. The business's revenue for the quarter was up 5.4% compared to the same quarter last year. Sell-side analysts predict that AutoZone, Inc. will post 152.94 EPS for the current year.

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.