Sumitomo Mitsui Trust Holdings Inc. Reduces Stock Position in AutoZone, Inc. (NYSE:AZO)

Sumitomo Mitsui Trust Holdings Inc. lowered its stake in shares of AutoZone, Inc. (NYSE:AZO) by 8.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 41,028 shares of the company’s stock after selling 3,579 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.24% of AutoZone worth $121,611,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in AZO. Norges Bank purchased a new stake in shares of AutoZone during the fourth quarter worth $678,350,000. PineStone Asset Management Inc. raised its position in shares of AutoZone by 137.6% in the second quarter. PineStone Asset Management Inc. now owns 310,043 shares of the company’s stock worth $918,998,000 after buying an additional 179,543 shares in the last quarter. Captrust Financial Advisors raised its position in shares of AutoZone by 564.2% in the first quarter. Captrust Financial Advisors now owns 152,091 shares of the company’s stock worth $479,338,000 after buying an additional 129,193 shares in the last quarter. Bessemer Group Inc. raised its position in shares of AutoZone by 106.7% in the first quarter. Bessemer Group Inc. now owns 117,891 shares of the company’s stock worth $371,552,000 after buying an additional 60,852 shares in the last quarter. Finally, Parnassus Investments LLC raised its position in shares of AutoZone by 32.0% in the fourth quarter. Parnassus Investments LLC now owns 243,571 shares of the company’s stock worth $629,780,000 after buying an additional 58,989 shares in the last quarter. Hedge funds and other institutional investors own 92.74% of the company’s stock.

AutoZone Trading Up 1.4 %

Shares of NYSE:AZO traded up $43.93 on Friday, reaching $3,212.87. 86,317 shares of the company traded hands, compared to its average volume of 145,562. The stock has a market capitalization of $54.89 billion, a P/E ratio of 22.22, a price-to-earnings-growth ratio of 1.58 and a beta of 0.71. AutoZone, Inc. has a 52 week low of $2,375.35 and a 52 week high of $3,256.37. The business’s 50-day simple moving average is $2,982.53 and its 200 day simple moving average is $2,955.51.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, May 21st. The company reported $36.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $35.67 by $1.02. The company had revenue of $4.24 billion for 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%. AutoZone’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the firm earned $34.12 earnings per share. Sell-side analysts expect that AutoZone, Inc. will post 151.37 EPS for the current fiscal year.

Insider Buying and Selling

In other AutoZone news, VP Jenna M. Bedsole bought 36 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were bought at an average cost of $2,757.10 per share, with a total value of $99,255.60. Following the completion of the purchase, the vice president now directly owns 36 shares of the company’s stock, valued at $99,255.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Wolfe Research lowered their price objective on AutoZone from $3,150.00 to $3,000.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 22nd. Mizuho lowered their price objective on AutoZone from $3,450.00 to $3,280.00 and set a “buy” rating on the stock in a research report on Wednesday, May 22nd. Oppenheimer restated a “market perform” rating and set a $2,600.00 price target on shares of AutoZone in a research report on Wednesday, June 26th. Citigroup lowered their price target on AutoZone from $3,420.00 to $3,250.00 and set a “buy” rating on the stock in a research report on Wednesday, May 22nd. Finally, UBS Group lowered their price target on AutoZone from $3,465.00 to $3,340.00 and set a “buy” rating on the stock in a research report on Wednesday, May 22nd. Three 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. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $3,112.71.

AutoZone Company Profile

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.