Swedbank AB Reduces Stake in AutoZone, Inc. $AZO

Swedbank AB reduced its stake in shares of AutoZone, Inc. (NYSE:AZO) by 7.5% during the 1st quarter, HoldingsChannel reports. The fund owned 30,971 shares of the company’s stock after selling 2,508 shares during the period. Swedbank AB’s holdings in AutoZone were worth $104,613,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of AZO. Integrated Advisors Network LLC boosted its holdings in shares of AutoZone by 4.9% in the 1st quarter. Integrated Advisors Network LLC now owns 298 shares of the company’s stock worth $1,007,000 after purchasing an additional 14 shares during the period. Whittier Trust Co. raised its holdings in AutoZone by 27.2% during the 1st quarter. Whittier Trust Co. now owns 159 shares of the company’s stock valued at $547,000 after buying an additional 34 shares during the period. Ascentis Independent Advisors bought a new stake in AutoZone in the first quarter worth $57,000. Stephens Inc. AR lifted its position in AutoZone by 20.5% in the first quarter. Stephens Inc. AR now owns 2,353 shares of the company’s stock worth $7,948,000 after buying an additional 401 shares during the last quarter. Finally, NBT Bank N A NY boosted its stake in AutoZone by 62.5% during the first quarter. NBT Bank N A NY now owns 26 shares of the company’s stock worth $88,000 after buying an additional 10 shares during the period. 92.74% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

AZO has been the topic of a number of analyst reports. Morgan Stanley cut their price objective on shares of AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 27th. Oppenheimer reaffirmed an “outperform” rating and set a $4,300.00 price target (up from $4,150.00) on shares of AutoZone in a research note on Tuesday, March 10th. 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 report on Wednesday, May 27th. Jefferies Financial Group decreased their price objective on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Finally, Guggenheim cut their target price on 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. One 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $4,040.87.

AutoZone Stock Performance

AutoZone stock opened at $3,074.26 on Wednesday. The company has a market capitalization of $50.20 billion, a PE ratio of 21.14, a P/E/G ratio of 1.50 and a beta of 0.33. The company has a 50 day moving average price of $3,225.99 and a 200-day moving average price of $3,438.63. AutoZone, Inc. has a fifty-two week low of $2,928.11 and a fifty-two week high of $4,388.11.

AutoZone (NYSE:AZO) last released its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, topping the consensus estimate of $36.22 by $1.85. The company had revenue of $4.84 billion for 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%.AutoZone’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period last year, the business posted $35.36 EPS. On average, analysts forecast that AutoZone, Inc. will post 150.51 earnings per share for the current year.

AutoZone declared that its board has initiated a share buyback plan on Tuesday, June 16th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to purchase up to 3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Brian Hannasch purchased 165 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were purchased at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the purchase, the director owned 1,219 shares in the company, valued at approximately $3,641,153. This represents a 15.65% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Earl G. Graves, Jr. sold 50 shares of AutoZone 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 sale, the director owned 4,837 shares of the company’s stock, valued at $16,826,568.64. The trade was a 1.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.60% of the stock is currently owned by corporate insiders.

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.