AutoZone, Inc. $AZO Stock Holdings Reduced by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group reduced its AutoZone stake by 4.2%, selling 1,601 shares and retaining 36,178 shares worth approximately $102.4 million. Institutional investors collectively own 92.74% of the company.
• Analysts remain broadly positive, with AutoZone receiving a “Moderate Buy” consensus rating and an average price target of $3,674.36, despite several recent target-price reductions.
• AutoZone reported quarterly revenue of $6.59 billion, up 5.6% year over year, while its stock opened at $3,253.66 and trades within a 52-week range of $2,730.65 to $3,996.25.

Sumitomo Mitsui Trust Group Inc. lowered its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 4.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 36,178 shares of the company's stock after selling 1,601 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.22% of AutoZone worth $102,384,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. grew its stake in shares of AutoZone by 42,984.5% during the third quarter. Assenagon Asset Management S.A. now owns 10,537,614 shares of the company's stock valued at $29,821,658,000 after buying an additional 10,513,156 shares during the last quarter. BlackRock Inc. bought a new stake in shares of AutoZone in the 2nd quarter valued at about $3,938,566,000. Sound Income Strategies LLC lifted its stake in shares of AutoZone by 646,568.6% in the 3rd quarter. Sound Income Strategies LLC now owns 659,602 shares of the company's stock valued at $1,866,687,000 after acquiring an additional 659,500 shares during the last quarter. Howard Capital Management LLC lifted its stake in shares of AutoZone by 79,236.8% in the 3rd quarter. Howard Capital Management LLC now owns 385,577 shares of the company's stock valued at $1,091,191,000 after acquiring an additional 385,091 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its holdings in AutoZone by 247,417.8% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 249,993 shares of the company's stock valued at $798,963,000 after acquiring an additional 249,892 shares during the period. Hedge funds and other institutional investors own 92.74% of the company's stock.

Insider Buying and Selling at AutoZone

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

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Wells Fargo & Company reduced their price target on AutoZone from $4,150.00 to $3,500.00 and set an "overweight" rating on the stock in a research report on Thursday, September 10th. Citigroup lowered their price objective on AutoZone from $3,700.00 to $3,450.00 and set a "buy" rating for the company in a research report on Monday, September 14th. Guggenheim dropped their price objective on AutoZone from $4,000.00 to $3,750.00 and set a "buy" rating for the company in a research note on Wednesday, September 23rd. UBS Group set a $3,850.00 target price on shares of AutoZone in a report on Wednesday, September 23rd. Finally, Oppenheimer set a $3,400.00 target price on shares of AutoZone in a research note on Wednesday, September 23rd. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $3,674.36.

AutoZone Stock Performance

AutoZone stock opened at $3,253.66 on Tuesday. AutoZone, Inc. has a fifty-two week low of $2,730.65 and a fifty-two week high of $3,996.25. The stock's 50 day simple moving average is $2,970.68 and its two-hundred day simple moving average is $3,260.00. The stock has a market cap of $52.36 billion, a price-to-earnings ratio of 21.29, a PEG ratio of 1.63 and a beta of 0.40.

AutoZone (NYSE:AZO - Get Free Report) last announced its earnings results on Tuesday, September 22nd. The company reported $56.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $55.51. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%. The firm had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.70 billion. During the same quarter in the prior year, the company earned $48.71 EPS. The business's revenue was up 5.6% compared to the same quarter last year. On average, analysts predict that AutoZone, Inc. will post 170.30 earnings per share for the current year.

AutoZone Profile

AutoZone, Inc is a specialty retailer and distributor of automotive replacement parts, equipment and accessories. The company serves do-it-yourself customers, professional automotive technicians and commercial repair businesses through its retail stores, distribution network and digital platforms.

Its merchandise includes replacement batteries, brakes, filters, belts, hoses, ignition components, tools, fluids, lighting products and other maintenance items. AutoZone also offers private-label products under brands such as Duralast, as well as vehicle diagnostic services and parts delivery for commercial customers.

Founded in 1979 as Auto Shack by Pitt Hyde, the company adopted the AutoZone name in 1987.

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