Sumitomo Mitsui Trust Group Inc. Sells 2,187 Shares of AutoZone, Inc. $AZO

Sumitomo Mitsui Trust Group Inc. decreased its stake in AutoZone, Inc. (NYSE:AZO) by 5.4% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 37,961 shares of the company’s stock after selling 2,187 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in AutoZone were worth $128,224,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in AZO. Morgan Stanley boosted its stake in shares of AutoZone by 17.8% in the 4th quarter. Morgan Stanley now owns 492,794 shares of the company’s stock valued at $1,671,323,000 after purchasing an additional 74,555 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in AutoZone by 1.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company’s stock valued at $1,312,654,000 after buying an additional 7,390 shares during the period. Norges Bank bought a new stake in AutoZone during the fourth quarter valued at $939,205,000. PineStone Asset Management Inc. grew its holdings in AutoZone by 1.5% during the 4th quarter. PineStone Asset Management Inc. now owns 269,173 shares of the company’s stock worth $912,900,000 after acquiring an additional 3,868 shares during the period. Finally, First Manhattan CO. LLC. grew its holdings in AutoZone by 2.7% during the 4th quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company’s stock worth $886,246,000 after acquiring an additional 6,765 shares during the period. 92.74% of the stock is currently owned by institutional investors.

AutoZone Trading Up 2.1%

AutoZone stock traded up $62.71 during midday trading on Friday, reaching $3,073.10. The stock had a trading volume of 204,042 shares, compared to its average volume of 506,020. The company has a fifty day moving average price of $3,195.88 and a two-hundred day moving average price of $3,430.89. AutoZone, Inc. has a 12 month low of $2,928.11 and a 12 month high of $4,388.11. The company has a market capitalization of $50.18 billion, a P/E ratio of 21.13, a PEG ratio of 1.53 and a beta of 0.33.

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

AutoZone declared that its board has authorized a stock buyback program on Tuesday, June 16th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, Director Brian Hannasch bought 165 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were bought at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the acquisition, the director directly owned 1,219 shares in the company, valued at approximately $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on AZO. Robert W. Baird dropped their price objective on AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 27th. JPMorgan Chase & Co. lowered their target price on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating for the company in a report on Wednesday, May 27th. The Goldman Sachs Group dropped their price target on AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. DA Davidson lowered their price objective on shares of AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Finally, Guggenheim dropped their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $4,040.87.

AutoZone Company Profile

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.