Principal Financial Group Inc. Sells 467 Shares of AutoZone, Inc. $AZO

Principal Financial Group Inc. trimmed its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 2.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 21,431 shares of the company’s stock after selling 467 shares during the quarter. Principal Financial Group Inc. owned 0.13% of AutoZone worth $72,389,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of AZO. Brookstone Capital Management raised its holdings in shares of AutoZone by 2.1% during the fourth quarter. Brookstone Capital Management now owns 147 shares of the company’s stock worth $499,000 after acquiring an additional 3 shares during the period. Sigma Planning Corp boosted its stake in AutoZone by 3.6% in the 4th quarter. Sigma Planning Corp now owns 86 shares of the company’s stock worth $292,000 after purchasing an additional 3 shares during the period. Midwest Trust Co increased its holdings in AutoZone by 4.2% during the 4th quarter. Midwest Trust Co now owns 74 shares of the company’s stock worth $251,000 after purchasing an additional 3 shares in the last quarter. Arrowroot Family Office LLC increased its holdings in AutoZone by 5.4% during the 4th quarter. Arrowroot Family Office LLC now owns 59 shares of the company’s stock worth $200,000 after purchasing an additional 3 shares in the last quarter. Finally, MCF Advisors LLC raised its stake in shares of AutoZone by 50.0% in the 4th quarter. MCF Advisors LLC now owns 9 shares of the company’s stock valued at $31,000 after purchasing an additional 3 shares during the period. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Brian Hannasch purchased 165 shares of the company’s stock in a transaction on Friday, May 29th. The shares were purchased at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the transaction, the director owned 1,219 shares of the company’s stock, valued at $3,641,153. The trade was a 15.65% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on AZO shares. Weiss Ratings upgraded AutoZone from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. Raymond James Financial reiterated a “strong-buy” rating on shares of AutoZone in a report on Wednesday, May 27th. JPMorgan Chase & Co. dropped their target price on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 27th. Roth Capital reduced their price target on AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Finally, TD Cowen reaffirmed a “buy” rating and set a $3,700.00 price target on shares of AutoZone in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned 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 a consensus target price of $4,040.87.

AutoZone Stock Performance

AZO opened at $3,058.79 on Friday. AutoZone, Inc. has a 52-week low of $2,928.11 and a 52-week high of $4,388.11. The firm has a market capitalization of $49.95 billion, a PE ratio of 21.03, a PEG ratio of 1.51 and a beta of 0.33. The business’s 50-day simple moving average is $3,151.63 and its 200 day simple moving average is $3,419.07.

AutoZone (NYSE:AZO) last posted its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating analysts’ consensus estimates of $36.22 by $1.85. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. During the same period last year, the company earned $35.36 earnings per share. The business’s revenue was up 8.4% compared to the same quarter last year. On average, research analysts forecast that AutoZone, Inc. will post 150.51 earnings per share for the current year.

AutoZone declared that its board has authorized a stock repurchase program on Tuesday, June 16th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to purchase up to 3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are 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.