PineStone Asset Management Inc. Has $1.05 Billion Stake in AutoZone, Inc. $AZO

Key Points

• PineStone Asset Management Inc. increased its stake in AutoZone by 3.9%, now holding approximately $1.05 billion worth of shares, making AutoZone its 5th largest holding.
• Several hedge funds, including GAMMA Investing and Livforsakringsbolaget Skandia Omsesidigt, significantly boosted their positions in AutoZone during recent quarters, reflecting a growing institutional interest in the stock.
• AutoZone's latest quarterly earnings missed analysts' expectations, reporting $48.71 EPS against a consensus of $50.52, with net revenue slightly up by 0.6% year-over-year.

PineStone Asset Management Inc. grew its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 3.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 281,693 shares of the company's stock after purchasing an additional 10,456 shares during the period. AutoZone makes up 6.8% of PineStone Asset Management Inc.'s investment portfolio, making the stock its 5th largest holding. PineStone Asset Management Inc. owned approximately 1.68% of AutoZone worth $1,045,709,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC boosted its position in AutoZone by 435,031.1% during the 1st quarter. GAMMA Investing LLC now owns 770,182 shares of the company's stock valued at $2,936,535,000 after acquiring an additional 770,005 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its position in shares of AutoZone by 7,358.8% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 243,231 shares of the company's stock worth $902,929,000 after acquiring an additional 239,970 shares in the last quarter. Nuveen LLC purchased a new position in shares of AutoZone in the 1st quarter valued at approximately $442,530,000. JPMorgan Chase & Co. boosted its position in shares of AutoZone by 7.5% during the first quarter. JPMorgan Chase & Co. now owns 936,401 shares of the company's stock valued at $3,570,296,000 after purchasing an additional 65,368 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of AutoZone by 30.4% during the first quarter. Goldman Sachs Group Inc. now owns 106,888 shares of the company's stock valued at $407,540,000 after purchasing an additional 24,933 shares in the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

Wall Street Analyst Weigh In

AZO has been the subject of a number of research reports. Truist Financial decreased their price objective on AutoZone from $4,504.00 to $4,499.00 and set a "buy" rating for the company in a report on Wednesday. Raymond James Financial reduced their target price on shares of AutoZone from $4,900.00 to $4,800.00 and set a "strong-buy" rating on the stock in a research report on Wednesday. Guggenheim lifted their price target on shares of AutoZone from $4,100.00 to $4,600.00 and gave the company a "buy" rating in a research report on Wednesday. Wells Fargo & Company dropped their price objective on shares of AutoZone from $4,800.00 to $4,700.00 and set an "overweight" rating on the stock in a research note on Wednesday. Finally, Barclays upped their price objective on shares of AutoZone from $3,916.00 to $4,610.00 and gave the stock an "overweight" rating in a report on Thursday, September 11th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, AutoZone currently has a consensus rating of "Buy" and a consensus price target of $4,538.21.

Insider Buying and Selling

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of AutoZone stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the completion of the sale, the vice president owned 2,925 shares of the company's stock, valued at approximately $11,337,007.50. The trade was a 50.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.10% of the company's stock.

AutoZone Stock Performance

Shares of NYSE:AZO opened at $4,131.49 on Friday. The firm has a market cap of $69.33 billion, a price-to-earnings ratio of 28.52, a price-to-earnings-growth ratio of 2.31 and a beta of 0.41. The business has a 50-day simple moving average of $4,069.65 and a two-hundred day simple moving average of $3,812.91. AutoZone, Inc. has a fifty-two week low of $2,980.10 and a fifty-two week high of $4,388.11.

AutoZone (NYSE:AZO - Get Free Report) last announced its quarterly earnings results on Tuesday, September 23rd. The company reported $48.71 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $50.52 by ($1.81). AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The company had revenue of $6.24 billion for the quarter, compared to analysts' expectations of $6.26 billion. During the same period in the previous year, the business earned $51.58 EPS. The business's revenue was up .6% compared to the same quarter last year. As a group, research analysts predict that AutoZone, Inc. will post 152.94 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.