Sumitomo Mitsui Trust Group Inc. Sells 2,187 Shares of AutoZone, Inc. $AZO

Sumitomo Mitsui Trust Group Inc. trimmed its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 5.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,961 shares of the company's stock after selling 2,187 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.23% of AutoZone worth $128,224,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of AZO. Turning Point Benefit Group Inc. acquired a new position in AutoZone during the third quarter valued at approximately $25,000. Torren Management LLC bought a new position in shares of AutoZone in the 4th quarter valued at $27,000. Transamerica Financial Advisors LLC raised its holdings in shares of AutoZone by 100.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company's stock worth $28,000 after buying an additional 4 shares in the last quarter. MCF Advisors LLC lifted its position in shares of AutoZone by 50.0% during the 4th quarter. MCF Advisors LLC now owns 9 shares of the company's stock worth $31,000 after buying an additional 3 shares during the last quarter. Finally, Bard Associates Inc. bought a new stake in shares of AutoZone during the 4th quarter worth $31,000. 92.74% of the stock is owned by institutional investors.

AutoZone Stock Up 2.1%

Shares of AZO stock traded up $62.71 during mid-day trading on Friday, reaching $3,073.10. 204,042 shares of the stock traded hands, compared to its average volume of 506,020. The stock's fifty day simple moving average is $3,195.88 and its two-hundred day simple moving average is $3,430.89. AutoZone, Inc. has a 1-year low of $2,928.11 and a 1-year high of $4,388.11. The company has a market cap of $50.18 billion, a price-to-earnings ratio of 21.13, a price-to-earnings-growth ratio of 1.53 and a beta of 0.33.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $36.22 by $1.85. The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The firm's revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $35.36 earnings per share. On average, equities research analysts anticipate that AutoZone, Inc. will post 150.51 EPS for the current fiscal year.

AutoZone announced that its Board of Directors has authorized a stock repurchase program on Tuesday, June 16th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In other AutoZone news, Director Brian Hannasch purchased 165 shares of the firm's stock in a transaction on Friday, May 29th. The stock was purchased at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the transaction, the director owned 1,219 shares in the company, valued at $3,641,153. The trade was a 15.65% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.60% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on AZO shares. Evercore reiterated an "outperform" rating on shares of AutoZone in a research report on Tuesday, May 26th. 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. Morgan Stanley decreased their price target on shares of AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating on the stock in a report on Wednesday, May 27th. Weiss Ratings upgraded shares of AutoZone from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday. Finally, DA Davidson decreased their target price on shares of AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating on the stock in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, AutoZone has an average rating of "Moderate Buy" and an average price target of $4,040.87.

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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