AutoZone, Inc. $AZO Shares Sold by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH reduced its stake in AutoZone by 49.1%, holding 1,003 shares valued at approximately $3.7 million as of the latest SEC filing.
• AutoZone's stock price has seen a 3.8% decline, with shares opening at $3,846.31, despite a market cap of $64.54 billion and a PE ratio of 26.55.
• The company reported earnings per share of $48.71, missing estimates, while its revenue increased by 0.6% year-over-year, totaling $6.24 billion.

Allianz Asset Management GmbH decreased its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 49.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,003 shares of the company's stock after selling 969 shares during the quarter. Allianz Asset Management GmbH's holdings in AutoZone were worth $3,723,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Bridges Investment Management Inc. boosted its position in shares of AutoZone by 1.3% in the 2nd quarter. Bridges Investment Management Inc. now owns 8,335 shares of the company's stock worth $30,941,000 after purchasing an additional 103 shares in the last quarter. Mutual Advisors LLC lifted its position in AutoZone by 1.4% during the 2nd quarter. Mutual Advisors LLC now owns 366 shares of the company's stock worth $1,398,000 after acquiring an additional 5 shares during the period. Generali Asset Management SPA SGR lifted its position in AutoZone by 1.7% during the 2nd quarter. Generali Asset Management SPA SGR now owns 1,343 shares of the company's stock worth $4,986,000 after acquiring an additional 22 shares during the period. Ritholtz Wealth Management lifted its position in AutoZone by 0.3% during the 2nd quarter. Ritholtz Wealth Management now owns 1,179 shares of the company's stock worth $4,377,000 after acquiring an additional 3 shares during the period. Finally, Harbour Investments Inc. lifted its position in AutoZone by 27.3% during the 2nd quarter. Harbour Investments Inc. now owns 14 shares of the company's stock worth $52,000 after acquiring an additional 3 shares during the period. Institutional investors and hedge funds own 92.74% of the company's stock.

AutoZone Stock Down 3.8%

Shares of AutoZone stock opened at $3,846.31 on Friday. AutoZone, Inc. has a twelve month low of $2,980.10 and a twelve month high of $4,388.11. The business has a 50-day moving average price of $4,145.80 and a 200 day moving average price of $3,872.28. The firm has a market cap of $64.54 billion, a PE ratio of 26.55, a P/E/G ratio of 1.88 and a beta of 0.40.

AutoZone (NYSE:AZO - Get Free Report) last announced its quarterly earnings results on Tuesday, September 23rd. The company reported $48.71 earnings per share for the quarter, missing the consensus estimate of $50.52 by ($1.81). AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The business had revenue of $6.24 billion during the quarter, compared to analysts' expectations of $6.26 billion. During the same quarter in the prior year, the firm earned $51.58 EPS. AutoZone's revenue for the quarter was up .6% on a year-over-year basis. On average, sell-side analysts expect that AutoZone, Inc. will post 152.94 EPS for the current year.

AutoZone announced that its board has initiated a stock buyback program on Wednesday, October 8th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its stock is undervalued.

Insider Activity

In related news, CEO Philip B. Daniele sold 2,533 shares of AutoZone stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $4,020.88, for a total value of $10,184,889.04. Following the completion of the transaction, the chief executive officer owned 55 shares in the company, valued at $221,148.40. The trade was a 97.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John Scott Murphy sold 2,860 shares of AutoZone stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the completion of the transaction, the vice president owned 1,244 shares of the company's stock, valued at approximately $5,194,570.80. This represents a 69.69% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.

Analysts Set New Price Targets

AZO has been the subject of a number of research reports. UBS Group lowered their price target on AutoZone from $4,925.00 to $4,800.00 and set a "buy" rating for the company in a research report on Wednesday, September 24th. Roth Capital reaffirmed a "buy" rating and set a $4,750.00 price target (down previously from $4,800.00) on shares of AutoZone in a research report on Thursday, September 25th. BMO Capital Markets lifted their price target on AutoZone from $4,100.00 to $4,600.00 and gave the stock an "outperform" rating in a research report on Thursday, September 25th. Raymond James Financial lowered their price target on AutoZone from $4,900.00 to $4,800.00 and set a "strong-buy" rating for the company in a research report on Wednesday, September 24th. Finally, Cowen reaffirmed a "buy" rating on shares of AutoZone in a research report on Thursday, September 18th. One analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $4,544.68.

AutoZone 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.