AutoZone, Inc. $AZO Stock: Russell Investments Group Ltd. Increases Position

Key Points

• Russell Investments increased its AutoZone stake by 11.7% in the third quarter, bringing its holdings to 68,143 shares valued at about $192.9 million. Institutional investors collectively own 92.74% of the company.
• Analysts remain broadly positive, with a MarketBeat consensus rating of “Moderate Buy” and an average price target of $3,674.36, though several firms recently lowered their targets.
• AutoZone’s quarterly revenue rose 5.6% year over year to $6.59 billion, but fell short of analyst expectations. CFO Jamere Jackson also sold 6,900 shares, reducing his position by 93.29%.

Russell Investments Group Ltd. lifted its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 11.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 68,143 shares of the company's stock after acquiring an additional 7,136 shares during the period. Russell Investments Group Ltd. owned 0.42% of AutoZone worth $192,861,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AZO. Vision Retirement LLC grew its holdings in AutoZone by 0.5% during the 1st quarter. Vision Retirement LLC now owns 602 shares of the company's stock valued at $2,033,000 after buying an additional 3 shares in the last quarter. State of Wyoming lifted its holdings in shares of AutoZone by 13.6% in the first quarter. State of Wyoming now owns 25 shares of the company's stock worth $84,000 after buying an additional 3 shares in the last quarter. Rosenberg Matthew Hamilton lifted its holdings 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 buying an additional 4 shares in the last quarter. Pinnacle Associates Ltd. boosted its position in shares of AutoZone by 5.0% during 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 last quarter. Finally, Aprio Wealth Management LLC boosted 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 acquiring an additional 4 shares during the last quarter. Institutional investors own 92.74% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wells Fargo & Company decreased their price target on shares of AutoZone from $4,150.00 to $3,500.00 and set an "overweight" rating on the stock in a research note on Thursday, September 10th. DA Davidson reduced their target price on AutoZone from $3,750.00 to $3,500.00 and set a "buy" rating on the stock in a report on Wednesday, September 23rd. Roth Capital cut their price target on AutoZone from $4,023.00 to $3,850.00 and set a "buy" rating for the company in a report on Wednesday, September 23rd. Truist Financial reduced their price objective on AutoZone from $3,817.00 to $3,648.00 and set a "buy" rating on the stock in a research note on Wednesday, September 23rd. Finally, BMO Capital Markets decreased their price objective on AutoZone from $4,000.00 to $3,500.00 and set an "outperform" rating on the stock in a report on Wednesday, September 23rd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $3,674.36.

Insider Activity at AutoZone

In other news, CFO Jamere Jackson sold 6,900 shares of the business'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 transaction, the chief financial officer owned 496 shares of the company's stock, valued at approximately $1,646,576.16. The trade was a 93.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.80% of the company's stock.

AutoZone Trading Up 0.6%

Shares of NYSE:AZO opened at $3,258.55 on Friday. The company has a market cap of $52.43 billion, a price-to-earnings ratio of 21.33, a PEG ratio of 1.67 and a beta of 0.37. AutoZone, Inc. has a 12 month low of $2,730.65 and a 12 month high of $3,996.25. The company has a 50-day moving average price of $3,014.75 and a 200 day moving average price of $3,245.76.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings data on Tuesday, September 22nd. The company reported $56.05 earnings per share 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 company had revenue of $6.59 billion for the quarter, compared to analysts' expectations of $6.70 billion. During the same period in the previous year, the firm posted $48.71 earnings per share. The firm's revenue for the quarter was up 5.6% on a year-over-year basis. As a group, equities analysts forecast that AutoZone, Inc. will post 170.30 EPS for the current year.

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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