Korea Investment CORP Trims Stock Position in AutoZone, Inc. $AZO

Key Points

• Korea Investment CORP trimmed its stake in AutoZone by 4.7% in Q3, selling 719 shares to hold 14,578 shares worth about $62.54 million at quarter-end.
• Institutional investors own 92.74% of AutoZone, with major moves including Vanguard adding shares and Norges Bank establishing a new position valued at roughly $981.2 million.
• Analysts have an average rating of "Moderate Buy" with a consensus price target of $4,311.57; AutoZone trades near $3,641 with a market cap of about $60.3 billion.

Korea Investment CORP lessened its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 4.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,578 shares of the company's stock after selling 719 shares during the period. Korea Investment CORP owned about 0.09% of AutoZone worth $62,543,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of AZO. Vanguard Group Inc. raised its position in AutoZone by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 1,797,548 shares of the company's stock valued at $7,711,912,000 after purchasing an additional 26,544 shares in the last quarter. Laurel Wealth Advisors LLC lifted its holdings in shares of AutoZone by 371,123.0% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company's stock worth $3,472,724,000 after buying an additional 935,230 shares during the period. State Street Corp grew its position in shares of AutoZone by 1.6% during the 2nd quarter. State Street Corp now owns 714,091 shares of the company's stock worth $2,650,870,000 after buying an additional 11,088 shares in the last quarter. Geode Capital Management LLC grew its position in shares of AutoZone by 1.9% during the 2nd quarter. Geode Capital Management LLC now owns 444,671 shares of the company's stock worth $1,649,228,000 after buying an additional 8,187 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of AutoZone during the second quarter valued at $981,202,000. Hedge funds and other institutional investors own 92.74% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on AZO. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of AutoZone in a research note on Monday, December 29th. Zacks Research raised shares of AutoZone from a "strong sell" rating to a "hold" rating in a research report on Monday, November 24th. UBS Group set a $4,800.00 price objective on shares of AutoZone in a research note on Tuesday, March 3rd. Mizuho lifted their price objective on shares of AutoZone from $3,550.00 to $3,600.00 and gave the company a "neutral" rating in a report on Thursday. Finally, Roth Mkm reduced their price objective on shares of AutoZone from $4,650.00 to $4,526.00 and set a "buy" rating for the company in a research note on Wednesday, March 4th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $4,311.57.

Insider Activity at AutoZone

In other news, Director George R. Mrkonic, Jr. sold 97 shares of the firm's stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $3,341.99, for a total transaction of $324,173.03. Following the sale, the director owned 3,564 shares of the company's stock, valued at $11,910,852.36. This trade represents a 2.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Brian Hannasch bought 147 shares of the business's stock in a transaction dated Thursday, December 18th. The shares were purchased at an average cost of $3,393.09 per share, with a total value of $498,784.23. Following the completion of the acquisition, the director owned 962 shares in the company, valued at approximately $3,264,152.58. This represents a 18.04% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders bought 347 shares of company stock valued at $1,179,256 and sold 9,447 shares valued at $34,179,923. Insiders own 2.60% of the company's stock.

AutoZone Stock Performance

Shares of AZO opened at $3,641.03 on Monday. The business's 50-day moving average is $3,621.83 and its two-hundred day moving average is $3,816.86. The company has a market capitalization of $60.32 billion, a P/E ratio of 25.51, a P/E/G ratio of 1.86 and a beta of 0.41. AutoZone, Inc. has a fifty-two week low of $3,210.72 and a fifty-two week high of $4,388.11.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings data on Tuesday, March 3rd. The company reported $27.63 earnings per share (EPS) 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 business had revenue of $4.27 billion during the quarter, compared to analysts' expectations of $4.31 billion. During the same quarter in the previous year, the firm posted $28.29 EPS. The company's revenue for the quarter was up 8.2% on a year-over-year basis. Analysts forecast that AutoZone, Inc. will post 152.94 EPS for the current year.

AutoZone Company 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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