AutoZone, Inc. $AZO Shares Sold by Pacer Advisors Inc.

Pacer Advisors Inc. reduced its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 31.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,093 shares of the company’s stock after selling 500 shares during the quarter. Pacer Advisors Inc.’s holdings in AutoZone were worth $3,692,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of AutoZone in the fourth quarter valued at about $939,205,000. Morgan Stanley increased its stake in shares of AutoZone by 17.8% during the 4th quarter. Morgan Stanley now owns 492,794 shares of the company’s stock worth $1,671,323,000 after purchasing an additional 74,555 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of AutoZone by 387.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company’s stock worth $263,832,000 after purchasing an additional 61,821 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of AutoZone by 39.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company’s stock worth $584,730,000 after purchasing an additional 50,071 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in shares of AutoZone by 80.8% during the 3rd quarter. AQR Capital Management LLC now owns 101,185 shares of the company’s stock worth $432,059,000 after purchasing an additional 45,212 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company’s stock.

AutoZone Stock Performance

Shares of AZO opened at $3,067.37 on Friday. AutoZone, Inc. has a 1 year low of $2,902.20 and a 1 year high of $4,388.11. The company’s 50 day simple moving average is $3,062.02 and its 200 day simple moving average is $3,380.17. The company has a market capitalization of $50.09 billion, a price-to-earnings ratio of 21.09, a PEG ratio of 1.56 and a beta of 0.33.

AutoZone (NYSE:AZO) last released its earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, topping the consensus estimate of $36.22 by $1.85. The firm had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. AutoZone’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the previous year, the company earned $35.36 EPS. Equities analysts expect that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.

AutoZone announced that its Board of Directors has initiated a share 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 purchase up to 3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Activity

In other AutoZone news, Director Brian Hannasch acquired 165 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were acquired at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the acquisition, the director directly owned 1,219 shares of the company’s stock, valued at $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Mizuho reduced their target price on AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 27th. The Goldman Sachs Group dropped their price target on AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Guggenheim cut their price target on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Citigroup reduced their price objective on AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of AutoZone in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, AutoZone presently has a consensus rating of “Moderate Buy” and a consensus target price of $4,029.43.

AutoZone 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.