PNC Financial Services Group Inc. Cuts Stake in AutoZone, Inc. $AZO

PNC Financial Services Group Inc. lessened its holdings in AutoZone, Inc. (NYSE:AZO) by 1.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 41,938 shares of the company’s stock after selling 482 shares during the period. PNC Financial Services Group Inc.’s holdings in AutoZone were worth $142,233,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC raised its stake in shares of AutoZone by 14.4% in the fourth quarter. Brighton Jones LLC now owns 111 shares of the company’s stock valued at $356,000 after acquiring an additional 14 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in AutoZone during the 2nd quarter worth about $356,000. Guggenheim Capital LLC raised its position in AutoZone by 3.8% in the 2nd quarter. Guggenheim Capital LLC now owns 248 shares of the company’s stock valued at $921,000 after purchasing an additional 9 shares in the last quarter. NewEdge Advisors LLC raised its position in AutoZone by 8.9% in the 2nd quarter. NewEdge Advisors LLC now owns 1,376 shares of the company’s stock valued at $5,110,000 after purchasing an additional 112 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its stake in shares of AutoZone by 52.3% in the 2nd quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company’s stock valued at $43,667,000 after buying an additional 4,039 shares during the period. Institutional investors and hedge funds own 92.74% of the company’s stock.

Wall Street Analyst Weigh In

AZO has been the subject of a number of analyst reports. TD Cowen lowered their price objective on AutoZone from $4,400.00 to $4,250.00 and set a “buy” rating for the company in a research report on Monday, March 16th. Oppenheimer reiterated an “outperform” rating and issued a $4,300.00 price target (up from $4,150.00) on shares of AutoZone in a research note on Tuesday, March 10th. Citigroup increased their price objective on shares of AutoZone from $4,200.00 to $4,300.00 and gave the company a “buy” rating in a research report on Wednesday, March 4th. Evercore raised their price objective on shares of AutoZone from $4,100.00 to $4,125.00 and gave the company an “outperform” rating in a report on Friday, February 27th. Finally, Truist Financial decreased their price objective on shares of AutoZone from $4,076.00 to $4,045.00 and set a “buy” rating for the company in a research report on Wednesday, March 4th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, AutoZone currently has an average rating of “Moderate Buy” and a consensus target price of $4,290.91.

Insider Buying and Selling

In related news, Director Earl G. Graves, Jr. sold 50 shares of AutoZone stock in a transaction on Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total transaction of $173,936.00. Following the sale, the director directly owned 4,837 shares in the company, valued at $16,826,568.64. This trade represents a 1.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.60% of the stock is owned by corporate insiders.

AutoZone Stock Up 2.2%

AZO stock opened at $3,419.67 on Thursday. The business has a 50 day moving average price of $3,473.64 and a 200 day moving average price of $3,588.47. The stock has a market cap of $56.36 billion, a price-to-earnings ratio of 23.96, a PEG ratio of 1.72 and a beta of 0.43. AutoZone, Inc. has a fifty-two week low of $3,210.72 and a fifty-two week high of $4,388.11.

AutoZone (NYSE:AZO) last released its quarterly earnings data on Tuesday, March 3rd. The company reported $27.63 earnings per share for the quarter, topping analysts’ consensus estimates of $27.59 by $0.04. The company had revenue of $4.27 billion for the quarter, compared to analysts’ expectations of $4.31 billion. AutoZone had a net margin of 12.47% and a negative return on equity of 72.31%. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter last year, the company earned $28.29 earnings per share. As a group, sell-side analysts anticipate that AutoZone, Inc. will post 148.93 EPS for the current year.

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.