California Public Employees Retirement System Trims Stake in AutoZone, Inc. $AZO

California Public Employees Retirement System lessened its stake in shares of AutoZone, Inc. (NYSE:AZO) by 26.5% during the first quarter, Holdings Channel.com reports. The institutional investor owned 31,315 shares of the company’s stock after selling 11,270 shares during the period. California Public Employees Retirement System’s holdings in AutoZone were worth $105,775,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Turning Point Benefit Group Inc. acquired a new position in shares of AutoZone in the third quarter worth $25,000. Torren Management LLC purchased a new stake in shares of AutoZone in the fourth quarter valued at $27,000. Transamerica Financial Advisors LLC boosted its stake in shares of AutoZone by 100.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock valued at $28,000 after acquiring an additional 4 shares during the last quarter. MCF Advisors LLC boosted its stake in shares of AutoZone by 50.0% during the fourth quarter. MCF Advisors LLC now owns 9 shares of the company’s stock valued at $31,000 after acquiring an additional 3 shares during the last quarter. Finally, Bard Associates Inc. purchased a new stake in AutoZone during the 4th quarter worth about $31,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

AutoZone Trading Down 0.5%

AutoZone stock opened at $3,046.69 on Friday. The firm has a market capitalization of $49.74 billion, a P/E ratio of 20.95, a PEG ratio of 1.55 and a beta of 0.33. The stock has a fifty day moving average price of $3,142.61 and a 200 day moving average price of $3,416.46. AutoZone, Inc. has a 52 week low of $2,928.11 and a 52 week high of $4,388.11.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $36.22 by $1.85. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The firm 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 earned $35.36 EPS. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. As a group, equities analysts predict that AutoZone, Inc. will post 150.51 EPS for the current year.

AutoZone declared that its board has authorized a stock repurchase plan on Tuesday, June 16th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Brian Hannasch bought 165 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the transaction, the director owned 1,219 shares of the company’s stock, valued at $3,641,153. This represents a 15.65% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on AZO. Evercore reissued an “outperform” rating on shares of AutoZone in a research note on Tuesday, May 26th. Jefferies Financial Group decreased their price target on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. Truist Financial set a $3,700.00 price target on shares of AutoZone in a report on Wednesday, May 27th. Raymond James Financial reissued a “strong-buy” rating on shares of AutoZone in a research report on Wednesday, May 27th. Finally, The Goldman Sachs Group reduced their price objective on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price 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.