AutoZone, Inc. $AZO Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System lowered its stake in shares of AutoZone, Inc. (NYSE:AZO) by 2.9% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 24,841 shares of the company’s stock after selling 741 shares during the period. California State Teachers Retirement System’s holdings in AutoZone were worth $83,907,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Norges Bank acquired a new stake in AutoZone during the fourth quarter worth about $939,205,000. Morgan Stanley raised its position in AutoZone by 17.8% during the fourth 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 in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in AutoZone by 387.1% in the fourth 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 period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings 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 valued at $584,730,000 after acquiring an additional 50,071 shares during the period. Finally, AQR Capital Management LLC boosted its position in AutoZone by 80.8% in the 3rd quarter. AQR Capital Management LLC now owns 101,185 shares of the company’s stock worth $432,059,000 after purchasing an additional 45,212 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company’s stock.

Insider Buying and Selling at AutoZone

In related news, Director Brian Hannasch purchased 165 shares of AutoZone stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the transaction, the director directly owned 1,219 shares in the company, valued at approximately $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 2.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on AZO. Truist Financial set a $3,700.00 target price on shares of AutoZone in a report on Wednesday, May 27th. Morgan Stanley lowered their price target on shares of AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating on the stock in a report on Wednesday, May 27th. Evercore restated an “outperform” rating on shares of AutoZone in a research report on Tuesday, May 26th. Weiss Ratings cut shares of AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, July 23rd. Finally, TD Cowen reiterated a “buy” rating and issued a $3,700.00 price objective on shares of AutoZone in a research report on Thursday, June 4th. One equities research 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. Based on data from MarketBeat, AutoZone has a consensus rating of “Moderate Buy” and a consensus price target of $4,040.87.

AutoZone Stock Performance

Shares of NYSE AZO opened at $3,147.02 on Thursday. The firm has a market cap of $51.39 billion, a PE ratio of 21.64, a PEG ratio of 1.58 and a beta of 0.33. The firm has a fifty day moving average of $3,085.63 and a 200 day moving average of $3,399.22. AutoZone, Inc. has a one year low of $2,902.20 and a one year high of $4,388.11.

AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating 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 posted $35.36 earnings per share. The company’s revenue was up 8.4% compared to the same quarter last year. On average, equities analysts predict that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.

AutoZone declared that its Board of Directors has approved a share repurchase plan on Tuesday, June 16th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to buy up to 3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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.