AutoZone, Inc. $AZO Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group trimmed its AutoZone stake by 1.1% in the fourth quarter, selling 482 shares and ending with 41,938 shares valued at about $142.2 million.
• AutoZone reported quarterly EPS of $27.63, slightly topping analyst estimates, while revenue came in at $4.27 billion, below expectations but still up 8.2% year over year.
• Wall Street remains generally positive on the stock, with a Moderate Buy consensus and an average price target of about $4,290.91; one director also recently sold a small portion of shares.

PNC Financial Services Group Inc. lowered its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 1.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 41,938 shares of the company's stock after selling 482 shares during the period. PNC Financial Services Group Inc. owned 0.25% of AutoZone worth $142,233,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. AMF Tjanstepension AB grew its holdings in shares of AutoZone by 73.7% in the fourth quarter. AMF Tjanstepension AB now owns 19,599 shares of the company's stock valued at $66,470,000 after purchasing an additional 8,314 shares during the period. ProShare Advisors LLC raised its stake in AutoZone by 18.4% during the fourth quarter. ProShare Advisors LLC now owns 3,397 shares of the company's stock worth $11,521,000 after purchasing an additional 527 shares during the period. Radnor Capital Management LLC raised its stake in AutoZone by 0.5% during the fourth quarter. Radnor Capital Management LLC now owns 5,464 shares of the company's stock worth $18,531,000 after purchasing an additional 28 shares during the period. Verde Capital Management boosted its holdings in AutoZone by 1.9% in the 4th quarter. Verde Capital Management now owns 988 shares of the company's stock valued at $3,350,000 after purchasing an additional 18 shares during the last quarter. Finally, WD Rutherford LLC boosted its holdings in AutoZone by 9.5% in the 4th quarter. WD Rutherford LLC now owns 92 shares of the company's stock valued at $312,000 after purchasing an additional 8 shares during the last quarter. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

AutoZone Stock Performance

Shares of AZO stock opened at $3,419.67 on Thursday. The firm has a market cap of $56.36 billion, a P/E ratio of 23.96, a P/E/G ratio of 1.72 and a beta of 0.43. The firm's 50 day moving average price is $3,473.64 and its 200-day moving average price is $3,588.47. AutoZone, Inc. has a one year low of $3,210.72 and a one year high of $4,388.11.

AutoZone (NYSE:AZO - Get Free Report) last announced 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 negative return on equity of 72.31% and a net margin of 12.47%.The company had revenue of $4.27 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same quarter in the previous year, the company earned $28.29 earnings per share. The firm's quarterly revenue was up 8.2% compared to the same quarter last year. As a group, research analysts predict that AutoZone, Inc. will post 148.93 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. UBS Group set a $4,800.00 price target on shares of AutoZone in a research note on Tuesday, March 3rd. Morgan Stanley upped their price objective on AutoZone from $4,000.00 to $4,020.00 and gave the company an "overweight" rating in a report on Wednesday, March 4th. Roth Mkm lowered their price objective on AutoZone from $4,650.00 to $4,526.00 and set a "buy" rating for the company in a research report on Wednesday, March 4th. Truist Financial cut their target price on AutoZone from $4,076.00 to $4,045.00 and set a "buy" rating for the company in a research note on Wednesday, March 4th. Finally, Argus upgraded AutoZone from a "hold" rating to a "buy" rating and set a $4,325.00 target price on the stock in a research report on Monday, March 9th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, AutoZone has a consensus rating of "Moderate Buy" and an average target price of $4,290.91.

Insider Activity

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

AutoZone 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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