Principal Financial Group Inc. Increases Stock Position in AutoZone, Inc. $AZO

Key Points

• Principal Financial Group increased its AutoZone stake by 8.5% in the fourth quarter, bringing its holdings to 21,898 shares valued at about $74.3 million.
• AutoZone reported quarterly EPS of $27.63, slightly above estimates, while revenue of $4.27 billion missed expectations but still rose 8.2% year over year.
• Analyst sentiment remains constructive overall, with a Moderate Buy consensus and a consensus price target of $4,312.13, though some firms have recently trimmed or adjusted targets.

Principal Financial Group Inc. raised its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 8.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 21,898 shares of the company's stock after buying an additional 1,721 shares during the period. Principal Financial Group Inc. owned about 0.13% of AutoZone worth $74,267,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Varma Mutual Pension Insurance Co boosted its stake in shares of AutoZone by 6.7% during the 4th quarter. Varma Mutual Pension Insurance Co now owns 3,203 shares of the company's stock worth $10,863,000 after acquiring an additional 200 shares in the last quarter. Intact Investment Management Inc. increased its stake in shares of AutoZone by 700.0% in the 4th quarter. Intact Investment Management Inc. now owns 400 shares of the company's stock valued at $1,357,000 after purchasing an additional 350 shares in the last quarter. Pittenger & Anderson Inc. raised its holdings in AutoZone by 45.9% in the 4th quarter. Pittenger & Anderson Inc. now owns 124 shares of the company's stock worth $421,000 after purchasing an additional 39 shares during the period. Benjamin Edwards Inc. raised its holdings in AutoZone by 9.7% in the 4th quarter. Benjamin Edwards Inc. now owns 2,670 shares of the company's stock worth $9,058,000 after purchasing an additional 235 shares during the period. Finally, Composition Wealth LLC boosted its position in AutoZone by 30.8% during the fourth quarter. Composition Wealth LLC now owns 85 shares of the company's stock worth $288,000 after purchasing an additional 20 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

AutoZone Trading Up 0.3%

NYSE:AZO opened at $3,552.69 on Friday. The company has a market cap of $58.55 billion, a P/E ratio of 24.89, a P/E/G ratio of 1.81 and a beta of 0.43. AutoZone, Inc. has a twelve month low of $3,210.72 and a twelve month high of $4,388.11. The company's 50-day moving average price is $3,530.25 and its 200-day moving average price is $3,617.57.

AutoZone (NYSE:AZO - Get Free Report) last announced its quarterly earnings data on Tuesday, March 3rd. The company reported $27.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $27.59 by $0.04. AutoZone had a net margin of 12.47% and a negative return on equity of 72.31%. The company had revenue of $4.27 billion during the quarter, compared to analysts' expectations of $4.31 billion. During the same quarter in the prior year, the company earned $28.29 EPS. AutoZone's revenue was up 8.2% compared to the same quarter last year. On average, analysts expect that AutoZone, Inc. will post 148.93 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have commented on AZO shares. Roth Mkm dropped their price objective on AutoZone from $4,650.00 to $4,526.00 and set a "buy" rating on the stock in a report on Wednesday, March 4th. Evercore increased their target price on AutoZone from $4,100.00 to $4,125.00 and gave the company an "outperform" rating in a research report on Friday, February 27th. Robert W. Baird cut shares of AutoZone from an "outperform" rating to a "neutral" rating and set a $3,900.00 price target on the stock. in a research note on Monday, February 9th. JPMorgan Chase & Co. boosted their price target on shares of AutoZone from $4,100.00 to $4,300.00 and gave the stock an "overweight" rating in a report on Thursday, February 26th. Finally, Argus upgraded shares of AutoZone from a "hold" rating to a "buy" rating and set a $4,325.00 price objective for the company in a research report on Monday, March 9th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, AutoZone has a consensus rating of "Moderate Buy" and a consensus target price of $4,312.13.

Insider Activity

In other news, Director Earl G. Graves, Jr. sold 50 shares of the company'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 value of $173,936.00. Following the completion of the sale, the director directly owned 4,837 shares in the company, valued at $16,826,568.64. This represents a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is owned by company insiders.

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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