Sumitomo Mitsui Trust Group Inc. Sells 1,601 Shares of AutoZone, Inc. $AZO

Sumitomo Mitsui Trust Group Inc. reduced its stake in AutoZone, Inc. (NYSE:AZO) by 4.2% during the third quarter, HoldingsChannel.com reports. The firm owned 36,178 shares of the company’s stock after selling 1,601 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in AutoZone were worth $102,384,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in AutoZone during the third quarter valued at $13,089,000. Vise Technologies Inc. purchased a new stake in shares of AutoZone in the third quarter worth $3,180,000. Grandfield & Dodd LLC grew its stake in shares of AutoZone by 4.6% in the third quarter. Grandfield & Dodd LLC now owns 5,222 shares of the company’s stock worth $14,778,000 after acquiring an additional 229 shares during the last quarter. Aprio Wealth Management LLC increased its holdings in shares of AutoZone by 5.8% during the third quarter. Aprio Wealth Management LLC now owns 73 shares of the company’s stock valued at $207,000 after acquiring an additional 4 shares in the last quarter. Finally, International Assets Investment Management LLC increased its holdings in shares of AutoZone by 20,034.2% during the third quarter. International Assets Investment Management LLC now owns 90,000 shares of the company’s stock valued at $254,702,000 after acquiring an additional 89,553 shares in the last quarter. 92.74% of the stock is owned by institutional investors.

AutoZone Trading Up 2.6%

AutoZone stock opened at $3,253.66 on Tuesday. The firm has a market cap of $52.36 billion, a price-to-earnings ratio of 21.29, a PEG ratio of 1.63 and a beta of 0.40. The stock has a fifty day simple moving average of $2,970.68 and a two-hundred day simple moving average of $3,260.00. AutoZone, Inc. has a 12 month low of $2,730.65 and a 12 month high of $3,996.25.

AutoZone (NYSE:AZO) last posted its quarterly earnings results on Tuesday, September 22nd. The company reported $56.05 earnings per share for the quarter, topping the consensus estimate of $0.54 by $55.51. The firm had revenue of $6.59 billion during the quarter, compared to analysts’ expectations of $6.70 billion. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%. The company’s revenue was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $48.71 earnings per share. On average, equities research analysts forecast that AutoZone, Inc. will post 170.30 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on AZO shares. Raymond James Financial lowered their price target on AutoZone from $4,000.00 to $3,700.00 and set a “strong-buy” rating for the company in a research report on Wednesday, September 23rd. Bank of America initiated coverage on shares of AutoZone in a research report on Monday, October 26th. They set a “buy” rating and a $3,800.00 price objective on the stock. Barclays reduced their price objective on shares of AutoZone from $3,637.00 to $3,400.00 and set an “overweight” rating for the company in a research note on Wednesday, September 23rd. Roth Capital decreased their target price on shares of AutoZone from $4,023.00 to $3,850.00 and set a “buy” rating for the company in a report on Wednesday, September 23rd. Finally, Guggenheim decreased their target price on shares of AutoZone from $4,000.00 to $3,750.00 and set a “buy” rating for the company in a report on Wednesday, September 23rd. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $3,674.36.

Insider Buying and Selling

In related news, VP Dennis LeRiche sold 1,455 shares of AutoZone stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the completion of the sale, the vice president directly owned 441 shares in the company, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.60% of the company’s stock.

About AutoZone

AutoZone, Inc is a specialty retailer and distributor of automotive replacement parts, equipment and accessories. The company serves do-it-yourself customers, professional automotive technicians and commercial repair businesses through its retail stores, distribution network and digital platforms.

Its merchandise includes replacement batteries, brakes, filters, belts, hoses, ignition components, tools, fluids, lighting products and other maintenance items. AutoZone also offers private-label products under brands such as Duralast, as well as vehicle diagnostic services and parts delivery for commercial customers.

Founded in 1979 as Auto Shack by Pitt Hyde, the company adopted the AutoZone name in 1987.