Russell Investments Group Ltd. Trims Stock Holdings in AutoZone, Inc. $AZO

Key Points

• Russell Investments Group Ltd. cut its AutoZone stake by 8.4% in the fourth quarter, selling 6,559 shares and leaving it with 71,163 shares worth about $241.4 million.
• Despite the trim, institutional ownership remains very high, with hedge funds and other institutional investors holding 92.74% of AutoZone’s stock.
• AutoZone continues to receive mostly bullish analyst coverage, with an average “Moderate Buy” rating and a consensus price target of $4,040.87, even as several firms lowered their targets recently.

Russell Investments Group Ltd. decreased its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 8.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 71,163 shares of the company's stock after selling 6,559 shares during the period. Russell Investments Group Ltd. owned approximately 0.43% of AutoZone worth $241,364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AZO. Brighton Jones LLC raised its stake in AutoZone by 14.4% in the 4th quarter. Brighton Jones LLC now owns 111 shares of the company's stock worth $356,000 after acquiring an additional 14 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in shares of AutoZone during the 2nd quarter valued at about $356,000. Guggenheim Capital LLC raised its stake in shares of AutoZone by 3.8% during the 2nd quarter. Guggenheim Capital LLC now owns 248 shares of the company's stock valued at $921,000 after buying an additional 9 shares during the last quarter. NewEdge Advisors LLC raised its stake in shares of AutoZone by 8.9% during the 2nd quarter. NewEdge Advisors LLC now owns 1,376 shares of the company's stock valued at $5,110,000 after buying an additional 112 shares during the last quarter. Finally, Treasurer of the State of North Carolina raised its stake in shares of AutoZone by 52.3% during the 2nd quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company's stock valued at $43,667,000 after buying an additional 4,039 shares during the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

Analyst Upgrades and Downgrades

AZO has been the subject of a number of recent research reports. Argus upgraded AutoZone from a "hold" rating to a "buy" rating and set a $4,325.00 price objective for the company in a research note on Monday, March 9th. TD Cowen reiterated a "buy" rating and set a $3,700.00 price objective on shares of AutoZone in a research note on Thursday, June 4th. DA Davidson reduced their price objective on AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. Roth Mkm reduced their price objective on AutoZone from $4,526.00 to $4,023.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. Finally, BNP Paribas Exane reduced their price objective on AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating for the company in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $4,040.87.

AutoZone Price Performance

AZO opened at $3,128.25 on Wednesday. The company's 50 day simple moving average is $3,355.86 and its two-hundred day simple moving average is $3,500.15. AutoZone, Inc. has a 1-year low of $2,928.11 and a 1-year high of $4,388.11. The firm has a market capitalization of $51.08 billion, a price-to-earnings ratio of 21.51, a price-to-earnings-growth ratio of 1.58 and a beta of 0.35.

AutoZone (NYSE:AZO - Get Free Report) last released its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping analysts' consensus estimates of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The business had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. During the same period last year, the company posted $35.36 EPS. The business's revenue was up 8.4% on a year-over-year basis. On average, equities analysts anticipate that AutoZone, Inc. will post 150.45 earnings per share for the current fiscal year.

AutoZone announced that its board has approved a stock buyback plan on Tuesday, June 16th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other AutoZone news, Director Earl G. Graves, Jr. sold 50 shares of the firm's stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total value of $173,936.00. Following the transaction, the director directly owned 4,837 shares of the company's stock, valued at $16,826,568.64. This trade represents a 1.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Brian Hannasch bought 165 shares of the firm's stock in a transaction on Friday, May 29th. The stock was acquired 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 in the company, valued at approximately $3,641,153. This represents a 15.65% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 2.60% of the company's stock.

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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