Barclays PLC Cuts Holdings in AutoZone, Inc. $AZO

Key Points

• Barclays PLC reduced its stake in AutoZone by 12.8% in the fourth quarter, selling 17,489 shares and leaving it with 119,662 shares worth about $405.8 million.
• AutoZone posted stronger-than-expected quarterly earnings, reporting EPS of $38.07 versus the $36.22 consensus estimate, while revenue rose 8.4% year over year to $4.84 billion.
• Analysts remain mostly positive but have lowered price targets; AutoZone now carries a consensus “Moderate Buy” rating with an average target of about $4,040.87, even as several firms trimmed their outlooks.

Barclays PLC trimmed its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 12.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 119,662 shares of the company's stock after selling 17,489 shares during the quarter. Barclays PLC owned approximately 0.72% of AutoZone worth $405,834,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in AutoZone by 1.5% during the third quarter. Vanguard Group Inc. now owns 1,797,548 shares of the company's stock valued at $7,711,912,000 after buying an additional 26,544 shares during the period. Morgan Stanley increased its holdings in AutoZone by 17.8% during the fourth quarter. Morgan Stanley now owns 492,794 shares of the company's stock valued at $1,671,323,000 after buying an additional 74,555 shares during the period. Norges Bank purchased a new position in AutoZone during the fourth quarter valued at approximately $939,205,000. PineStone Asset Management Inc. increased its holdings in AutoZone by 1.5% during the fourth quarter. PineStone Asset Management Inc. now owns 269,173 shares of the company's stock valued at $912,900,000 after buying an additional 3,868 shares during the period. Finally, Northern Trust Corp increased its holdings in AutoZone by 1.2% during the third quarter. Northern Trust Corp now owns 189,789 shares of the company's stock valued at $814,240,000 after buying an additional 2,333 shares during the period. 92.74% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at AutoZone

In related news, Director Brian Hannasch acquired 165 shares of the stock in a transaction dated Friday, May 29th. The stock was acquired at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the purchase, the director owned 1,219 shares of the company's stock, valued at approximately $3,641,153. This represents a 15.65% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Earl G. Graves, Jr. sold 50 shares of AutoZone stock in a transaction on Friday, April 10th. The stock was sold at an average price of $3,478.72, for a total transaction of $173,936.00. Following the sale, the director owned 4,837 shares of the company's stock, valued at $16,826,568.64. The trade was a 1.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 2.60% of the company's stock.

AutoZone Trading Up 0.9%

NYSE AZO opened at $3,110.16 on Friday. The firm's fifty day simple moving average is $3,367.14 and its two-hundred day simple moving average is $3,514.38. AutoZone, Inc. has a 12-month low of $2,928.11 and a 12-month high of $4,388.11. The firm has a market capitalization of $51.26 billion, a P/E ratio of 21.38, a P/E/G ratio of 1.58 and a beta of 0.35.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The business had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. During the same period in the previous year, the company earned $35.36 earnings per share. The business's revenue for the quarter was up 8.4% on a year-over-year basis. As a group, sell-side analysts predict that AutoZone, Inc. will post 150.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Guggenheim cut their price objective on shares of AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. Weiss Ratings raised shares of AutoZone from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, May 27th. Mizuho cut their price target on shares of AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating on the stock in a report on Wednesday, May 27th. Citigroup cut their price target on shares of AutoZone from $4,300.00 to $3,700.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. Finally, BMO Capital Markets cut their price target on shares of AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating on the stock in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, AutoZone presently has a consensus rating of "Moderate Buy" and an average price target of $4,040.87.

AutoZone Profile

AutoZone, Inc NYSE: AZO is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.

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