Resona Asset Management Co. Ltd. Takes $21.51 Million Position in AutoZone, Inc. (NYSE:AZO)

Resona Asset Management Co. Ltd. acquired a new position in AutoZone, Inc. (NYSE:AZO) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 6,707 shares of the company’s stock, valued at approximately $21,506,000.

A number of other hedge funds have also bought and sold shares of the business. Headlands Technologies LLC bought a new position in shares of AutoZone in the fourth quarter worth $29,000. Flagship Wealth Advisors LLC bought a new position in AutoZone in the 4th quarter worth about $32,000. Harbour Investments Inc. grew its holdings in AutoZone by 42.9% during the 4th quarter. Harbour Investments Inc. now owns 10 shares of the company’s stock valued at $32,000 after buying an additional 3 shares in the last quarter. Crews Bank & Trust bought a new stake in shares of AutoZone during the fourth quarter valued at about $61,000. Finally, McIlrath & Eck LLC lifted its holdings in shares of AutoZone by 25.0% in the third quarter. McIlrath & Eck LLC now owns 20 shares of the company’s stock worth $63,000 after buying an additional 4 shares in the last quarter. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

AutoZone Price Performance

Shares of AutoZone stock opened at $3,654.02 on Friday. AutoZone, Inc. has a one year low of $2,728.97 and a one year high of $3,916.81. The stock has a market capitalization of $61.32 billion, a P/E ratio of 24.41, a price-to-earnings-growth ratio of 1.86 and a beta of 0.54. The business’s 50 day simple moving average is $3,531.36 and its two-hundred day simple moving average is $3,303.38.

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

Insider Buying and Selling

In related news, CEO Philip B. Daniele sold 2,000 shares of the firm’s stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $3,800.01, for a total value of $7,600,020.00. Following the completion of the sale, the chief executive officer now owns 163 shares of the company’s stock, valued at $619,401.63. This trade represents a 92.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Bailey L. Childress sold 160 shares of AutoZone stock in a transaction on 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 completion of the sale, the senior vice president now owns 50 shares in the company, valued at approximately $177,500. This trade represents a 76.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,721 shares of company stock valued at $24,609,331 over the last ninety days. 2.10% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. BMO Capital Markets boosted their price objective on shares of AutoZone from $3,700.00 to $3,850.00 and gave the company an “outperform” rating in a research note on Wednesday, March 5th. Roth Mkm upped their price target on shares of AutoZone from $3,634.00 to $3,763.00 and gave the stock a “buy” rating in a report on Wednesday, March 5th. Evercore ISI increased their price objective on AutoZone from $3,525.00 to $3,700.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 5th. Truist Financial upped their target price on AutoZone from $3,753.00 to $3,841.00 and gave the stock a “buy” rating in a research note on Wednesday, March 5th. Finally, Wedbush reiterated an “outperform” rating and set a $3,700.00 price target on shares of AutoZone in a research report on Wednesday, March 5th. Five equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $3,724.00.

AutoZone Company 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.