AutoZone, Inc. $AZO Position Lifted by State of Alaska Department of Revenue

Key Points

• State of Alaska Department of Revenue increased its AutoZone stake by 4,332.2% in the third quarter, ending with 111,247 shares worth approximately $314.8 million. Institutional investors and hedge funds collectively own 92.74% of the company.
• AutoZone reported quarterly revenue of $6.59 billion, up 5.6% year over year, while earnings per share exceeded consensus estimates. Shares recently traded at $3,050.58, below their 52-week high of $4,047.41.
• Analyst sentiment remains positive but moderated, with a consensus “Moderate Buy” rating and an average price target of $3,669.12; several firms recently reduced their targets or downgraded the stock.

State of Alaska Department of Revenue raised its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 4,332.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 111,247 shares of the company's stock after acquiring an additional 108,737 shares during the period. AutoZone makes up 2.9% of State of Alaska Department of Revenue's portfolio, making the stock its 5th biggest position. State of Alaska Department of Revenue owned about 0.68% of AutoZone worth $314,831,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in AutoZone during the second quarter valued at approximately $3,938,566,000. Sound Income Strategies LLC grew its stake in AutoZone by 646,568.6% during the third quarter. Sound Income Strategies LLC now owns 659,602 shares of the company's stock worth $1,866,687,000 after buying an additional 659,500 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in AutoZone by 247,417.8% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 249,993 shares of the company's stock worth $798,963,000 after buying an additional 249,892 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in AutoZone during the second quarter worth approximately $572,885,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of AutoZone by 11,577.6% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 141,066 shares of the company's stock worth $450,838,000 after acquiring an additional 139,858 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at AutoZone

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the company's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the transaction, the vice president directly owned 441 shares of the company's stock, valued at $1,367,100. This represents a 76.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.60% of the stock is owned by corporate insiders.

AutoZone Stock Performance

Shares of NYSE AZO traded up $138.96 during midday trading on Thursday, reaching $3,050.58. 99,534 shares of the company's stock were exchanged, compared to its average volume of 261,953. AutoZone, Inc. has a 52-week low of $2,730.65 and a 52-week high of $4,047.41. The stock has a market capitalization of $49.80 billion, a PE ratio of 19.95, a price-to-earnings-growth ratio of 1.34 and a beta of 0.40. The business's fifty day moving average price is $2,937.76 and its two-hundred day moving average price is $3,133.57.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings results on Tuesday, September 22nd. The company reported $56.05 EPS for the quarter, beating analysts' consensus estimates of $0.54 by $55.51. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%. The firm had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.70 billion. During the same quarter in the prior year, the business posted $48.71 earnings per share. AutoZone's revenue for the quarter was up 5.6% on a year-over-year basis. Analysts predict that AutoZone, Inc. will post 171.50 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

AZO has been the topic of a number of research reports. Robert W. Baird cut their target price on shares of AutoZone from $3,600.00 to $3,400.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 23rd. Raymond James Financial decreased their price target on shares of AutoZone from $4,000.00 to $3,700.00 and set a "strong-buy" rating for the company in a research report on Wednesday, September 23rd. Mizuho lowered their price target on AutoZone from $3,200.00 to $3,000.00 and set a "neutral" rating for the company in a report on Wednesday, September 23rd. Truist Financial lowered their price target on AutoZone from $3,817.00 to $3,648.00 and set a "buy" rating for the company in a report on Wednesday, September 23rd. Finally, Morgan Stanley lowered AutoZone from an "overweight" rating to a "market perform" rating in a research report on Tuesday, September 29th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $3,669.12.

AutoZone Company Profile

AutoZone, Inc is a specialty retailer of automotive replacement parts, accessories and maintenance products. The company serves do-it-yourself customers as well as professional automotive repair shops, offering products such as batteries, brakes, filters, engine components, tools, fluids and other vehicle parts.

In addition to its retail stores, AutoZone provides commercial sales and delivery services for professional repair businesses. The company also operates ALLDATA, which offers automotive diagnostic, repair and shop-management software and information services to repair professionals.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional stores and operations in Mexico and Brazil.

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