Renaissance Group LLC Decreases Position in AutoZone, Inc. (NYSE:AZO)

Renaissance Group LLC lessened its position in AutoZone, Inc. (NYSE:AZO) by 54.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 150 shares of the company’s stock after selling 180 shares during the period. Renaissance Group LLC’s holdings in AutoZone were worth $480,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC raised its stake in shares of AutoZone by 482,040.2% in the fourth quarter. Proficio Capital Partners LLC now owns 419,462 shares of the company’s stock worth $1,343,117,000 after purchasing an additional 419,375 shares during the last quarter. Norges Bank purchased a new position in AutoZone in the 4th quarter worth about $834,556,000. Strategic Financial Concepts LLC bought a new position in AutoZone during the 4th quarter valued at about $471,629,000. Wealthfront Advisers LLC boosted its holdings in shares of AutoZone by 6,083.9% during the 4th quarter. Wealthfront Advisers LLC now owns 90,656 shares of the company’s stock valued at $290,281,000 after acquiring an additional 89,190 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of AutoZone in the fourth quarter worth approximately $189,483,000. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at AutoZone

In other news, VP Dennis W. Leriche sold 1,575 shares of the business’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $3,600.00, for a total value of $5,670,000.00. Following the sale, the vice president now directly owns 417 shares in the company, valued at $1,501,200. The trade was a 79.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Bailey L. Childress sold 160 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $3,550.00, for a total transaction of $568,000.00. Following the sale, the senior vice president now owns 50 shares in the company, valued at $177,500. This represents a 76.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,721 shares of company stock valued at $24,609,331. 2.10% of the stock is currently owned by insiders.

AutoZone Price Performance

AZO stock opened at $3,500.11 on Wednesday. The company has a market capitalization of $58.74 billion, a price-to-earnings ratio of 23.38, a PEG ratio of 1.86 and a beta of 0.54. AutoZone, Inc. has a 1-year low of $2,728.97 and a 1-year high of $3,916.81. The business has a 50 day simple moving average of $3,540.75 and a two-hundred day simple moving average of $3,312.81.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, March 4th. The company reported $28.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $29.11 by ($0.82). The company had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.98 billion. AutoZone had a net margin of 14.18% and a negative return on equity of 53.89%. Sell-side analysts anticipate that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on AZO. Barclays increased their price objective on shares of AutoZone from $3,024.00 to $3,585.00 and gave the company an “overweight” rating in a research report on Thursday, January 9th. BMO Capital Markets raised their price target on AutoZone from $3,700.00 to $3,850.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 5th. UBS Group upped their price objective on AutoZone from $3,875.00 to $4,025.00 and gave the company a “buy” rating in a research report on Wednesday, March 5th. Bank of America raised their target price on AutoZone from $3,600.00 to $3,700.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 5th. Finally, Wedbush reaffirmed an “outperform” rating and set a $3,700.00 price target on shares of AutoZone in a research report on Wednesday, March 5th. Five analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, AutoZone has an average rating of “Moderate Buy” and an average target price of $3,724.00.

AutoZone 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.