Resona Asset Management Co. Ltd. Raises Stock Holdings in AutoZone, Inc. (NYSE:AZO)

Key Points

• Resona Asset Management increased its stake in AutoZone by 5.1%, owning 7,052 shares valued at approximately $26.85 million as of the latest SEC filing.
• AutoZone reported $35.36 EPS for the latest quarter, missing estimates by $1.71, although it had a revenue of $4.46 billion, slightly surpassing expectations.
• Analysts have raised their price targets, with DA Davidson setting a new target of $4,850 and the average target price now at $4,087, reflecting a "Buy" consensus rating.

Resona Asset Management Co. Ltd. boosted its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 5.1% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 7,052 shares of the company's stock after acquiring an additional 345 shares during the period. Resona Asset Management Co. Ltd.'s holdings in AutoZone were worth $26,852,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. United Capital Financial Advisors LLC raised its stake in AutoZone by 0.3% in the 4th quarter. United Capital Financial Advisors LLC now owns 1,120 shares of the company's stock valued at $3,585,000 after acquiring an additional 3 shares during the period. Forum Financial Management LP grew its holdings in AutoZone by 2.2% during the 4th quarter. Forum Financial Management LP now owns 138 shares of the company's stock valued at $443,000 after buying an additional 3 shares in the last quarter. Wealthcare Advisory Partners LLC grew its holdings in AutoZone by 2.2% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 141 shares of the company's stock valued at $538,000 after buying an additional 3 shares in the last quarter. Focus Financial Network Inc. grew its holdings in AutoZone by 2.9% during the 1st quarter. Focus Financial Network Inc. now owns 105 shares of the company's stock valued at $400,000 after buying an additional 3 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in AutoZone by 3.5% during the 1st quarter. Blue Trust Inc. now owns 89 shares of the company's stock valued at $339,000 after buying an additional 3 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors.

AutoZone Trading Up 0.4%

AZO stock traded up $15.45 during midday trading on Friday, hitting $4,007.93. The company had a trading volume of 100,170 shares, compared to its average volume of 112,525. AutoZone, Inc. has a 52 week low of $2,898.57 and a 52 week high of $4,094.69. The stock's 50 day moving average price is $3,765.61 and its 200 day moving average price is $3,665.87. The stock has a market cap of $67.25 billion, a price-to-earnings ratio of 27.13, a PEG ratio of 2.38 and a beta of 0.38.

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 the consensus estimate of $37.07 by ($1.71). AutoZone had a net margin of 13.56% and a negative return on equity of 56.07%. The company had revenue of $4.46 billion during the quarter, compared to the consensus estimate of $4.41 billion. During the same quarter in the previous year, the firm posted $36.69 EPS. The business's revenue for the quarter was up 5.4% compared to the same quarter last year. Analysts predict that AutoZone, Inc. will post 152.94 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. The Goldman Sachs Group set a $3,811.00 target price on AutoZone in a report on Friday, May 23rd. Evercore ISI set a $3,950.00 target price on AutoZone in a report on Monday, May 19th. Guggenheim lifted their target price on AutoZone from $3,850.00 to $4,100.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. Bank of America raised AutoZone from a "neutral" rating to a "buy" rating and lifted their target price for the company from $3,900.00 to $4,800.00 in a report on Wednesday, May 21st. Finally, Wall Street Zen raised AutoZone from a "hold" rating to a "buy" rating in a report on Wednesday, May 14th. Two analysts have rated the stock with a hold rating, nineteen have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, AutoZone has an average rating of "Buy" and a consensus target price of $4,087.00.

Insider Buying and Selling

In other AutoZone news, SVP K. Michelle Borninkhof sold 750 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $3,597.13, for a total value of $2,697,847.50. Following the completion of the sale, the senior vice president owned 406 shares in the company, valued at approximately $1,460,434.78. The trade was a 64.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Richard Craig Smith sold 3,000 shares of the company's stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the transaction, the vice president owned 2,925 shares of the company's stock, valued at approximately $11,337,007.50. This represents a 50.63% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,862 shares of company stock worth $126,058,789. Company insiders own 2.10% of the company's stock.

About AutoZone

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.