PensionDanmark Pensionsforsikringsaktieselskab Sells 1,459 Shares of AutoZone, Inc. $AZO

Key Points

• PensionDanmark cut its AutoZone stake by 37.7% in the second quarter, selling 1,459 shares and retaining 2,410 shares valued at approximately $7.7 million.
• AutoZone reported quarterly EPS of $38.07, beating estimates by $1.85, while revenue rose 8.4% year over year to $4.84 billion. The board also approved a $1.5 billion share-repurchase program.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and average price target of $4,029.43, despite several recent target-price reductions.

PensionDanmark Pensionsforsikringsaktieselskab lowered its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 37.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,410 shares of the company's stock after selling 1,459 shares during the quarter. PensionDanmark Pensionsforsikringsaktieselskab's holdings in AutoZone were worth $7,702,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of AZO. Jupiter Asset Management Ltd. purchased a new stake in AutoZone in the fourth quarter worth about $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund increased its stake in shares of AutoZone by 15.2% during the fourth quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 14,224 shares of the company's stock valued at $48,241,000 after purchasing an additional 1,882 shares in the last quarter. CIBC Asset Management Inc lifted its holdings in shares of AutoZone by 67.1% during the fourth quarter. CIBC Asset Management Inc now owns 3,941 shares of the company's stock valued at $13,366,000 after purchasing an additional 1,582 shares during the last quarter. Asset Advisors Investment Management LLC lifted its holdings in shares of AutoZone by 13.6% during the fourth quarter. Asset Advisors Investment Management LLC now owns 2,699 shares of the company's stock valued at $9,154,000 after purchasing an additional 323 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of AutoZone during the fourth quarter valued at approximately $939,205,000. Institutional investors own 92.74% of the company's stock.

AutoZone Stock Up 1.7%

Shares of AZO stock opened at $3,122.00 on Friday. AutoZone, Inc. has a 52 week low of $2,902.20 and a 52 week high of $4,388.11. The firm has a market capitalization of $50.98 billion, a PE ratio of 21.46, a P/E/G ratio of 1.59 and a beta of 0.33. The company has a 50 day moving average price of $3,065.73 and a 200-day moving average price of $3,378.36.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating the consensus estimate of $36.22 by $1.85. The firm had revenue of $4.84 billion for the quarter, compared to analysts' expectations of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company's revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $35.36 EPS. Analysts anticipate that AutoZone, Inc. will post 150.39 earnings per share for the current year.

AutoZone declared that its Board of Directors has authorized a stock buyback program on Tuesday, June 16th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to buy up to 3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on AZO. TD Cowen restated a "buy" rating and issued a $3,700.00 price target on shares of AutoZone in a research note on Thursday, June 4th. Barclays lowered their price objective on AutoZone from $3,900.00 to $3,637.00 and set an "overweight" rating for the company in a research note on Tuesday. JPMorgan Chase & Co. dropped their target price on AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating on the stock in a report on Wednesday, May 27th. The Goldman Sachs Group cut their target price on AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating on the stock in a research note on Wednesday, May 27th. Finally, BMO Capital Markets reduced their price target on AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating for the company in a report on Wednesday, May 27th. One 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 company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $4,029.43.

Insider Transactions at AutoZone

In other news, Director Brian Hannasch bought 165 shares of the company's stock in a transaction on Friday, May 29th. The shares were acquired at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.60% of the company's stock.

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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