Principal Financial Group Inc. Has $72.39 Million Stock Holdings in AutoZone, Inc. $AZO

Principal Financial Group Inc. trimmed its stake in shares of AutoZone, Inc. (NYSE:AZO) by 2.1% in the first quarter, HoldingsChannel reports. The firm owned 21,431 shares of the company’s stock after selling 467 shares during the quarter. Principal Financial Group Inc.’s holdings in AutoZone were worth $72,389,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of AZO. Brighton Jones LLC boosted its holdings in shares of AutoZone by 14.4% during the fourth quarter. Brighton Jones LLC now owns 111 shares of the company’s stock worth $356,000 after acquiring an additional 14 shares during the period. Sivia Capital Partners LLC bought a new position in shares of AutoZone during the second quarter worth approximately $356,000. Guggenheim Capital LLC increased its stake in shares of AutoZone by 3.8% during the second quarter. Guggenheim Capital LLC now owns 248 shares of the company’s stock worth $921,000 after purchasing an additional 9 shares during the period. NewEdge Advisors LLC lifted its holdings in AutoZone by 8.9% during the 2nd quarter. NewEdge Advisors LLC now owns 1,376 shares of the company’s stock worth $5,110,000 after purchasing an additional 112 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its holdings in AutoZone by 52.3% during the 2nd quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company’s stock worth $43,667,000 after purchasing an additional 4,039 shares during the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on AZO shares. BMO Capital Markets decreased their price objective on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Morgan Stanley dropped their target price on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a report on Wednesday, May 27th. Guggenheim reduced their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Jefferies Financial Group decreased their price target on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. Finally, BNP Paribas Exane lowered their price target on shares of AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, AutoZone has an average rating of “Moderate Buy” and an average target price of $4,040.87.

AutoZone Stock Performance

NYSE:AZO opened at $3,058.79 on Friday. The company has a market cap of $49.95 billion, a price-to-earnings ratio of 21.03, a PEG ratio of 1.51 and a beta of 0.33. AutoZone, Inc. has a fifty-two week low of $2,928.11 and a fifty-two week high of $4,388.11. The stock has a fifty day moving average price of $3,151.63 and a 200-day moving average price of $3,419.07.

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

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

Insider Buying and Selling

In other news, Director Brian Hannasch bought 165 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was bought at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following 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 ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is currently owned by corporate insiders.

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.