Erste Asset Management GmbH Sells 3,123 Shares of AutoZone, Inc. $AZO

Key Points

• Erste Asset Management cut its AutoZone stake by 32.4% in Q4, selling 3,123 shares and ending with 6,524 shares worth about $22.2 million.
• Institutional activity around AutoZone was mixed, with several firms increasing positions sharply while institutions overall still own 92.74% of the stock.
• AutoZone reported stronger-than-expected quarterly EPS of $38.07 versus estimates of $36.22, though revenue of $4.84 billion came in slightly below forecasts; analysts currently rate the stock Moderate Buy with a consensus target price of $4,040.87.

Erste Asset Management GmbH lowered its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 32.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,524 shares of the company's stock after selling 3,123 shares during the quarter. Erste Asset Management GmbH's holdings in AutoZone were worth $22,172,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Norges Bank bought a new stake in AutoZone during the 4th quarter valued at $939,205,000. Northwestern Mutual Wealth Management Co. increased its stake in AutoZone by 387.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company's stock valued at $263,832,000 after purchasing an additional 61,821 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in AutoZone by 39.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company's stock valued at $584,730,000 after purchasing an additional 50,071 shares in the last quarter. AQR Capital Management LLC increased its stake in AutoZone by 80.8% during the 3rd 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 in the last quarter. Finally, Victory Capital Management Inc. increased its stake in AutoZone by 401.2% during the 3rd quarter. Victory Capital Management Inc. now owns 51,803 shares of the company's stock valued at $222,247,000 after purchasing an additional 41,467 shares in the last quarter. Institutional investors own 92.74% of the company's stock.

AutoZone Price Performance

AZO opened at $3,116.41 on Monday. The company has a market capitalization of $51.36 billion, a price-to-earnings ratio of 21.43, a P/E/G ratio of 1.58 and a beta of 0.35. The firm's fifty day moving average price is $3,393.83 and its two-hundred day moving average price is $3,538.05. AutoZone, Inc. has a 1 year low of $2,928.11 and a 1 year high of $4,388.11.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) 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 the consensus estimate of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The business's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $35.36 EPS. As a group, equities analysts anticipate that AutoZone, Inc. will post 150.18 EPS for the current year.

Analyst Ratings Changes

A number of analysts have commented on AZO shares. Morgan Stanley decreased their price target on shares of AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating for the company in a research note on Wednesday, May 27th. UBS Group set a $4,800.00 price target on shares of AutoZone in a research note on Tuesday, March 3rd. Robert W. Baird decreased their price target on shares of AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating for the company in a research note on Wednesday, May 27th. Truist Financial set a $3,700.00 price target on shares of AutoZone in a research note on Wednesday, May 27th. Finally, Mizuho decreased their price target on shares of AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating for the company in a research note 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 given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $4,040.87.

Insiders Place Their Bets

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

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.

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