Principal Financial Group Inc. Reduces Stock Position in AutoZone, Inc. $AZO

Principal Financial Group Inc. cut its stake in AutoZone, Inc. (NYSE:AZO) by 0.9% in the third quarter, HoldingsChannel.com reports. The fund owned 20,177 shares of the company’s stock after selling 175 shares during the period. Principal Financial Group Inc.’s holdings in AutoZone were worth $86,564,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of AutoZone by 0.6% during the 2nd quarter. Vanguard Group Inc. now owns 1,771,004 shares of the company’s stock valued at $6,574,374,000 after buying an additional 11,142 shares during the period. Laurel Wealth Advisors LLC increased its position in AutoZone by 371,123.0% during the second quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company’s stock valued at $3,472,724,000 after acquiring an additional 935,230 shares during the last quarter. State Street Corp lifted its holdings in AutoZone by 1.6% in the second quarter. State Street Corp now owns 714,091 shares of the company’s stock valued at $2,650,870,000 after acquiring an additional 11,088 shares during the period. Geode Capital Management LLC lifted its holdings in AutoZone by 1.9% in the second quarter. Geode Capital Management LLC now owns 444,671 shares of the company’s stock valued at $1,649,228,000 after acquiring an additional 8,187 shares during the period. Finally, Norges Bank purchased a new position in AutoZone in the second quarter worth about $981,202,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on AZO shares. Erste Group Bank cut shares of AutoZone from a “buy” rating to a “hold” rating in a research note on Friday, October 31st. Barclays set a $3,880.00 price target on shares of AutoZone in a research report on Thursday, January 8th. Wells Fargo & Company dropped their price target on shares of AutoZone from $4,700.00 to $4,500.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 10th. Truist Financial reduced their price objective on AutoZone from $4,499.00 to $4,076.00 and set a “buy” rating for the company in a research note on Wednesday, December 10th. Finally, Zacks Research upgraded AutoZone from a “strong sell” rating to a “hold” rating in a research report on Monday, November 24th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $4,285.00.

AutoZone Stock Performance

Shares of AutoZone stock opened at $3,731.09 on Tuesday. AutoZone, Inc. has a fifty-two week low of $3,210.72 and a fifty-two week high of $4,388.11. The company has a market capitalization of $61.82 billion, a P/E ratio of 26.02, a P/E/G ratio of 1.76 and a beta of 0.42. The company has a fifty day moving average of $3,574.17 and a 200 day moving average of $3,851.23.

AutoZone (NYSE:AZO) last released its quarterly earnings data on Tuesday, December 9th. The company reported $31.04 earnings per share for the quarter, missing analysts’ consensus estimates of $32.69 by ($1.65). The business had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.64 billion. AutoZone had a negative return on equity of 65.38% and a net margin of 12.78%.The business’s revenue was up 8.2% on a year-over-year basis. During the same period last year, the company earned $32.52 EPS. Analysts forecast that AutoZone, Inc. will post 152.94 EPS for the current year.

AutoZone declared that its Board of Directors has approved a share repurchase plan on Wednesday, October 8th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other AutoZone news, Director George R. Mrkonic, Jr. sold 97 shares of the stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $3,341.99, for a total transaction of $324,173.03. Following the completion of the sale, the director directly owned 3,564 shares of the company’s stock, valued at $11,910,852.36. This trade represents a 2.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Richard Craig Smith sold 5,910 shares of the business’s stock in a transaction on Friday, January 23rd. The stock was sold at an average price of $3,700.00, for a total transaction of $21,867,000.00. Following the completion of the transaction, the vice president directly owned 2,627 shares in the company, valued at $9,719,900. This trade represents a 69.23% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders purchased 347 shares of company stock worth $1,179,256 and sold 9,447 shares worth $34,179,923. 2.60% of the stock is owned by company insiders.

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.