PNC Financial Services Group Inc. Sells 242 Shares of AutoZone, Inc. $AZO

PNC Financial Services Group Inc. trimmed its position in shares of AutoZone, Inc. (NYSE:AZO) by 0.6% in the second quarter, Holdings Channel reports. The fund owned 42,662 shares of the company’s stock after selling 242 shares during the quarter. PNC Financial Services Group Inc.’s holdings in AutoZone were worth $158,371,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of AutoZone by 0.8% during the first quarter. Vanguard Group Inc. now owns 1,759,862 shares of the company’s stock worth $6,709,967,000 after buying an additional 13,643 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of AutoZone by 7.5% in the first quarter. JPMorgan Chase & Co. now owns 936,401 shares of the company’s stock worth $3,570,296,000 after acquiring an additional 65,368 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in AutoZone by 7.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 349,317 shares of the company’s stock worth $1,331,870,000 after acquiring an additional 24,701 shares during the period. PineStone Asset Management Inc. raised its stake in AutoZone by 3.9% during the 2nd quarter. PineStone Asset Management Inc. now owns 281,693 shares of the company’s stock valued at $1,045,709,000 after purchasing an additional 10,456 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in AutoZone by 7,358.8% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 243,231 shares of the company’s stock valued at $902,929,000 after purchasing an additional 239,970 shares during the period. 92.74% of the stock is currently owned by institutional investors.

Insider Activity

In other AutoZone news, VP John Scott Murphy sold 2,860 shares of the company’s stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $4,175.70, for a total transaction of $11,942,502.00. Following the transaction, the vice president directly owned 1,244 shares in the company, valued at approximately $5,194,570.80. This represents a 69.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Philip B. Daniele sold 2,533 shares of AutoZone stock in a transaction that occurred on Friday, October 17th. The stock was 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 owned 55 shares of the company’s stock, valued at approximately $221,148.40. This represents a 97.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 5,693 shares of company stock valued at $23,259,891 over the last 90 days. 2.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on AZO shares. Weiss Ratings restated a “buy (b-)” rating on shares of AutoZone in a report on Wednesday, October 8th. Wolfe Research assumed coverage on AutoZone in a research note on Thursday, September 18th. They set an “outperform” rating and a $4,741.00 price target on the stock. Jefferies Financial Group upped their price target on AutoZone from $4,255.00 to $4,750.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Erste Group Bank downgraded AutoZone from a “buy” rating to a “hold” rating in a research report on Friday, October 31st. Finally, Guggenheim boosted their price objective on AutoZone from $4,100.00 to $4,600.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. One 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 given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $4,551.56.

AutoZone Stock Performance

Shares of NYSE:AZO opened at $3,791.94 on Thursday. The business has a fifty day moving average of $4,026.36 and a 200-day moving average of $3,887.96. The firm has a market cap of $63.07 billion, a PE ratio of 26.17, a price-to-earnings-growth ratio of 1.75 and a beta of 0.37. AutoZone, Inc. has a twelve month low of $3,036.40 and a twelve month high of $4,388.11.

AutoZone (NYSE:AZO) last released its quarterly earnings results on Tuesday, September 23rd. The company reported $48.71 EPS for the quarter, missing the consensus estimate of $50.52 by ($1.81). AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The company had revenue of $6.24 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same period last year, the company earned $51.58 earnings per share. AutoZone’s revenue for the quarter was up .6% compared to the same quarter last year. On average, analysts anticipate that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

AutoZone declared that its Board of Directors has initiated a share repurchase plan on Wednesday, October 8th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

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.