Franklin Resources Inc. Sells 11,655 Shares of AutoZone, Inc. $AZO

Franklin Resources Inc. decreased its position in AutoZone, Inc. (NYSE:AZO) by 17.0% during the 4th quarter, Holdings Channel reports. The firm owned 56,715 shares of the company’s stock after selling 11,655 shares during the period. Franklin Resources Inc.’s holdings in AutoZone were worth $192,349,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in AutoZone in the fourth quarter worth $939,205,000. Northwestern Mutual Wealth Management Co. lifted its stake in AutoZone by 387.1% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company’s stock worth $263,832,000 after acquiring an additional 61,821 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in 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. AQR Capital Management LLC lifted its stake in 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. Finally, Victory Capital Management Inc. lifted its stake in AutoZone by 401.2% in the third quarter. Victory Capital Management Inc. now owns 51,803 shares of the company’s stock worth $222,247,000 after acquiring an additional 41,467 shares during the period. Institutional investors own 92.74% of the company’s stock.

AutoZone Trading Up 2.1%

Shares of AutoZone stock opened at $3,138.37 on Wednesday. The firm has a market capitalization of $51.72 billion, a P/E ratio of 21.58, a P/E/G ratio of 1.56 and a beta of 0.35. The business has a fifty day simple moving average of $3,383.96 and a two-hundred day simple moving average of $3,528.08. AutoZone, Inc. has a 12 month low of $2,928.11 and a 12 month high of $4,388.11.

AutoZone (NYSE:AZO) last announced 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 business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter last year, the firm posted $35.36 earnings per share. Analysts predict that AutoZone, Inc. will post 150.18 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on AZO shares. Guggenheim dropped their price target 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. UBS Group set a $4,800.00 price target on AutoZone in a research note on Tuesday, March 3rd. Barclays raised their price target on AutoZone from $3,800.00 to $3,900.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 4th. Jefferies Financial Group dropped their price target 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. Finally, Morgan Stanley dropped their price target on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $4,040.87.

Insider Buying and Selling at AutoZone

In other news, Director Brian Hannasch acquired 165 shares of the stock in a transaction on Friday, May 29th. The stock was acquired at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the transaction, the director owned 1,219 shares of the company’s stock, valued at $3,641,153. This represents a 15.65% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Earl G. Graves, Jr. sold 50 shares of the firm’s stock in a transaction on Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total value of $173,936.00. Following the transaction, the director directly owned 4,837 shares of the company’s stock, valued at $16,826,568.64. This represents a 1.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.60% of the company’s stock.

About AutoZone

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.