Handelsbanken Fonder AB Reduces Holdings in AutoZone, Inc. $AZO

Handelsbanken Fonder AB lessened its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 8.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,658 shares of the company’s stock after selling 709 shares during the quarter. Handelsbanken Fonder AB’s holdings in AutoZone were worth $24,475,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Sigma Planning Corp grew its holdings in AutoZone by 3.6% during the 4th quarter. Sigma Planning Corp now owns 86 shares of the company’s stock valued at $292,000 after buying an additional 3 shares in the last quarter. Midwest Trust Co increased its holdings in shares of AutoZone by 4.2% in the 4th quarter. Midwest Trust Co now owns 74 shares of the company’s stock worth $251,000 after buying an additional 3 shares during the last quarter. Arrowroot Family Office LLC increased its stake in AutoZone by 5.4% in the fourth quarter. Arrowroot Family Office LLC now owns 59 shares of the company’s stock valued at $200,000 after acquiring an additional 3 shares during the last quarter. MCF Advisors LLC raised its holdings in shares of AutoZone by 50.0% during the 4th quarter. MCF Advisors LLC now owns 9 shares of the company’s stock valued at $31,000 after buying an additional 3 shares in the last quarter. Finally, IVC Wealth Advisors LLC raised its stake in shares of AutoZone by 2.9% during the first quarter. IVC Wealth Advisors LLC now owns 107 shares of the company’s stock worth $361,000 after acquiring an additional 3 shares in the last quarter. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

AutoZone Stock Down 0.1%

Shares of AutoZone stock opened at $3,038.92 on Thursday. The firm has a market cap of $49.63 billion, a PE ratio of 20.89, a price-to-earnings-growth ratio of 1.54 and a beta of 0.33. AutoZone, Inc. has a 12-month low of $2,902.20 and a 12-month high of $4,388.11. The company’s fifty day simple moving average is $3,066.18 and its two-hundred day simple moving average is $3,364.71.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, beating the consensus estimate of $36.22 by $1.85. The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $35.36 earnings per share. As a group, sell-side analysts expect that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

AutoZone announced that its Board of Directors has approved a stock buyback program on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to repurchase up to 3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at AutoZone

In related news, VP Dennis W. Leriche sold 1,455 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the transaction, the vice president owned 441 shares in the company, valued at $1,367,100. The trade was a 76.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Brian Hannasch purchased 165 shares of the stock in a transaction 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 directly owned 1,219 shares in the company, valued at $3,641,153. The trade was a 15.65% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 2.60% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on AZO. Robert W. Baird lowered their price target on shares of AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating for the company in a research note on Wednesday, May 27th. Evercore reiterated an “outperform” rating on shares of AutoZone in a report on Tuesday, May 26th. Jefferies Financial Group lowered their target price on 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. Weiss Ratings cut AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, July 23rd. Finally, Citigroup reduced their price target 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. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $4,029.43.

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.