AutoZone, Inc. (NYSE:AZO) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System lessened its stake in shares of AutoZone, Inc. (NYSE:AZO) by 2.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,706 shares of the company’s stock after selling 100 shares during the period. State of Michigan Retirement System’s holdings in AutoZone were worth $14,832,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Parnassus Investments LLC increased its position in shares of AutoZone by 32.0% in the 4th quarter. Parnassus Investments LLC now owns 243,571 shares of the company’s stock valued at $629,780,000 after acquiring an additional 58,989 shares during the period. LGT Capital Partners LTD. raised its position in AutoZone by 32.2% during the 4th quarter. LGT Capital Partners LTD. now owns 27,250 shares of the company’s stock worth $70,458,000 after buying an additional 6,630 shares during the last quarter. Nomura Holdings Inc. acquired a new position in AutoZone during the fourth quarter valued at $879,000. SRS Capital Advisors Inc. boosted its stake in shares of AutoZone by 49.0% in the fourth quarter. SRS Capital Advisors Inc. now owns 155 shares of the company’s stock worth $401,000 after buying an additional 51 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in AutoZone during the fourth quarter valued at approximately $145,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

Insider Buying and Selling at AutoZone

In related news, VP Jenna M. Bedsole purchased 36 shares of AutoZone stock in a transaction dated Thursday, May 23rd. The shares were acquired at an average cost of $2,757.10 per share, with a total value of $99,255.60. Following the purchase, the vice president now owns 36 shares of the company’s stock, valued at $99,255.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on AZO. Wolfe Research dropped their price objective on shares of AutoZone from $3,150.00 to $3,000.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 22nd. Wedbush cut their price objective on shares of AutoZone from $3,400.00 to $3,200.00 and set an “outperform” rating for the company in a report on Wednesday, May 22nd. Truist Financial dropped their target price on AutoZone from $3,523.00 to $3,394.00 and set a “buy” rating on the stock in a research report on Wednesday, May 22nd. Evercore ISI reduced their price target on AutoZone from $3,278.00 to $3,275.00 and set an “outperform” rating for the company in a report on Tuesday. Finally, Guggenheim boosted their price objective on AutoZone from $3,150.00 to $3,225.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. Three investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $3,112.71.

AutoZone Price Performance

Shares of AutoZone stock opened at $2,867.32 on Wednesday. The stock’s 50 day simple moving average is $2,891.70 and its 200-day simple moving average is $2,866.94. The stock has a market cap of $48.97 billion, a P/E ratio of 19.83, a P/E/G ratio of 1.49 and a beta of 0.71. AutoZone, Inc. has a 1-year low of $2,375.35 and a 1-year high of $3,256.37.

AutoZone (NYSE:AZO) last issued its earnings results on Tuesday, May 21st. The company reported $36.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $35.67 by $1.02. The company had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $4.29 billion. AutoZone had a negative return on equity of 54.58% and a net margin of 14.60%. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the business earned $34.12 EPS. As a group, research analysts expect that AutoZone, Inc. will post 151.57 EPS for the current fiscal year.

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.