Franklin Resources Inc. Sells 11,655 Shares of AutoZone, Inc. $AZO

Key Points

• Franklin Resources Inc. cut its AutoZone stake by 17% in the fourth quarter, selling 11,655 shares and ending with 56,715 shares worth about $192.3 million.
• AutoZone reported better-than-expected quarterly earnings of $38.07 per share, topping estimates, while revenue rose 8.4% year over year to $4.84 billion.
• Analysts remain broadly positive on the stock, with a consensus Moderate Buy rating and an average price target of $4,040.87, despite several recent target cuts.

Franklin Resources Inc. trimmed its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 17.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 56,715 shares of the company's stock after selling 11,655 shares during the period. Franklin Resources Inc. owned approximately 0.34% of AutoZone worth $192,349,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Camden National Bank increased its position in shares of AutoZone by 3.6% in the third quarter. Camden National Bank now owns 86 shares of the company's stock worth $369,000 after purchasing an additional 3 shares during the last quarter. Crestwood Advisors Group LLC increased its position in shares of AutoZone by 1.7% in the third quarter. Crestwood Advisors Group LLC now owns 184 shares of the company's stock worth $791,000 after purchasing an additional 3 shares during the last quarter. Assetmark Inc. increased its position in shares of AutoZone by 1.4% in the third quarter. Assetmark Inc. now owns 212 shares of the company's stock worth $908,000 after purchasing an additional 3 shares during the last quarter. Bridgewater Advisors Inc. increased its position in shares of AutoZone by 1.3% in the third quarter. Bridgewater Advisors Inc. now owns 229 shares of the company's stock worth $982,000 after purchasing an additional 3 shares during the last quarter. Finally, Compass Capital Corp MA ADV increased its position in shares of AutoZone by 3.7% in the third quarter. Compass Capital Corp MA ADV now owns 85 shares of the company's stock worth $365,000 after purchasing an additional 3 shares during the last quarter. 92.74% of the stock is currently owned by institutional investors.

AutoZone Price Performance

Shares of NYSE AZO opened at $3,138.37 on Wednesday. AutoZone, Inc. has a one year low of $2,928.11 and a one year high of $4,388.11. The firm's 50 day simple moving average is $3,383.96 and its two-hundred day simple moving average is $3,528.08. The stock has a market capitalization of $51.72 billion, a P/E ratio of 21.58, a PEG ratio of 1.56 and a beta of 0.35.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $4.86 billion. During the same period last year, the business earned $35.36 earnings per share. The business's quarterly revenue was up 8.4% on a year-over-year basis. As a group, equities analysts expect that AutoZone, Inc. will post 150.18 earnings per share for the current fiscal year.

Insider Activity at AutoZone

In other news, Director Brian Hannasch bought 165 shares of the business's stock in a transaction dated Friday, May 29th. The shares were purchased 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 of the company's stock, valued at approximately $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Earl G. Graves, Jr. sold 50 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the director owned 4,837 shares in the company, valued at $16,826,568.64. This represents a 1.02% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on AZO shares. BNP Paribas Exane decreased their price objective on shares of AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 27th. Truist Financial set a $3,700.00 price objective on shares of AutoZone in a research report on Wednesday, May 27th. Guggenheim decreased 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 research report on Wednesday, May 27th. Roth Mkm reduced their price target on shares of AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. Finally, Robert W. Baird reduced their price target on shares of AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.

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