State of New Jersey Common Pension Fund D Trims Stock Position in AutoZone, Inc. $AZO

Key Points

• The State of New Jersey Common Pension Fund D decreased its stake in AutoZone, Inc. by 9.4%, owning 5,624 shares valued at approximately $21.4 million.
• AutoZone recently reported earnings per share (EPS) of $35.36, falling short of estimates by $1.71, despite a revenue increase of 5.4% year-over-year, amounting to $4.46 billion.
• Analysts have optimistic outlooks on AutoZone, with most ratings indicating a "Buy" with a consensus price target of around $4,087.00.

State of New Jersey Common Pension Fund D lessened its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 9.4% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 5,624 shares of the company's stock after selling 585 shares during the period. State of New Jersey Common Pension Fund D's holdings in AutoZone were worth $21,443,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Brighton Jones LLC raised its holdings in shares of AutoZone by 14.4% during the 4th quarter. Brighton Jones LLC now owns 111 shares of the company's stock worth $356,000 after acquiring an additional 14 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of AutoZone in the 4th quarter worth about $544,000. Guggenheim Capital LLC boosted its position in shares of AutoZone by 13.4% during the fourth quarter. Guggenheim Capital LLC now owns 321 shares of the company's stock valued at $1,028,000 after buying an additional 38 shares during the period. Ontario Teachers Pension Plan Board grew its position in AutoZone by 100.0% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 132 shares of the company's stock valued at $423,000 after acquiring an additional 66 shares during the last quarter. Finally, United Capital Financial Advisors LLC raised its holdings in AutoZone by 0.3% in the fourth quarter. United Capital Financial Advisors LLC now owns 1,120 shares of the company's stock worth $3,585,000 after purchasing an additional 3 shares in the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

AutoZone Stock Performance

Shares of AutoZone stock traded up $88.7410 on Tuesday, reaching $4,128.6910. The company had a trading volume of 110,013 shares, compared to its average volume of 131,202. The firm has a market cap of $69.28 billion, a PE ratio of 27.94, a PEG ratio of 2.39 and a beta of 0.38. AutoZone, Inc. has a 52-week low of $2,898.57 and a 52-week high of $4,138.36. The firm's 50 day moving average price is $3,772.66 and its two-hundred day moving average price is $3,675.33.

AutoZone (NYSE:AZO - Get Free Report) last announced its quarterly earnings data on Tuesday, May 27th. The company reported $35.36 earnings per share for the quarter, missing analysts' consensus estimates of $37.07 by ($1.71). The business had revenue of $4.46 billion during the quarter, compared to analyst estimates of $4.41 billion. AutoZone had a net margin of 13.56% and a negative return on equity of 56.07%. The company's revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter last year, the firm posted $36.69 EPS. As a group, sell-side analysts predict that AutoZone, Inc. will post 152.94 EPS for the current year.

Wall Street Analyst Weigh In

AZO has been the subject of several research analyst reports. The Goldman Sachs Group set a $3,811.00 price objective on shares of AutoZone in a research report on Friday, May 23rd. UBS Group boosted their target price on shares of AutoZone from $4,025.00 to $4,260.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Guggenheim upped their target price on AutoZone from $3,850.00 to $4,100.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Truist Financial set a $3,995.00 target price on shares of AutoZone in a report on Friday, May 23rd. Finally, Bank of America upgraded AutoZone from a "neutral" rating to a "buy" rating and lifted their price target for the company from $3,900.00 to $4,800.00 in a research note on Wednesday, May 21st. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, AutoZone has a consensus rating of "Buy" and a consensus target price of $4,101.29.

Insiders Place Their Bets

In related news, VP Richard Craig Smith sold 3,000 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $11,337,007.50. This represents a 50.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jamere Jackson sold 2,612 shares of the company's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $3,728.05, for a total value of $9,737,666.60. Following the transaction, the chief financial officer directly owned 427 shares in the company, valued at $1,591,877.35. This represents a 85.95% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,862 shares of company stock valued at $126,058,789. 2.10% of the stock is owned by company 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.