AutoZone, Inc. $AZO Stake Lowered by State of Alaska Department of Revenue

Key Points

• The State of Alaska Department of Revenue reduced its stake in AutoZone, Inc. (NYSE:AZO) by 3.0%, holding 2,875 shares valued at approximately $10.67 million after selling 90 shares.
• AutoZone reported earnings of $48.71 EPS for the quarter, missing analysts' expectations, with revenue totaling $6.24 billion, a slight increase from the previous year.
• Several research firms have recently increased their price targets for AutoZone, with Barclays raising its target from $3,916.00 to $4,610.00 and maintaining an "overweight" rating on the stock.

State of Alaska Department of Revenue reduced its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 3.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,875 shares of the company's stock after selling 90 shares during the period. State of Alaska Department of Revenue's holdings in AutoZone were worth $10,672,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of AZO. Brighton Jones LLC raised its holdings in AutoZone by 14.4% in 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 in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in AutoZone by 9.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,961 shares of the company's stock worth $19,088,000 after acquiring an additional 508 shares during the period. MassMutual Private Wealth & Trust FSB boosted its position in shares of AutoZone by 18.5% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 109 shares of the company's stock worth $416,000 after purchasing an additional 17 shares in the last quarter. Marcum Wealth LLC bought a new stake in AutoZone in the 1st quarter valued at $221,000. Finally, Central Pacific Bank Trust Division lifted its position in AutoZone by 14.7% during the 1st quarter. Central Pacific Bank Trust Division now owns 305 shares of the company's stock worth $1,163,000 after buying an additional 39 shares in the last quarter. 92.74% of the stock is owned by institutional investors and hedge funds.

AutoZone Price Performance

AZO opened at $4,196.29 on Friday. AutoZone, Inc. has a 1 year low of $2,980.10 and a 1 year high of $4,388.11. The firm has a market capitalization of $70.41 billion, a PE ratio of 28.96, a price-to-earnings-growth ratio of 1.92 and a beta of 0.41. The business's 50-day moving average is $4,079.31 and its two-hundred day moving average is $3,819.17.

AutoZone (NYSE:AZO - Get Free Report) last released its earnings results on Tuesday, September 23rd. The company reported $48.71 EPS for the quarter, missing analysts' consensus estimates of $50.52 by ($1.81). AutoZone had a negative return on equity of 60.49% and a net margin of 13.19%.The firm had revenue of $6.24 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same period last year, the firm earned $51.58 EPS. The company's revenue for the quarter was up .6% compared to the same quarter last year. As a group, sell-side analysts expect that AutoZone, Inc. will post 152.94 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on AZO. Mizuho boosted their price objective on shares of AutoZone from $3,740.00 to $4,050.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. Barclays increased their price objective on shares of AutoZone from $3,916.00 to $4,610.00 and gave the stock an "overweight" rating in a research report on Thursday, September 11th. BMO Capital Markets raised their price objective on shares of AutoZone from $4,100.00 to $4,600.00 and gave the company an "outperform" rating in a research note on Thursday. Raymond James Financial dropped their target price on shares of AutoZone from $4,900.00 to $4,800.00 and set a "strong-buy" rating for the company in a research report on Wednesday. Finally, Truist Financial reduced their price objective on shares of AutoZone from $4,504.00 to $4,499.00 and set a "buy" rating on the stock in a research report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, AutoZone presently has a consensus rating of "Buy" and a consensus price target of $4,538.21.

Insider Buying and Selling

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the company's stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the completion of the sale, the vice president directly owned 2,925 shares in the company, valued at $11,337,007.50. This represents a 50.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John Scott Murphy sold 2,860 shares of the firm's stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the sale, the vice president directly owned 1,244 shares of the company's stock, valued at $5,194,570.80. The trade was a 69.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.

AutoZone Company 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.

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