Sterling Capital Management LLC Trims Position in AutoZone, Inc. $AZO

Sterling Capital Management LLC trimmed its position in shares of AutoZone, Inc. (NYSE:AZO) by 55.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 480 shares of the company’s stock after selling 587 shares during the period. Sterling Capital Management LLC’s holdings in AutoZone were worth $1,621,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Cambient Family Office LLC bought a new position in AutoZone in the 1st quarter worth $226,000. Narus Financial Partners LLC raised its holdings in AutoZone by 9.5% during the first quarter. Narus Financial Partners LLC now owns 69 shares of the company’s stock valued at $233,000 after acquiring an additional 6 shares during the period. Crown Wealth Group LLC raised its holdings in AutoZone by 3.7% during the first quarter. Crown Wealth Group LLC now owns 84 shares of the company’s stock valued at $284,000 after acquiring an additional 3 shares during the period. GHP Investment Advisors Inc. lifted its position in shares of AutoZone by 433.3% in the first quarter. GHP Investment Advisors Inc. now owns 32 shares of the company’s stock valued at $108,000 after acquiring an additional 26 shares in the last quarter. Finally, Meyer Handelman Co. lifted its position in shares of AutoZone by 19.8% in the first quarter. Meyer Handelman Co. now owns 3,096 shares of the company’s stock valued at $10,458,000 after acquiring an additional 511 shares in the last quarter. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on AZO. Oppenheimer reaffirmed an “outperform” rating and issued a $4,300.00 price objective (up from $4,150.00) on shares of AutoZone in a research note on Tuesday, March 10th. Evercore reissued an “outperform” rating on shares of AutoZone in a 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. Argus raised shares of AutoZone from a “hold” rating to a “buy” rating and set a $4,325.00 price objective for the company in a report on Monday, March 9th. Finally, Mizuho reduced their price objective on shares of AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 27th. One 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. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $4,040.87.

Insider Transactions at AutoZone

In related news, Director Earl G. Graves, Jr. sold 50 shares of the stock in a transaction dated 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 completion of the transaction, the director owned 4,837 shares of the company’s stock, valued at approximately $16,826,568.64. This trade represents a 1.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Brian Hannasch purchased 165 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was bought at an average price 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 SEC filing for this purchase provides additional information. 2.60% of the stock is currently owned by company insiders.

AutoZone Stock Up 0.6%

AutoZone stock opened at $3,146.30 on Tuesday. The company has a market cap of $51.38 billion, a price-to-earnings ratio of 21.63, a PEG ratio of 1.59 and a beta of 0.35. The firm’s fifty day moving average is $3,281.40 and its 200 day moving average is $3,451.83. 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 data on Tuesday, May 26th. The company reported $38.07 EPS 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 during the quarter, compared to analysts’ expectations 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 research analysts anticipate that AutoZone, Inc. will post 150.51 earnings per share for the current fiscal year.

AutoZone announced that its board has authorized a stock buyback plan on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

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.