Sterling Capital Management LLC Sells 587 Shares of AutoZone, Inc. $AZO

Sterling Capital Management LLC lowered its holdings in AutoZone, Inc. (NYSE:AZO) by 55.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 480 shares of the company’s stock after selling 587 shares during the quarter. Sterling Capital Management LLC’s holdings in AutoZone were worth $1,621,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in AutoZone in the 4th quarter worth about $939,205,000. Morgan Stanley boosted its holdings in shares of AutoZone by 17.8% during the 4th quarter. Morgan Stanley now owns 492,794 shares of the company’s stock valued at $1,671,323,000 after acquiring an additional 74,555 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of AutoZone by 387.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company’s stock valued at $263,832,000 after acquiring an additional 61,821 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of AutoZone by 39.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company’s stock worth $584,730,000 after acquiring an additional 50,071 shares during the period. Finally, AQR Capital Management LLC grew its stake in shares of AutoZone by 80.8% in the third quarter. AQR Capital Management LLC now owns 101,185 shares of the company’s stock worth $432,059,000 after acquiring an additional 45,212 shares during the period. 92.74% of the stock is owned by institutional investors.

Analyst Ratings Changes

AZO has been the topic of a number of research analyst reports. Evercore restated an “outperform” rating on shares of AutoZone in a research report on Tuesday, May 26th. The Goldman Sachs Group cut their target price on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Barclays boosted their target price on shares of AutoZone from $3,800.00 to $3,900.00 and gave the company an “overweight” rating in a research note on Wednesday, March 4th. Morgan Stanley lowered their price target on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating on the stock in a report on Wednesday, May 27th. Finally, TD Cowen restated a “buy” rating and issued a $3,700.00 price target on shares of AutoZone in a research note on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $4,040.87.

Insiders Place Their Bets

In other AutoZone news, Director Earl G. Graves, Jr. sold 50 shares of the business’s stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $3,478.72, for a total transaction of $173,936.00. Following the completion of the sale, the director owned 4,837 shares of the company’s stock, valued at approximately $16,826,568.64. The trade was a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Brian Hannasch purchased 165 shares of AutoZone stock in a transaction on Friday, May 29th. The stock was bought at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the transaction, the director owned 1,219 shares of the company’s stock, valued at approximately $3,641,153. This represents a 15.65% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.60% of the stock is currently owned by company insiders.

AutoZone Trading Up 0.6%

Shares of NYSE AZO opened at $3,146.30 on Tuesday. AutoZone, Inc. has a 12-month low of $2,928.11 and a 12-month high of $4,388.11. The firm has a market capitalization of $51.38 billion, a price-to-earnings ratio of 21.63, a price-to-earnings-growth ratio of 1.59 and a beta of 0.35. The firm has a 50 day moving average of $3,281.40 and a 200 day moving average of $3,451.83.

AutoZone (NYSE:AZO) last released its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping the consensus estimate of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The business had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.86 billion. During the same period last year, the firm earned $35.36 earnings per share. The company’s quarterly revenue was up 8.4% on a year-over-year basis. Sell-side analysts predict that AutoZone, Inc. will post 150.51 EPS for the current year.

AutoZone announced that its board has initiated a stock buyback program on Tuesday, June 16th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to purchase up to 3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

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.