Pictet Asset Management Holding SA Sells 8,360 Shares of AutoZone, Inc. $AZO

Key Points

• Pictet Asset Management cut its AutoZone stake by 37.2% in the first quarter, selling 8,360 shares and ending with 14,126 shares worth about $47.7 million.
• Institutional ownership in AutoZone remains very high at 92.74%, and several other hedge funds recently adjusted their holdings, including both new purchases and larger positions.
• AutoZone posted better-than-expected quarterly earnings of $38.07 per share on revenue of $4.84 billion, and its board also authorized a $1.5 billion stock repurchase program.

Pictet Asset Management Holding SA reduced its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 37.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,126 shares of the company's stock after selling 8,360 shares during the quarter. Pictet Asset Management Holding SA owned about 0.09% of AutoZone worth $47,713,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Banco Bilbao Vizcaya Argentaria S.A. lifted its holdings in shares of AutoZone by 6.6% in the third quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 4,966 shares of the company's stock worth $21,315,000 after acquiring an additional 306 shares during the last quarter. Numerai GP LLC grew its holdings in shares of AutoZone by 1,199.3% during the 3rd quarter. Numerai GP LLC now owns 1,754 shares of the company's stock valued at $7,525,000 after purchasing an additional 1,619 shares during the last quarter. Jupiter Asset Management Ltd. bought a new stake in shares of AutoZone during the 4th quarter valued at approximately $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund increased its position in AutoZone by 15.2% during the 4th 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 worth $48,241,000 after purchasing an additional 1,882 shares in the last quarter. Finally, CIBC Asset Management Inc increased its position in AutoZone by 67.1% during the 4th quarter. CIBC Asset Management Inc now owns 3,941 shares of the company's stock worth $13,366,000 after purchasing an additional 1,582 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on AZO. Argus upgraded shares of AutoZone from a "hold" rating to a "buy" rating and set a $4,325.00 target price on the stock in a research report on Monday, March 9th. Roth Mkm lowered their price target on shares of AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating for the company in a report on Wednesday, May 27th. Robert W. Baird dropped their price target on AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating for the company in a research note on Wednesday, May 27th. Truist Financial set a $3,700.00 price objective on AutoZone in a report on Wednesday, May 27th. Finally, BMO Capital Markets reduced 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, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $4,040.87.

Insider Activity

In other news, Director Earl G. Graves, Jr. sold 50 shares of the stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $3,478.72, for a total value of $173,936.00. Following the completion of the sale, the director owned 4,837 shares of the company's stock, valued at approximately $16,826,568.64. This represents a 1.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Brian Hannasch acquired 165 shares of the stock in a transaction dated Friday, May 29th. The shares were bought at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the transaction, 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. The disclosure for this purchase is available in the SEC filing. 2.60% of the stock is currently owned by insiders.

AutoZone Stock Performance

AZO stock opened at $3,146.30 on Tuesday. The company has a fifty day moving average price of $3,281.40 and a 200-day moving average price of $3,451.83. The company has a market capitalization of $51.38 billion, a P/E ratio of 21.63, a PEG ratio of 1.59 and a beta of 0.35. AutoZone, Inc. has a 52-week low of $2,928.11 and a 52-week high of $4,388.11.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping the consensus estimate of $36.22 by $1.85. The company had revenue of $4.84 billion for the quarter, compared to analysts' expectations of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. AutoZone's revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $35.36 earnings per share. As a group, sell-side analysts forecast that AutoZone, Inc. will post 150.51 earnings per share for the current fiscal year.

AutoZone declared that its board has initiated a stock repurchase program on Tuesday, June 16th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to reacquire up to 3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its shares are undervalued.

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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