State of Michigan Retirement System Sells 100 Shares of AutoZone, Inc. (NYSE:AZO)

State of Michigan Retirement System reduced its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 2.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 4,506 shares of the company's stock after selling 100 shares during the period. State of Michigan Retirement System's holdings in AutoZone were worth $17,180,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Headlands Technologies LLC acquired a new position in AutoZone during the fourth quarter valued at approximately $29,000. Flagship Wealth Advisors LLC acquired a new position in shares of AutoZone during the 4th quarter valued at $32,000. Harbour Investments Inc. boosted its position in AutoZone by 42.9% during the 4th quarter. Harbour Investments Inc. now owns 10 shares of the company's stock worth $32,000 after purchasing an additional 3 shares during the period. Cornerstone Planning Group LLC acquired a new stake in AutoZone in the 1st quarter valued at $44,000. Finally, Tradewinds Capital Management LLC raised its position in AutoZone by 30.0% in the first quarter. Tradewinds Capital Management LLC now owns 13 shares of the company's stock valued at $50,000 after purchasing an additional 3 shares during the period. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AZO has been the topic of several recent research reports. DA Davidson boosted their price target on AutoZone from $4,192.00 to $4,850.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Truist Financial set a $3,995.00 price target on shares of AutoZone in a report on Friday, May 23rd. JPMorgan Chase & Co. boosted their price objective on shares of AutoZone from $3,830.00 to $4,350.00 and gave the stock an "overweight" rating in a report on Friday, May 23rd. Roth Capital set a $4,135.00 target price on AutoZone and gave the company a "buy" rating in a research note on Monday, June 2nd. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $4,000.00 target price (up from $3,750.00) on shares of AutoZone in a research report on Wednesday, May 28th. Two research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $4,087.00.

AutoZone Stock Performance

Shares of NYSE:AZO traded down $79.70 during trading on Tuesday, reaching $3,692.60. The company had a trading volume of 67,949 shares, compared to its average volume of 130,577. AutoZone, Inc. has a twelve month low of $2,894.02 and a twelve month high of $3,916.81. The firm's fifty day moving average is $3,703.97 and its 200 day moving average is $3,568.89. The firm has a market capitalization of $61.96 billion, a PE ratio of 24.99, a price-to-earnings-growth ratio of 2.21 and a beta of 0.39.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings results 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). AutoZone had a net margin of 13.56% and a negative return on equity of 56.07%. The business had revenue of $4.46 billion during the quarter, compared to analyst estimates of $4.41 billion. During the same period in the previous year, the company posted $36.69 earnings per share. AutoZone's revenue was up 5.4% compared to the same quarter last year. Equities analysts predict that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In other AutoZone news, VP Domingo Hurtado sold 4,800 shares of AutoZone stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of $3,660.00, for a total transaction of $17,568,000.00. Following the transaction, the vice president directly owned 159 shares in the company, valued at approximately $581,940. The trade was a 96.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Jamere Jackson sold 2,612 shares of the firm'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 completion of the transaction, the chief financial officer owned 427 shares in the company, valued at $1,591,877.35. The trade was a 85.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,662 shares of company stock valued at $131,999,089 over the last ninety days. 2.10% of the stock is currently owned by company insiders.

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.