AutoZone, Inc. $AZO Stock Purchased by Retirement Systems of Alabama

Key Points

• Retirement Systems of Alabama increased its AutoZone stake by 38.2% in the third quarter, adding 5,597 shares to hold 20,235 shares valued at about $57.3 million. Institutional investors collectively own 92.74% of the company.
• AutoZone’s quarterly revenue rose 5.6% year over year to $6.59 billion, but came in below analysts’ $6.70 billion estimate.
• Analysts maintain a Moderate Buy consensus, with an average price target of $3,674.36. Separately, CFO Jamere Jackson sold 6,900 shares, reducing his position by 93.29%.

Retirement Systems of Alabama lifted its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 38.2% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 20,235 shares of the company's stock after buying an additional 5,597 shares during the quarter. Retirement Systems of Alabama owned approximately 0.13% of AutoZone worth $57,265,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Vision Retirement LLC raised its holdings in AutoZone by 0.5% during the first quarter. Vision Retirement LLC now owns 602 shares of the company's stock valued at $2,033,000 after acquiring an additional 3 shares during the period. State of Wyoming lifted its position in shares of AutoZone by 13.6% in the first quarter. State of Wyoming now owns 25 shares of the company's stock valued at $84,000 after acquiring an additional 3 shares in the last quarter. Rosenberg Matthew Hamilton boosted its stake in shares of AutoZone by 7.7% in the third quarter. Rosenberg Matthew Hamilton now owns 56 shares of the company's stock worth $158,000 after acquiring an additional 4 shares during the period. Pinnacle Associates Ltd. boosted its stake in shares of AutoZone by 5.0% in the third quarter. Pinnacle Associates Ltd. now owns 84 shares of the company's stock worth $239,000 after acquiring an additional 4 shares during the period. Finally, Aprio Wealth Management LLC grew its position in shares of AutoZone by 5.8% during the third quarter. Aprio Wealth Management LLC now owns 73 shares of the company's stock worth $207,000 after purchasing an additional 4 shares in the last quarter. Institutional investors own 92.74% of the company's stock.

AutoZone Stock Up 1.2%

AZO opened at $3,254.78 on Tuesday. The company has a market capitalization of $52.37 billion, a PE ratio of 21.30, a price-to-earnings-growth ratio of 1.71 and a beta of 0.37. The firm has a 50-day simple moving average of $2,998.38 and a two-hundred day simple moving average of $3,253.06. AutoZone, Inc. has a 52 week low of $2,730.65 and a 52 week high of $3,996.25.

AutoZone (NYSE:AZO - Get Free Report) last issued 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. The firm had revenue of $6.59 billion for the quarter, compared to analysts' expectations of $6.70 billion. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%. The business's revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $48.71 earnings per share. As a group, sell-side analysts expect that AutoZone, Inc. will post 170.30 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on AZO shares. Raymond James Financial decreased their target price on AutoZone from $4,000.00 to $3,700.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, September 23rd. Mizuho dropped their price target on AutoZone from $3,200.00 to $3,000.00 and set a "neutral" rating for the company in a research note on Wednesday, September 23rd. The Goldman Sachs Group dropped their price target on AutoZone from $4,096.00 to $3,917.00 and set a "buy" rating for the company in a research note on Wednesday, September 23rd. Truist Financial cut their price objective on shares of AutoZone from $3,817.00 to $3,648.00 and set a "buy" rating for the company in a report on Wednesday, September 23rd. Finally, Roth Capital reduced their price objective on shares of AutoZone from $4,023.00 to $3,850.00 and set a "buy" rating on the stock in a research report on Wednesday, September 23rd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $3,674.36.

Insiders Place Their Bets

In other AutoZone news, CFO Jamere Jackson sold 6,900 shares of the firm's stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $3,319.71, for a total transaction of $22,905,999.00. Following the completion of the transaction, the chief financial officer owned 496 shares in the company, valued at $1,646,576.16. This trade represents a 93.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.80% of the stock is owned by corporate insiders.

AutoZone Profile

AutoZone is a retailer and distributor of automotive replacement parts and accessories, serving do-it-yourself customers as well as professional repair shops. Its products include new and remanufactured parts, maintenance supplies, and accessories for cars, sport utility vehicles, and light trucks. The company also offers services such as battery testing and tool-loan programs at many stores.

Founded in 1979 and headquartered in Memphis, Tennessee, the company operates stores in the United States, Mexico, and Brazil.

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