AutoZone, Inc. $AZO Shares Sold by Formuepleje A S

Key Points

• Formuepleje A S reduced its AutoZone stake by 21.8% in the third quarter, selling 2,149 shares and retaining 7,706 shares valued at approximately $21.8 million. Institutional investors collectively own 92.74% of AutoZone.
• Analysts remain broadly positive, with AutoZone carrying a “Moderate Buy” consensus rating and an average price target of $3,669.12, despite several recent target-price cuts and Morgan Stanley’s downgrade to “market perform.”
• AutoZone shares recently traded at $3,048.16, while the company reported quarterly revenue of $6.59 billion, up 5.6% year over year, and earnings above consensus estimates.

Formuepleje A S lowered its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 21.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,706 shares of the company's stock after selling 2,149 shares during the period. AutoZone makes up 1.9% of Formuepleje A S's holdings, making the stock its 18th biggest holding. Formuepleje A S's holdings in AutoZone were worth $21,808,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of AZO. William Allan Corp acquired a new position in shares of AutoZone in the 3rd quarter valued at approximately $771,000. Mather Group LLC. lifted its holdings in shares of AutoZone by 7,142.1% during the 3rd quarter. Mather Group LLC. now owns 9,632 shares of the company's stock worth $27,259,000 after acquiring an additional 9,499 shares during the period. Focus Financial Network Inc. lifted its holdings in shares of AutoZone by 23.4% during the 3rd quarter. Focus Financial Network Inc. now owns 95 shares of the company's stock worth $269,000 after acquiring an additional 18 shares during the period. Salem Investment Counselors Inc. boosted its position in shares of AutoZone by 7,160.0% during the 3rd quarter. Salem Investment Counselors Inc. now owns 13,431 shares of the company's stock worth $38,010,000 after acquiring an additional 13,246 shares in the last quarter. Finally, Signal Advisors Wealth LLC boosted its position in shares of AutoZone by 29.0% during the 3rd quarter. Signal Advisors Wealth LLC now owns 702 shares of the company's stock worth $1,987,000 after acquiring an additional 158 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several research analysts have commented on AZO shares. Wells Fargo & Company lowered their price objective on shares of AutoZone from $4,150.00 to $3,500.00 and set an "overweight" rating for the company in a research report on Thursday, September 10th. Morgan Stanley cut AutoZone from an "overweight" rating to a "market perform" rating in a research note on Tuesday, September 29th. Truist Financial reduced their target price on AutoZone from $3,817.00 to $3,648.00 and set a "buy" rating on the stock in a report on Wednesday, September 23rd. Mizuho decreased their price target on AutoZone from $3,200.00 to $3,000.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 23rd. Finally, DA Davidson lowered their price target on AutoZone from $3,750.00 to $3,500.00 and set a "buy" rating for the company in a report on Wednesday, September 23rd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $3,669.12.

AutoZone Stock Performance

Shares of AZO traded up $136.54 during mid-day trading on Thursday, reaching $3,048.16. The company had a trading volume of 93,190 shares, compared to its average volume of 261,896. The company has a market capitalization of $49.76 billion, a price-to-earnings ratio of 19.96, a P/E/G ratio of 1.34 and a beta of 0.40. The company's 50 day simple moving average is $2,937.76 and its 200 day simple moving average is $3,133.57. AutoZone, Inc. has a 1-year low of $2,730.65 and a 1-year high of $4,047.41.

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

About AutoZone

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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