Chevy Chase Trust Holdings LLC Cuts Stake in AutoZone, Inc. $AZO

Key Points

• Chevy Chase Trust trimmed its AutoZone stake by 3.2% in Q3, selling 314 shares and now holds 9,489 shares (about 0.06%) valued at $40.71 million.
• Several large institutions made big moves — Laurel Wealth surged to 935,482 shares, Norges Bank opened a roughly $981 million position, and others (Vontobel, Evelyn Partners, AQR) increased holdings, leaving 92.74% institutional ownership.
• AutoZone has a $58.95 billion market cap and a P/E of 24.93; it reported Q results with EPS $27.63 (beat by $0.04) and revenue $4.27B (slightly below estimates but up 8.2% YoY), and analysts hold a consensus “Moderate Buy” with an average target of $4,318.38.

Chevy Chase Trust Holdings LLC lowered its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 3.2% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,489 shares of the company's stock after selling 314 shares during the quarter. Chevy Chase Trust Holdings LLC owned approximately 0.06% of AutoZone worth $40,710,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Laurel Wealth Advisors LLC boosted its stake in AutoZone by 371,123.0% in the second quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company's stock valued at $3,472,724,000 after acquiring an additional 935,230 shares during the last quarter. Norges Bank purchased a new stake in shares of AutoZone during the 2nd quarter worth approximately $981,202,000. Vontobel Holding Ltd. raised its holdings in shares of AutoZone by 277.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 102,567 shares of the company's stock worth $440,037,000 after purchasing an additional 75,382 shares during the period. Evelyn Partners Investment Management Services Ltd raised its holdings in shares of AutoZone by 1,185.5% in the 2nd quarter. Evelyn Partners Investment Management Services Ltd now owns 64,685 shares of the company's stock worth $240,126,000 after purchasing an additional 59,653 shares during the period. Finally, AQR Capital Management LLC lifted its stake in AutoZone by 80.8% in the third quarter. AQR Capital Management LLC now owns 101,185 shares of the company's stock valued at $432,059,000 after purchasing an additional 45,212 shares during the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

AutoZone Price Performance

NYSE:AZO opened at $3,557.90 on Monday. AutoZone, Inc. has a 1 year low of $3,210.72 and a 1 year high of $4,388.11. The stock's fifty day moving average price is $3,649.70 and its two-hundred day moving average price is $3,799.52. The company has a market cap of $58.95 billion, a P/E ratio of 24.93, a P/E/G ratio of 1.82 and a beta of 0.41.

AutoZone (NYSE:AZO - Get Free Report) last announced its quarterly earnings results on Tuesday, March 3rd. The company reported $27.63 earnings per share for the quarter, beating the consensus estimate of $27.59 by $0.04. AutoZone had a negative return on equity of 72.31% and a net margin of 12.47%.The company had revenue of $4.27 billion during the quarter, compared to analysts' expectations of $4.31 billion. During the same period in the previous year, the business earned $28.29 earnings per share. The firm's quarterly revenue was up 8.2% compared to the same quarter last year. On average, analysts expect that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Citigroup raised their target price on AutoZone from $4,200.00 to $4,300.00 and gave the stock a "buy" rating in a research report on Wednesday, March 4th. Argus raised AutoZone from a "hold" rating to a "buy" rating and set a $4,325.00 price target on the stock in a research report on Monday, March 9th. Raymond James Financial cut their price target on AutoZone from $4,800.00 to $4,600.00 and set a "strong-buy" rating for the company in a research note on Wednesday, December 10th. Wolfe Research lowered AutoZone from an "outperform" rating to a "peer perform" rating in a report on Tuesday, December 16th. Finally, UBS Group set a $4,800.00 price objective on AutoZone in a research note on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $4,318.38.

Insiders Place Their Bets

In other news, VP Richard Craig Smith sold 5,910 shares of the company's stock in a transaction dated Friday, January 23rd. The stock was sold at an average price of $3,700.00, for a total transaction of $21,867,000.00. Following the sale, the vice president directly owned 2,627 shares in the company, valued at $9,719,900. This represents a 69.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael A. George purchased 145 shares of the stock in a transaction dated Monday, December 22nd. The stock was purchased at an average cost of $3,398.13 per share, for a total transaction of $492,728.85. Following the completion of the acquisition, the director owned 566 shares of the company's stock, valued at approximately $1,923,341.58. This represents a 34.44% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold 9,447 shares of company stock worth $34,179,923 over the last quarter. Insiders own 2.60% of the company's stock.

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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