California State Teachers Retirement System Sells 741 Shares of AutoZone, Inc. $AZO

Key Points

• California State Teachers Retirement System reduced its AutoZone stake by 2.9%, selling 741 shares and retaining 24,841 shares valued at approximately $83.9 million. Institutional investors collectively own 92.74% of the company.
• AutoZone’s latest quarterly results exceeded expectations on earnings, with EPS of $38.07 versus the $36.22 consensus, while revenue rose 8.4% year over year to $4.84 billion. The board also authorized a $1.5 billion share-buyback program covering up to 3% of outstanding shares.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $4,040.87, despite several recent target reductions. Shares recently traded at $3,147.02, below the consensus target.

California State Teachers Retirement System lessened its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 2.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,841 shares of the company's stock after selling 741 shares during the period. California State Teachers Retirement System owned 0.15% of AutoZone worth $83,907,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Jupiter Asset Management Ltd. purchased a new position in AutoZone in the fourth quarter worth $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund lifted its holdings in shares of AutoZone by 15.2% during the 4th quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 14,224 shares of the company's stock valued at $48,241,000 after purchasing an additional 1,882 shares during the last quarter. CIBC Asset Management Inc boosted its position in shares of AutoZone by 67.1% in the 4th quarter. CIBC Asset Management Inc now owns 3,941 shares of the company's stock worth $13,366,000 after purchasing an additional 1,582 shares in the last quarter. Asset Advisors Investment Management LLC boosted its position in shares of AutoZone by 13.6% in the 4th quarter. Asset Advisors Investment Management LLC now owns 2,699 shares of the company's stock worth $9,154,000 after purchasing an additional 323 shares in the last quarter. Finally, Norges Bank purchased a new position in AutoZone during the 4th quarter worth $939,205,000. 92.74% of the stock is currently owned by institutional investors.

AutoZone Stock Performance

AutoZone stock opened at $3,147.02 on Thursday. The business's 50-day simple moving average is $3,085.63 and its two-hundred day simple moving average is $3,399.22. The company has a market cap of $51.39 billion, a PE ratio of 21.64, a PEG ratio of 1.58 and a beta of 0.33. AutoZone, Inc. has a fifty-two week low of $2,902.20 and a fifty-two week high of $4,388.11.

AutoZone (NYSE:AZO - Get Free Report) last announced its quarterly earnings data 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 negative return on equity of 80.35% and a net margin of 12.40%.The firm had revenue of $4.84 billion during the quarter, compared to analysts' expectations of $4.86 billion. During the same period last year, the business posted $35.36 earnings per share. The company's revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, analysts predict that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.

AutoZone announced that its board has authorized a share buyback program on Tuesday, June 16th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other AutoZone news, Director Brian Hannasch purchased 165 shares of the business's stock in a transaction that occurred on Friday, May 29th. The shares were bought at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the acquisition, the director owned 1,219 shares in the company, valued at $3,641,153. This represents a 15.65% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.60% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on AZO shares. Raymond James Financial reaffirmed a "strong-buy" rating on shares of AutoZone in a research report on Wednesday, May 27th. TD Cowen reissued a "buy" rating and issued a $3,700.00 price target on shares of AutoZone in a report on Thursday, June 4th. Morgan Stanley dropped their price target on AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 27th. BMO Capital Markets cut their price objective 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. Finally, Roth Capital decreased their price objective on shares of AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating for the company in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $4,040.87.

About AutoZone

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source