Principal Financial Group Inc. Sells 175 Shares of AutoZone, Inc. $AZO

Principal Financial Group Inc. lessened its position in AutoZone, Inc. (NYSE:AZO) by 0.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 20,177 shares of the company’s stock after selling 175 shares during the period. Principal Financial Group Inc. owned 0.12% of AutoZone worth $86,564,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Aspect Partners LLC raised its position in AutoZone by 700.0% during the 2nd quarter. Aspect Partners LLC now owns 8 shares of the company’s stock valued at $30,000 after purchasing an additional 7 shares during the last quarter. Global Trust Asset Management LLC increased its stake in shares of AutoZone by 600.0% during the third quarter. Global Trust Asset Management LLC now owns 7 shares of the company’s stock valued at $30,000 after buying an additional 6 shares during the period. Bank of Jackson Hole Trust bought a new position in shares of AutoZone during the second quarter valued at approximately $33,000. NewSquare Capital LLC lifted its stake in AutoZone by 50.0% in the second quarter. NewSquare Capital LLC now owns 9 shares of the company’s stock worth $33,000 after acquiring an additional 3 shares during the period. Finally, Loomis Sayles & Co. L P bought a new position in AutoZone in the 2nd quarter worth $33,000. 92.74% of the stock is owned by institutional investors.

Insider Activity

In other AutoZone news, Director George R. Mrkonic, Jr. sold 97 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $3,341.99, for a total transaction of $324,173.03. Following the sale, the director directly owned 3,564 shares in the company, valued at approximately $11,910,852.36. This trade represents a 2.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Brian Hannasch bought 147 shares of AutoZone stock in a transaction on Thursday, December 18th. The stock was acquired at an average cost of $3,393.09 per share, with a total value of $498,784.23. Following the acquisition, the director owned 962 shares in the company, valued at approximately $3,264,152.58. This represents a 18.04% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have bought 347 shares of company stock valued at $1,179,256 and have sold 9,447 shares valued at $34,179,923. Corporate insiders own 2.60% of the company’s stock.

AutoZone Price Performance

Shares of NYSE:AZO opened at $3,731.09 on Tuesday. The business has a fifty day moving average price of $3,574.17 and a 200-day moving average price of $3,851.23. The company has a market capitalization of $61.82 billion, a PE ratio of 26.02, a PEG ratio of 1.76 and a beta of 0.42. AutoZone, Inc. has a 1-year low of $3,210.72 and a 1-year high of $4,388.11.

AutoZone (NYSE:AZO) last announced its quarterly 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). The firm had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.64 billion. AutoZone had a negative return on equity of 65.38% and a net margin of 12.78%.The business’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $32.52 EPS. On average, sell-side analysts anticipate that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

AutoZone declared that its Board of Directors has authorized a share buyback program on Wednesday, October 8th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts recently issued reports on AZO shares. JPMorgan Chase & Co. reduced their price target on shares of AutoZone from $4,850.00 to $4,100.00 and set an “overweight” rating on the stock in a research report on Thursday, December 18th. TD Cowen cut their price objective on AutoZone from $4,900.00 to $4,400.00 and set a “buy” rating on the stock in a research report on Wednesday, December 10th. Jefferies Financial Group reissued a “buy” rating and issued a $4,400.00 target price on shares of AutoZone in a research report on Wednesday, December 10th. Robert W. Baird upgraded AutoZone to a “strong-buy” rating in a research note on Thursday, December 4th. Finally, Zacks Research raised AutoZone from a “strong sell” rating to a “hold” rating in a research note on Monday, November 24th. Two 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.