Truist Financial Corp Has $20.38 Million Stock Position in AutoZone, Inc. $AZO

Truist Financial Corp reduced its position in AutoZone, Inc. (NYSE:AZO) by 17.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,751 shares of the company’s stock after selling 993 shares during the period. Truist Financial Corp’s holdings in AutoZone were worth $20,383,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AZO. Vanguard Group Inc. increased its holdings in AutoZone by 0.6% in the second quarter. Vanguard Group Inc. now owns 1,771,004 shares of the company’s stock worth $6,574,374,000 after buying an additional 11,142 shares during the last quarter. Laurel Wealth Advisors LLC grew its position in AutoZone by 371,123.0% in the second quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company’s stock worth $3,472,724,000 after acquiring an additional 935,230 shares in the last quarter. State Street Corp increased its stake in shares of AutoZone by 1.6% during the 2nd quarter. State Street Corp now owns 714,091 shares of the company’s stock worth $2,650,870,000 after purchasing an additional 11,088 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of AutoZone by 1.9% during the 2nd quarter. Geode Capital Management LLC now owns 444,671 shares of the company’s stock worth $1,649,228,000 after purchasing an additional 8,187 shares during the last quarter. Finally, Norges Bank bought a new position in shares of AutoZone during the 2nd quarter valued at $981,202,000. 92.74% of the stock is owned by hedge funds and other institutional investors.

AutoZone Stock Performance

NYSE AZO opened at $3,703.04 on Friday. The stock has a 50-day simple moving average of $3,576.54 and a 200 day simple moving average of $3,848.37. AutoZone, Inc. has a twelve month low of $3,210.72 and a twelve month high of $4,388.11. The stock has a market capitalization of $61.35 billion, a PE ratio of 25.82, a P/E/G ratio of 1.76 and a beta of 0.42.

AutoZone (NYSE:AZO) last released 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 business had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.64 billion. During the same period last year, the business earned $32.52 EPS. The business’s quarterly revenue was up 8.2% compared to the same quarter last year. As a group, equities research analysts forecast that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

AutoZone declared that its board has approved a stock repurchase plan on Wednesday, October 8th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at AutoZone

In related news, VP Richard Craig Smith sold 5,910 shares of the company’s stock in a transaction on Friday, January 23rd. The shares were sold at an average price of $3,700.00, for a total transaction of $21,867,000.00. Following the completion of the transaction, the vice president directly owned 2,627 shares in the company, valued at $9,719,900. This represents a 69.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Brian Hannasch purchased 147 shares of AutoZone stock in a transaction on Thursday, December 18th. The stock was bought at an average cost of $3,393.09 per share, with a total value of $498,784.23. Following the completion of the acquisition, the director owned 962 shares in the company, valued at approximately $3,264,152.58. This trade represents a 18.04% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have purchased 347 shares of company stock valued at $1,179,256 and have sold 9,447 shares valued at $34,179,923. 2.60% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AZO. 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. Wolfe Research cut AutoZone from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, December 16th. Zacks Research raised AutoZone from a “strong sell” rating to a “hold” rating in a report on Monday, November 24th. Robert W. Baird raised AutoZone to a “strong-buy” rating in a research note on Thursday, December 4th. Finally, Erste Group Bank lowered AutoZone from a “buy” rating to a “hold” rating in a report on Friday, October 31st. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $4,285.00.

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.