AutoZone, Inc. $AZO Shares Sold by Geode Capital Management LLC

Key Points

• Geode Capital Management cut its AutoZone stake by 8.8% in the fourth quarter, selling 39,465 shares and leaving it with 409,494 shares worth about $1.39 billion.
• AutoZone reported EPS of $38.07, beating analyst estimates, while revenue rose 8.4% year over year to $4.84 billion but came in slightly below expectations.
• Wall Street remains generally positive despite lower price targets, with a consensus rating of “Moderate Buy” and an average price target of about $4,040.87.

Geode Capital Management LLC decreased its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 8.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 409,494 shares of the company's stock after selling 39,465 shares during the quarter. Geode Capital Management LLC owned approximately 2.47% of AutoZone worth $1,390,172,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of AZO. Brighton Jones LLC boosted its position in shares of AutoZone by 14.4% during the 4th quarter. Brighton Jones LLC now owns 111 shares of the company's stock valued at $356,000 after acquiring an additional 14 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in shares of AutoZone during the 2nd quarter valued at about $356,000. Guggenheim Capital LLC boosted its position in shares of AutoZone by 3.8% during the 2nd quarter. Guggenheim Capital LLC now owns 248 shares of the company's stock valued at $921,000 after acquiring an additional 9 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of AutoZone by 8.9% during the 2nd quarter. NewEdge Advisors LLC now owns 1,376 shares of the company's stock valued at $5,110,000 after acquiring an additional 112 shares during the last quarter. Finally, Treasurer of the State of North Carolina boosted its position in shares of AutoZone by 52.3% during the 2nd quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company's stock valued at $43,667,000 after acquiring an additional 4,039 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

AutoZone Trading Down 0.7%

Shares of AZO opened at $3,006.97 on Friday. The firm has a market cap of $49.55 billion, a P/E ratio of 21.07, a price-to-earnings-growth ratio of 1.54 and a beta of 0.43. AutoZone, Inc. has a 12-month low of $2,945.00 and a 12-month high of $4,388.11. The company's 50-day moving average price is $3,430.33 and its 200 day moving average price is $3,570.14.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $36.22 by $1.85. The firm had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a net margin of 12.47% and a negative return on equity of 72.31%. AutoZone's revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm earned $35.36 EPS. Equities research analysts forecast that AutoZone, Inc. will post 149.93 earnings per share for the current year.

Wall Street Analyst Weigh In

AZO has been the topic of several recent research reports. JPMorgan Chase & Co. lowered their price target on shares of AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating on the stock in a research report on Wednesday. Morgan Stanley lowered their price target on shares of AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating on the stock in a research report on Wednesday. Weiss Ratings upgraded shares of AutoZone from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday. Truist Financial set a $3,700.00 price objective on shares of AutoZone in a report on Wednesday. Finally, Barclays boosted their price objective on shares of AutoZone from $3,800.00 to $3,900.00 and gave the company an "overweight" rating in a report on Wednesday, March 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $4,040.87.

AutoZone News Roundup

Here are the key news stories impacting AutoZone this week:

• Positive Sentiment: AutoZone said commercial sales and market share gains remain strong, and management is still targeting 355 to 365 new store openings this fiscal year, supporting the growth outlook. Article Title
• Positive Sentiment: Several analysts, including Jefferies, BNP Paribas Exane, TD Cowen, JPMorgan, Citigroup, and others, kept bullish ratings such as buy, outperform, or overweight despite lowering targets, implying upside remains from current levels. Article Title
• Neutral Sentiment: AutoZone beat EPS estimates and posted 8.4% revenue growth year over year, but revenue still came in slightly below consensus, creating a mixed reaction from investors. Article Title
• Negative Sentiment: AutoZone shares are under pressure after a quarterly revenue miss and gross margin contraction, prompting multiple price-target cuts from Wall Street firms. Article Title
• Negative Sentiment: Some commentary pointed to slower international growth and weaker late-quarter trends, reinforcing concerns that near-term momentum may be cooling after an otherwise solid quarter. Article Title

Insider Transactions at AutoZone

In related news, Director Earl G. Graves, Jr. sold 50 shares of the business's stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total value of $173,936.00. Following the sale, the director directly owned 4,837 shares in the company, valued at approximately $16,826,568.64. The trade was a 1.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.60% of the company's stock.

About AutoZone

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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