AutoZone, Inc. $AZO Shares Sold by PineStone Asset Management Inc.

PineStone Asset Management Inc. reduced its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 5.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 265,305 shares of the company’s stock after selling 16,388 shares during the quarter. AutoZone makes up approximately 7.1% of PineStone Asset Management Inc.’s holdings, making the stock its 4th biggest position. PineStone Asset Management Inc. owned approximately 1.58% of AutoZone worth $1,138,222,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in AutoZone by 0.6% during the second quarter. Vanguard Group Inc. now owns 1,771,004 shares of the company’s stock worth $6,574,374,000 after purchasing an additional 11,142 shares during the last quarter. Laurel Wealth Advisors LLC lifted its position in AutoZone by 371,123.0% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company’s stock worth $3,472,724,000 after buying an additional 935,230 shares in the last quarter. State Street Corp boosted its stake in shares of AutoZone by 1.6% during the 2nd quarter. State Street Corp now owns 714,091 shares of the company’s stock worth $2,650,870,000 after buying an additional 11,088 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of AutoZone by 1.9% during the 2nd quarter. Geode Capital Management LLC now owns 444,671 shares of the company’s stock worth $1,649,228,000 after buying an additional 8,187 shares during the last quarter. Finally, Norges Bank bought a new position in shares of AutoZone in the 2nd quarter valued at about $981,202,000. 92.74% of the stock is currently owned by institutional investors and hedge funds.

AutoZone Trading Down 0.3%

AZO stock opened at $3,447.10 on Friday. AutoZone, Inc. has a 1-year low of $3,162.00 and a 1-year high of $4,388.11. The business’s 50 day simple moving average is $3,715.37 and its 200 day simple moving average is $3,874.93. The firm has a market capitalization of $57.11 billion, a PE ratio of 24.04, a PEG ratio of 1.64 and a beta of 0.40.

AutoZone (NYSE:AZO) last released its quarterly earnings data on Tuesday, December 9th. The company reported $31.04 EPS for the quarter, missing analysts’ consensus estimates of $32.69 by ($1.65). AutoZone had a negative return on equity of 65.38% and a net margin of 12.78%.The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.64 billion. During the same period last year, the firm earned $32.52 earnings per share. The company’s revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, sell-side analysts predict that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

AutoZone declared that its Board of Directors has approved a share repurchase plan on Wednesday, October 8th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at AutoZone

In other news, SVP K. Michelle Borninkhof sold 300 shares of the business’s stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $3,775.00, for a total transaction of $1,132,500.00. Following the completion of the sale, the senior vice president owned 416 shares in the company, valued at $1,570,400. The trade was a 41.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Brian Hannasch bought 147 shares of the firm’s stock in a transaction dated Thursday, December 18th. The stock was purchased at an average cost of $3,393.09 per share, for a total transaction of $498,784.23. Following the transaction, the director directly owned 962 shares of the company’s stock, valued at $3,264,152.58. The trade was a 18.04% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 347 shares of company stock worth $1,179,256 in the last ninety days. Insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Truist Financial dropped their target price on AutoZone from $4,499.00 to $4,076.00 and set a “buy” rating on the stock in a report on Wednesday, December 10th. Raymond James Financial lowered their price target on AutoZone from $4,800.00 to $4,600.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, December 10th. Baird R W raised AutoZone to a “strong-buy” rating in a report on Thursday, December 4th. Citigroup decreased their target price on shares of AutoZone from $4,775.00 to $4,200.00 and set a “buy” rating for the company in a research note on Thursday, December 11th. Finally, Robert W. Baird began coverage on shares of AutoZone in a research report on Wednesday, December 3rd. They set an “outperform” rating and a $4,500.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $4,317.27.

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.