AutoZone, Inc. $AZO Shares Acquired by Marshfield Associates

Key Points

• Marshfield Associates boosted its stake in AutoZone by 3.2% in Q3 to 172,332 shares, making AZO its largest holding at about 12.8% of the fund and worth roughly $739.3M.
• Insider activity showed net selling: VP Richard Craig Smith sold 5,910 shares for about $21.9M, insiders sold 9,447 shares (~$34.18M) in the last quarter; insiders now own 2.6% of the stock while institutional ownership is 92.74%.
• Financials & outlook: AutoZone slightly beat EPS ($27.63 vs. $27.59) but missed revenue forecasts, trades at a ~24.5 P/E with a market cap of ~$57.8B, and has a MarketBeat consensus rating of Moderate Buy with a $4,312 price target.

Marshfield Associates boosted its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 3.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 172,332 shares of the company's stock after purchasing an additional 5,293 shares during the period. AutoZone comprises about 12.8% of Marshfield Associates' investment portfolio, making the stock its biggest position. Marshfield Associates owned 1.04% of AutoZone worth $739,347,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in AutoZone by 1.5% during the third quarter. Vanguard Group Inc. now owns 1,797,548 shares of the company's stock worth $7,711,912,000 after buying an additional 26,544 shares during the last quarter. Laurel Wealth Advisors LLC raised its stake in shares of AutoZone by 371,123.0% in the second quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company's stock valued at $3,472,724,000 after acquiring an additional 935,230 shares during the last quarter. State Street Corp boosted its holdings in shares of AutoZone by 1.6% in the 2nd quarter. State Street Corp now owns 714,091 shares of the company's stock worth $2,650,870,000 after acquiring an additional 11,088 shares in the last quarter. Norges Bank acquired a new position in shares of AutoZone in the 2nd quarter worth approximately $981,202,000. Finally, Alliancebernstein L.P. grew its position in AutoZone by 0.5% during the 3rd quarter. Alliancebernstein L.P. now owns 166,369 shares of the company's stock worth $713,763,000 after acquiring an additional 747 shares during 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 Richard Craig Smith sold 5,910 shares of AutoZone stock in a transaction on Friday, January 23rd. The shares were sold at an average price of $3,700.00, for a total transaction of $21,867,000.00. Following the completion of the sale, the vice president owned 2,627 shares of the company's stock, valued at approximately $9,719,900. The trade was a 69.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael A. George bought 145 shares of the company's stock in a transaction on Monday, December 22nd. The shares were acquired at an average price of $3,398.13 per share, with a total value of $492,728.85. Following the transaction, the director directly owned 566 shares in the company, valued at approximately $1,923,341.58. The trade was a 34.44% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders sold 9,447 shares of company stock valued at $34,179,923. 2.60% of the stock is currently owned by company insiders.

AutoZone Stock Down 2.0%

Shares of AZO opened at $3,490.55 on Tuesday. The stock's fifty day simple moving average is $3,654.14 and its 200-day simple moving average is $3,794.52. The firm has a market capitalization of $57.84 billion, a PE ratio of 24.45, a price-to-earnings-growth ratio of 1.82 and a beta of 0.41. AutoZone, Inc. has a 12-month low of $3,210.72 and a 12-month high of $4,388.11.

AutoZone (NYSE:AZO - Get Free Report) last released its earnings results on Tuesday, March 3rd. The company reported $27.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $27.59 by $0.04. AutoZone had a net margin of 12.47% and a negative return on equity of 72.31%. The company had revenue of $4.27 billion for the quarter, compared to the consensus estimate of $4.31 billion. During the same period in the prior year, the company posted $28.29 EPS. The company's revenue was up 8.2% compared to the same quarter last year. Analysts anticipate that AutoZone, Inc. will post 152.94 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Mizuho raised their price target on AutoZone from $3,550.00 to $3,600.00 and gave the company a "neutral" rating in a report on Thursday, March 5th. BMO Capital Markets lowered their target price on AutoZone from $4,400.00 to $4,300.00 and set an "outperform" rating for the company in a research note on Wednesday, March 4th. Morgan Stanley upped their price target on shares of AutoZone from $4,000.00 to $4,020.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 4th. Guggenheim lowered their price objective on shares of AutoZone from $4,600.00 to $4,400.00 and set a "buy" rating for the company in a research report on Wednesday, December 10th. Finally, Wolfe Research lowered shares of AutoZone from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, December 16th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $4,312.13.

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.

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