AutoZone, Inc. (NYSE:AZO) Stake Lowered by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & CO. LLC has reduced its holdings in AutoZone, Inc. by 2.5%, owning 21,375 shares worth approximately $81.5 million after selling 554 shares in the first quarter.
• The company's recent earnings report indicated a miss in EPS at $35.36 compared to analysts' expectations of $37.07, but revenues increased 5.4% year-over-year, totaling $4.46 billion.
• Analysts have been optimistic about AutoZone, with multiple upgrades to price targets; for instance, Guggenheim raised their target from $3,850 to $4,100, reflecting a positive sentiment on the stock.

Lord Abbett & CO. LLC cut its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 2.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,375 shares of the company's stock after selling 554 shares during the quarter. Lord Abbett & CO. LLC owned 0.13% of AutoZone worth $81,498,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of AZO. Brighton Jones LLC lifted its holdings in shares of AutoZone by 14.4% in the 4th quarter. Brighton Jones LLC now owns 111 shares of the company's stock valued at $356,000 after buying an additional 14 shares during the period. Sagespring Wealth Partners LLC acquired a new stake in shares of AutoZone in the 4th quarter valued at approximately $484,000. Summit Investment Advisors Inc. lifted its holdings in shares of AutoZone by 3.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 603 shares of the company's stock valued at $1,931,000 after buying an additional 22 shares during the period. SageView Advisory Group LLC lifted its holdings in shares of AutoZone by 16.3% in the 4th quarter. SageView Advisory Group LLC now owns 100 shares of the company's stock valued at $320,000 after buying an additional 14 shares during the period. Finally, Mariner LLC lifted its holdings in shares of AutoZone by 8.2% in the 4th quarter. Mariner LLC now owns 11,822 shares of the company's stock valued at $37,850,000 after buying an additional 896 shares during the period. 92.74% of the stock is owned by institutional investors and hedge funds.

AutoZone Trading Up 0.4%

Shares of AZO traded up $15.45 during midday trading on Friday, reaching $4,007.93. 100,170 shares of the company were exchanged, compared to its average volume of 112,525. The stock has a 50-day moving average price of $3,765.61 and a 200-day moving average price of $3,668.31. The company has a market cap of $67.26 billion, a price-to-earnings ratio of 27.13, a P/E/G ratio of 2.39 and a beta of 0.38. AutoZone, Inc. has a 1-year low of $2,898.57 and a 1-year high of $4,094.69.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings data on Tuesday, May 27th. The company reported $35.36 EPS for the quarter, missing analysts' consensus estimates of $37.07 by ($1.71). The company had revenue of $4.46 billion for the quarter, compared to analyst estimates of $4.41 billion. AutoZone had a negative return on equity of 56.07% and a net margin of 13.56%. The company's revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $36.69 EPS. Equities research analysts anticipate that AutoZone, Inc. will post 152.94 earnings per share for the current year.

Insider Buying and Selling

In other AutoZone news, CFO Jamere Jackson sold 2,612 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $3,728.05, for a total transaction of $9,737,666.60. Following the transaction, the chief financial officer owned 427 shares in the company, valued at $1,591,877.35. The trade was a 85.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman William C. Rhodes III sold 27,500 shares of the business's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $3,708.93, for a total value of $101,995,575.00. Following the transaction, the chairman owned 8,546 shares in the company, valued at approximately $31,696,515.78. This represents a 76.29% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,862 shares of company stock worth $126,058,789. Company insiders own 2.10% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on AZO shares. Truist Financial set a $3,995.00 price target on AutoZone in a report on Friday, May 23rd. The Goldman Sachs Group set a $3,811.00 price target on AutoZone in a report on Friday, May 23rd. Morgan Stanley reaffirmed an "overweight" rating and issued a $4,000.00 price objective (up from $3,750.00) on shares of AutoZone in a research note on Wednesday, May 28th. Mizuho raised their price objective on AutoZone from $3,740.00 to $4,050.00 and gave the company an "outperform" rating in a research note on Thursday, July 3rd. Finally, JPMorgan Chase & Co. raised their price objective on AutoZone from $3,830.00 to $4,350.00 and gave the company an "overweight" rating in a research note on Friday, May 23rd. Two investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $4,087.00.

AutoZone Company Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.