AutoZone, Inc. (NYSE:AZO) Holdings Reduced by Private Management Group Inc.

Key Points

• Private Management Group Inc. sold 682 shares of AutoZone, decreasing its stake by 19.9% to a total of 2,746 shares, now valued at approximately $10.47 million.
• Shares of AutoZone opened at $3,847.96 and have shown a 2.0% increase following previous earnings results, despite a quarterly EPS miss of $1.71 against estimates.
• Insiders at AutoZone sold a total of 30,862 shares valued at $114.43 million in the last quarter, with significant sales by both the SVP and the Chairman, reflecting a decrease in their holdings.

Private Management Group Inc. reduced its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 19.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 2,746 shares of the company's stock after selling 682 shares during the quarter. Private Management Group Inc.'s holdings in AutoZone were worth $10,470,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Meeder Advisory Services Inc. grew its position in AutoZone by 0.8% in the fourth quarter. Meeder Advisory Services Inc. now owns 371 shares of the company's stock valued at $1,188,000 after acquiring an additional 3 shares during the period. Tandem Wealth Advisors LLC raised its position in shares of AutoZone by 3.6% during the fourth quarter. Tandem Wealth Advisors LLC now owns 87 shares of the company's stock worth $279,000 after purchasing an additional 3 shares during the period. United Capital Financial Advisors LLC raised its position in shares of AutoZone by 0.3% during 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 during the period. Forum Financial Management LP raised its position in shares of AutoZone by 2.2% during the fourth quarter. Forum Financial Management LP now owns 138 shares of the company's stock worth $443,000 after purchasing an additional 3 shares during the period. Finally, Wealthcare Advisory Partners LLC grew its holdings in shares of AutoZone by 2.2% during the first quarter. Wealthcare Advisory Partners LLC now owns 141 shares of the company's stock worth $538,000 after buying an additional 3 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at AutoZone

In other news, VP Richard Craig Smith sold 3,000 shares of the company's stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total transaction of $11,627,700.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman William C. Rhodes III sold 27,500 shares of the firm's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $3,708.93, for a total value of $101,995,575.00. Following the completion of the sale, the chairman directly owned 8,546 shares in the company, valued at approximately $31,696,515.78. The trade was a 76.29% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,862 shares of company stock valued at $126,058,789. 2.10% of the stock is currently owned by company insiders.

AutoZone Stock Performance

NYSE AZO traded down $22.30 during trading on Friday, reaching $3,819.20. The company's stock had a trading volume of 80,657 shares, compared to its average volume of 124,753. The firm has a market cap of $64.09 billion, a price-to-earnings ratio of 25.85, a P/E/G ratio of 2.28 and a beta of 0.39. AutoZone, Inc. has a twelve month low of $2,898.57 and a twelve month high of $3,916.81. The business's fifty day moving average price is $3,711.34 and its 200-day moving average price is $3,597.71.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings data on Tuesday, May 27th. The company reported $35.36 earnings per share (EPS) for the quarter, missing the consensus estimate 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 negative return on equity of 56.07% and a net margin of 13.56%. AutoZone's revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the company earned $36.69 EPS. As a group, sell-side analysts forecast that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on AZO. Morgan Stanley restated an "overweight" rating and issued a $4,000.00 price target (up from $3,750.00) on shares of AutoZone in a research note on Wednesday, May 28th. Oppenheimer raised AutoZone from a "market perform" rating to an "outperform" rating and set a $4,600.00 price target for the company in a report on Friday, May 2nd. Guggenheim lifted their price target on AutoZone from $3,850.00 to $4,100.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Roth Capital set a $4,135.00 price objective on AutoZone and gave the stock a "buy" rating in a research report on Monday, June 2nd. Finally, Bank of America raised AutoZone from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $3,900.00 to $4,800.00 in a research note on Wednesday, May 21st. Two investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, AutoZone currently has an average rating of "Buy" and an average price target of $4,087.00.

AutoZone 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.