Daiwa Securities Group Inc. Cuts Stake in AutoZone, Inc. $AZO

Key Points

• Daiwa Securities Group cut its AutoZone stake by 22.7% in the fourth quarter, leaving it with 2,732 shares valued at about $9.27 million.
• AutoZone reported better-than-expected earnings for the quarter, with EPS of $38.07 versus estimates of $36.22, while revenue rose 8.4% year over year to $4.84 billion.
• Analysts remain generally positive despite recent target cuts: the stock carries a consensus rating of Moderate Buy with an average price target of about $4,040.87.

Daiwa Securities Group Inc. lowered its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 22.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,732 shares of the company's stock after selling 803 shares during the period. Daiwa Securities Group Inc.'s holdings in AutoZone were worth $9,266,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of AutoZone by 1.5% during the third quarter. Vanguard Group Inc. now owns 1,797,548 shares of the company's stock worth $7,711,912,000 after purchasing an additional 26,544 shares in the last quarter. Norges Bank purchased a new stake in shares of AutoZone during the fourth quarter worth about $939,205,000. PineStone Asset Management Inc. increased its stake in shares of AutoZone by 1.5% during the fourth quarter. PineStone Asset Management Inc. now owns 269,173 shares of the company's stock worth $912,900,000 after purchasing an additional 3,868 shares in the last quarter. Northern Trust Corp increased its stake in shares of AutoZone by 1.2% during the third quarter. Northern Trust Corp now owns 189,789 shares of the company's stock worth $814,240,000 after purchasing an additional 2,333 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of AutoZone by 39.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company's stock worth $584,730,000 after purchasing an additional 50,071 shares in the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

AutoZone Trading Up 1.1%

AZO opened at $3,116.41 on Friday. The firm has a market capitalization of $51.36 billion, a PE ratio of 21.43, a PEG ratio of 1.58 and a beta of 0.35. AutoZone, Inc. has a twelve month low of $2,928.11 and a twelve month high of $4,388.11. The firm's 50-day moving average price is $3,393.83 and its 200 day moving average price is $3,540.32.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping analysts' consensus estimates of $36.22 by $1.85. The firm had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 77.83%. AutoZone's quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the business posted $35.36 earnings per share. As a group, analysts predict that AutoZone, Inc. will post 150.18 earnings per share for the current fiscal year.

Insider Activity at AutoZone

In other news, Director Earl G. Graves, Jr. sold 50 shares of the company's stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total value of $173,936.00. Following the transaction, the director directly owned 4,837 shares in the company, valued at approximately $16,826,568.64. This represents a 1.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Brian Hannasch acquired 165 shares of the firm's stock in a transaction dated Friday, May 29th. The stock was bought at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the acquisition, the director owned 1,219 shares in the company, valued at approximately $3,641,153. The trade was a 15.65% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 2.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. DA Davidson cut their target price on shares of AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. Jefferies Financial Group cut their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. Morgan Stanley lowered their price target on shares of AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 27th. The Goldman Sachs Group lowered their price target on shares of AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. Finally, Citigroup lowered 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 research report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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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