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

State of Michigan Retirement System trimmed its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 2.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,506 shares of the company's stock after selling 100 shares during the quarter. State of Michigan Retirement System's holdings in AutoZone were worth $17,180,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AZO. GAMMA Investing LLC lifted its position in AutoZone by 435,031.1% in the first quarter. GAMMA Investing LLC now owns 770,182 shares of the company's stock worth $2,936,535,000 after purchasing an additional 770,005 shares during the period. Norges Bank bought a new position in AutoZone in the fourth quarter worth $834,556,000. Barclays PLC lifted its position in AutoZone by 82.6% in the fourth quarter. Barclays PLC now owns 170,216 shares of the company's stock worth $545,033,000 after purchasing an additional 77,015 shares during the period. Northern Trust Corp lifted its position in AutoZone by 22.0% in the fourth quarter. Northern Trust Corp now owns 204,748 shares of the company's stock worth $655,603,000 after purchasing an additional 36,916 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in AutoZone in the fourth quarter worth $95,480,000. 92.74% of the stock is owned by institutional investors.

AutoZone Stock Down 0.7%

AZO stock traded down $26.32 during midday trading on Friday, reaching $3,702.16. The stock had a trading volume of 105,635 shares, compared to its average volume of 130,764. The business has a fifty day simple moving average of $3,704.16 and a two-hundred day simple moving average of $3,561.04. The firm has a market cap of $62.12 billion, a price-to-earnings ratio of 25.06, a PEG ratio of 2.22 and a beta of 0.39. AutoZone, Inc. has a twelve month low of $2,894.02 and a twelve month high of $3,916.81.

AutoZone (NYSE:AZO - Get Free Report) last announced its quarterly earnings data on Tuesday, May 27th. The company reported $35.36 EPS for the quarter, missing analysts' consensus estimates of $37.07 by ($1.71). The firm 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 for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $36.69 earnings per share. On average, equities analysts predict that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

Insider Transactions at AutoZone

In related news, Chairman William C. Rhodes III sold 27,500 shares of AutoZone stock in a transaction dated Tuesday, June 10th. The stock was 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 $31,696,515.78. This trade represents a 76.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jamere Jackson sold 2,612 shares of AutoZone stock in a transaction dated 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 sale, the chief financial officer owned 427 shares of the company's stock, valued at approximately $1,591,877.35. The trade was a 85.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,662 shares of company stock valued at $131,999,089 in the last three months. Company insiders own 2.10% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on AZO. Wells Fargo & Company set a $4,200.00 target price on AutoZone and gave the stock an "overweight" rating in a research report on Monday, May 19th. Wall Street Zen upgraded AutoZone from a "hold" rating to a "buy" rating in a research note on Wednesday, May 14th. JPMorgan Chase & Co. increased their price objective on AutoZone from $3,830.00 to $4,350.00 and gave the stock an "overweight" rating in a research note on Friday, May 23rd. Truist Financial set a $3,995.00 price objective on AutoZone in a research note on Friday, May 23rd. Finally, Mizuho increased their price objective on AutoZone from $3,740.00 to $4,050.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. Two equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price 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.