Intech Investment Management LLC Lowers Stake in AutoZone, Inc. $AZO

Intech Investment Management LLC cut its stake in AutoZone, Inc. (NYSE:AZO) by 11.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,594 shares of the company’s stock after selling 444 shares during the period. Intech Investment Management LLC’s holdings in AutoZone were worth $13,342,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in AZO. Cetera Investment Advisers boosted its holdings in shares of AutoZone by 1.5% in the 2nd quarter. Cetera Investment Advisers now owns 4,377 shares of the company’s stock worth $16,248,000 after purchasing an additional 65 shares in the last quarter. Creative Planning raised its holdings in shares of AutoZone by 23.4% during the 2nd quarter. Creative Planning now owns 3,564 shares of the company’s stock valued at $13,231,000 after buying an additional 675 shares in the last quarter. Meridian Wealth Management LLC lifted its position in AutoZone by 11.0% in the 2nd quarter. Meridian Wealth Management LLC now owns 162 shares of the company’s stock worth $600,000 after buying an additional 16 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in AutoZone by 6.9% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 4,103 shares of the company’s stock worth $15,231,000 after buying an additional 265 shares in the last quarter. Finally, Security Financial Services INC. boosted its stake in AutoZone by 14.1% in the second quarter. Security Financial Services INC. now owns 105 shares of the company’s stock worth $390,000 after buying an additional 13 shares in the last quarter. Institutional investors own 92.74% of the company’s stock.

AutoZone Trading Up 0.9%

AutoZone stock opened at $3,854.18 on Friday. The firm has a market cap of $64.11 billion, a P/E ratio of 26.60, a P/E/G ratio of 1.75 and a beta of 0.37. AutoZone, Inc. has a 1-year low of $3,036.40 and a 1-year high of $4,388.11. The firm has a 50-day moving average of $4,010.96 and a 200-day moving average of $3,890.44.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, September 23rd. The company reported $48.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $50.52 by ($1.81). AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The business had revenue of $6.24 billion for the quarter, compared to analysts’ expectations of $6.26 billion. During the same quarter in the prior year, the firm earned $51.58 EPS. The firm’s revenue for the quarter was up .6% on a year-over-year basis. Research analysts forecast that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

AutoZone declared that its board has initiated a share buyback program on Wednesday, October 8th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at AutoZone

In other AutoZone news, SVP K. Michelle Borninkhof sold 300 shares of the company’s stock in a transaction on Monday, October 27th. The shares were sold at an average price of $3,775.00, for a total value of $1,132,500.00. Following the completion of the transaction, the senior vice president directly owned 416 shares in the company, valued at approximately $1,570,400. This represents a 41.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Philip B. Daniele sold 2,533 shares of AutoZone stock in a transaction dated Friday, October 17th. The shares were sold at an average price of $4,020.88, for a total transaction of $10,184,889.04. Following the sale, the chief executive officer directly owned 55 shares in the company, valued at $221,148.40. The trade was a 97.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 5,693 shares of company stock worth $23,259,891 over the last quarter. 2.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. DA Davidson set a $4,850.00 price objective on shares of AutoZone in a report on Thursday, November 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of AutoZone in a research report on Thursday. Barclays boosted their price target on shares of AutoZone from $3,916.00 to $4,610.00 and gave the stock an “overweight” rating in a research note on Thursday, September 11th. Truist Financial cut their price target on shares of AutoZone from $4,504.00 to $4,499.00 and set a “buy” rating for the company in a research report on Wednesday, September 24th. Finally, Gabelli reiterated a “buy” rating on shares of AutoZone in a report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, AutoZone presently has an average rating of “Moderate Buy” and an average target price of $4,551.56.

About AutoZone

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.