AutoZone, Inc. $AZO Position Trimmed by Terra Nova Asset Management LLC

Key Points

• Terra Nova Asset Management cut its AutoZone position by 66.5% in the third quarter, selling 415 shares and retaining 209 shares valued at approximately $591,000. Institutional investors collectively own 92.74% of the company.
• AutoZone shares opened at $2,901.71, down 1.3%, and remain well below their 12-month high of $4,146.42. The company reported 5.6% year-over-year revenue growth and authorized a $1.5 billion share-repurchase program.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $3,669.12, although several firms recently lowered their targets and Morgan Stanley downgraded the stock to “market perform.”

Terra Nova Asset Management LLC trimmed its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 66.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 209 shares of the company's stock after selling 415 shares during the period. Terra Nova Asset Management LLC's holdings in AutoZone were worth $591,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in AZO. BlackRock Inc. purchased a new stake in shares of AutoZone in the second quarter worth $3,938,566,000. Sound Income Strategies LLC increased its holdings in shares of AutoZone by 646,568.6% during the third quarter. Sound Income Strategies LLC now owns 659,602 shares of the company's stock valued at $1,866,687,000 after acquiring an additional 659,500 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of AutoZone by 247,417.8% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 249,993 shares of the company's stock worth $798,963,000 after purchasing an additional 249,892 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of AutoZone in the 2nd quarter worth about $572,885,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of AutoZone by 11,577.6% in the 2nd 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 purchasing an additional 139,858 shares during the last quarter. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

AutoZone Trading Down 1.3%

AutoZone stock opened at $2,901.71 on Tuesday. The firm has a market cap of $47.38 billion, a price-to-earnings ratio of 18.99, a PEG ratio of 1.37 and a beta of 0.40. The stock has a fifty day simple moving average of $2,943.54 and a two-hundred day simple moving average of $3,140.41. AutoZone, Inc. has a 12 month low of $2,730.65 and a 12 month high of $4,146.42.

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

AutoZone announced that its Board of Directors has initiated a share repurchase plan on Tuesday, June 16th that authorizes the company to buy back $1.50 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3% of its stock through open market purchases. Share buyback plans are typically an indication that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on AZO shares. Morgan Stanley cut shares of AutoZone from an "overweight" rating to a "market perform" rating in a research note on Tuesday, September 29th. Piper Sandler set a $3,500.00 price objective on shares of AutoZone in a research note on Monday, August 31st. JPMorgan Chase & Co. decreased their target price on shares of AutoZone from $3,850.00 to $3,700.00 and set an "overweight" rating for the company in a report on Monday, September 28th. Raymond James Financial decreased their target price on shares of AutoZone from $4,000.00 to $3,700.00 and set a "strong-buy" rating for the company in a report on Wednesday, September 23rd. Finally, The Goldman Sachs Group dropped their target price on shares of AutoZone from $4,096.00 to $3,917.00 and set a "buy" rating on the stock in a research note on Wednesday, September 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $3,669.12.

Insider Activity at AutoZone

In related news, VP Dennis LeRiche sold 1,455 shares of AutoZone stock in a transaction dated 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 completion of the sale, the vice president directly owned 441 shares in the company, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.60% of the stock is owned by company insiders.

AutoZone 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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