Artisan Partners Limited Partnership Decreases Position in AutoZone, Inc. $AZO

Artisan Partners Limited Partnership decreased its stake in AutoZone, Inc. (NYSE:AZO) by 13.8% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 44,592 shares of the company’s stock after selling 7,128 shares during the quarter. Artisan Partners Limited Partnership’s holdings in AutoZone were worth $151,233,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of AZO. Norges Bank purchased a new stake in shares of AutoZone in the fourth quarter worth about $939,205,000. Morgan Stanley boosted its position in shares of AutoZone by 17.8% in the fourth quarter. Morgan Stanley now owns 492,794 shares of the company’s stock worth $1,671,323,000 after buying an additional 74,555 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in shares of 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 buying an additional 61,821 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of 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 buying an additional 50,071 shares during the period. Finally, AQR Capital Management LLC boosted its position in shares of 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 buying an additional 45,212 shares during the period. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Insider Activity at AutoZone

In other AutoZone news, Director Earl G. Graves, Jr. sold 50 shares of the company’s stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $3,478.72, for a total transaction of $173,936.00. Following the sale, the director owned 4,837 shares in the company, valued at $16,826,568.64. This represents a 1.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Brian Hannasch acquired 165 shares of the business’s stock in a transaction on Friday, May 29th. The shares were purchased at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the purchase, the director directly 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 SEC filing for this purchase provides additional information. Corporate insiders own 2.60% of the company’s stock.

Wall Street Analyst Weigh In

AZO has been the subject of several analyst reports. Raymond James Financial reaffirmed a “strong-buy” rating on shares of AutoZone in a research report on Wednesday, May 27th. UBS Group set a $4,800.00 price target on AutoZone in a report on Tuesday, March 3rd. Oppenheimer reissued an “outperform” rating and issued a $4,300.00 price target (up from $4,150.00) on shares of AutoZone in a report on Tuesday, March 10th. Citigroup reduced their price target on AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Finally, The Goldman Sachs Group reduced their price target on AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, AutoZone currently has a consensus rating of “Moderate Buy” and a consensus target price of $4,040.87.

AutoZone Stock Performance

Shares of AZO opened at $3,128.25 on Wednesday. The company has a market capitalization of $51.08 billion, a P/E ratio of 21.51, a P/E/G ratio of 1.58 and a beta of 0.35. AutoZone, Inc. has a one year low of $2,928.11 and a one year high of $4,388.11. The stock has a 50-day moving average price of $3,355.86 and a 200 day moving average price of $3,500.15.

AutoZone (NYSE:AZO) last issued 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. The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.AutoZone’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $35.36 earnings per share. As a group, equities research analysts forecast that AutoZone, Inc. will post 150.45 earnings per share for the current fiscal year.

AutoZone announced that its Board of Directors has initiated a stock buyback plan on Tuesday, June 16th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to buy up to 3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is 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.