Norges Bank Takes $939.21 Million Position in AutoZone, Inc. $AZO

Key Points

• Norges Bank disclosed a new stake in AutoZone, buying 276,929 shares worth about $939.2 million and ending up with roughly 1.67% of the company.
• AutoZone’s latest quarter showed 8.4% revenue growth and EPS of $38.07, which beat estimates, but revenue still came in slightly below expectations and helped trigger the stock’s decline.
• Despite the pullback, most Wall Street analysts remain constructive, with several firms reiterating outperform/buy ratings even as some price targets were lowered.

Norges Bank acquired a new stake in AutoZone, Inc. (NYSE:AZO - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 276,929 shares of the company's stock, valued at approximately $939,205,000. Norges Bank owned approximately 1.67% of AutoZone as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. SYM FINANCIAL Corp lifted its position in shares of AutoZone by 3.6% in the third quarter. SYM FINANCIAL Corp now owns 86 shares of the company's stock valued at $369,000 after acquiring an additional 3 shares in the last quarter. Camden National Bank lifted 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 valued at $369,000 after acquiring an additional 3 shares in the last quarter. Crestwood Advisors Group LLC lifted 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 valued at $791,000 after acquiring an additional 3 shares in the last quarter. Assetmark Inc. lifted its position in shares of AutoZone by 1.4% in the third quarter. Assetmark Inc. now owns 212 shares of the company's stock valued at $908,000 after acquiring an additional 3 shares in the last quarter. Finally, Bridgewater Advisors Inc. lifted 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 valued at $982,000 after acquiring an additional 3 shares in the last quarter. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting AutoZone

Here are the key news stories impacting AutoZone this week:

• Positive Sentiment: Several brokerages, including Guggenheim and TD Cowen, reiterated bullish ratings on AutoZone, and other analysts still see meaningful upside despite the selloff.
• Positive Sentiment: AutoZone reported 8.4% year-over-year revenue growth and management said commercial momentum remains strong, with plans to open 355 to 365 new locations this fiscal year.
• Neutral Sentiment: Analyst updates lowered price targets, including moves from Jefferies and BNP Paribas Exane, but both firms kept positive ratings, signaling reduced optimism rather than a bearish call.
• Neutral Sentiment: Market commentary suggests investors are weighing whether the post-earnings decline has created a buying opportunity or whether the stock could fall further from current levels.
• Negative Sentiment: AutoZone’s latest results fell short of revenue expectations, which triggered the stock’s decline as investors focused on the miss rather than the EPS beat. Article: Why AutoZone Stock Slumped This Week
• Negative Sentiment: Some reports say the stock is sliding because investors are concerned that late-quarter softness may point to slowing momentum, despite management’s explanation that weather impacted results.

AutoZone Trading Down 2.3%

Shares of AZO stock opened at $2,936.42 on Friday. AutoZone, Inc. has a 12-month low of $2,931.65 and a 12-month high of $4,388.11. The stock's 50-day moving average price is $3,421.80 and its 200-day moving average price is $3,565.71. The stock has a market capitalization of $48.39 billion, a price-to-earnings ratio of 20.57, a price-to-earnings-growth ratio of 1.49 and a beta of 0.43.

AutoZone (NYSE:AZO - Get Free Report) last issued its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $36.22 by $1.85. AutoZone had a negative return on equity of 72.31% and a net margin of 12.47%.The firm had revenue of $4.84 billion for the quarter, compared to analysts' expectations of $4.86 billion. During the same period in the previous year, the firm posted $35.36 earnings per share. The business's revenue was up 8.4% compared to the same quarter last year. As a group, research analysts predict that AutoZone, Inc. will post 150.54 EPS for the current fiscal year.

Insider Activity at AutoZone

In other AutoZone news, Director Earl G. Graves, Jr. sold 50 shares of the business'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 sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Brian Hannasch acquired 165 shares of AutoZone stock in a transaction on Friday, May 29th. The shares were bought at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the purchase, the director directly owned 1,219 shares of the company's stock, valued at $3,641,153. The trade was a 15.65% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 2.60% of the company's stock.

Wall Street Analyst Weigh In

AZO has been the topic of several research analyst reports. BNP Paribas Exane lowered their price objective on AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating on the stock in a research report on Wednesday. BMO Capital Markets lowered their price objective on AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating on the stock in a research report on Wednesday. Evercore restated an "outperform" rating on shares of AutoZone in a research report on Tuesday. Robert W. Baird lowered their price objective on AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating on the stock in a research report on Wednesday. Finally, DA Davidson lowered their price objective on AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average 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.

Want to see what other hedge funds are holding AZO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AutoZone, Inc. (NYSE:AZO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.