AutoZone, Inc. $AZO Shares Sold by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp lowered its stake in shares of AutoZone, Inc. (NYSE:AZO) by 12.4% in the third quarter, Holdings Channel reports. The institutional investor owned 22,733 shares of the company’s stock after selling 3,218 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in AutoZone were worth $97,530,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC grew its holdings in AutoZone by 14.4% during the 4th quarter. Brighton Jones LLC now owns 111 shares of the company’s stock worth $356,000 after acquiring an additional 14 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of AutoZone during the second quarter worth about $356,000. Park Avenue Securities LLC bought a new position in shares of AutoZone during the second quarter worth about $798,000. TD Private Client Wealth LLC grew its stake in AutoZone by 2.7% in the second quarter. TD Private Client Wealth LLC now owns 262 shares of the company’s stock worth $973,000 after purchasing an additional 7 shares in the last quarter. Finally, Maridea Wealth Management LLC acquired a new position in AutoZone in the second quarter worth about $323,000. Institutional investors own 92.74% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on AZO shares. JPMorgan Chase & Co. cut their price objective on AutoZone from $4,850.00 to $4,100.00 and set an “overweight” rating on the stock in a research note on Thursday, December 18th. BNP Paribas Exane lowered their price target on AutoZone from $4,811.00 to $4,268.00 and set an “outperform” rating for the company in a report on Wednesday, December 10th. DA Davidson dropped their price target on AutoZone from $4,850.00 to $4,500.00 and set a “buy” rating on the stock in a research report on Wednesday, December 10th. Truist Financial decreased their price objective on shares of AutoZone from $4,499.00 to $4,076.00 and set a “buy” rating for the company in a report on Wednesday, December 10th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $4,400.00 target price on shares of AutoZone in a research note on Wednesday, December 10th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $4,285.00.

Insider Activity at AutoZone

In other AutoZone news, Director Michael A. George bought 145 shares of the business’s stock in a transaction on Monday, December 22nd. The shares were purchased at an average price of $3,398.13 per share, with a total value of $492,728.85. Following the purchase, the director directly owned 566 shares of the company’s stock, valued at approximately $1,923,341.58. The trade was a 34.44% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director George R. Mrkonic, Jr. sold 97 shares of the business’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $3,341.99, for a total value of $324,173.03. Following the transaction, the director 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 SEC filing for this sale provides additional information. In the last 90 days, insiders have purchased 347 shares of company stock valued at $1,179,256 and have sold 3,837 shares valued at $13,445,423. 2.60% of the stock is currently owned by corporate insiders.

AutoZone Stock Performance

AutoZone stock opened at $3,698.69 on Friday. AutoZone, Inc. has a one year low of $3,210.72 and a one year high of $4,388.11. The company has a 50-day simple moving average of $3,585.72 and a 200-day simple moving average of $3,847.71. The firm has a market capitalization of $61.29 billion, a P/E ratio of 25.79, a P/E/G ratio of 1.77 and a beta of 0.42.

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

AutoZone announced that its board has authorized a stock repurchase program on Wednesday, October 8th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually 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.