Vestcor Inc Reduces Stake in AutoZone, Inc. (NYSE:AZO)

Vestcor Inc lowered its holdings in AutoZone, Inc. (NYSE:AZO) by 0.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,442 shares of the company’s stock after selling 23 shares during the period. Vestcor Inc’s holdings in AutoZone were worth $7,819,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of AZO. Proficio Capital Partners LLC raised its position 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 valued at $1,343,117,000 after purchasing an additional 419,375 shares during the period. Strategic Financial Concepts LLC bought a new stake in shares of AutoZone in the fourth quarter valued at approximately $471,629,000. Wealthfront Advisers LLC raised its position in shares of AutoZone by 6,083.9% in the fourth quarter. Wealthfront Advisers LLC now owns 90,656 shares of the company’s stock valued at $290,281,000 after purchasing an additional 89,190 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of AutoZone by 186.8% in the third quarter. The Manufacturers Life Insurance Company now owns 92,870 shares of the company’s stock valued at $292,544,000 after purchasing an additional 60,483 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of AutoZone in the fourth quarter valued at approximately $189,483,000. Institutional investors own 92.74% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on AZO. Barclays boosted their price target 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. Roth Capital set a $3,763.00 target price on shares of AutoZone in a report on Wednesday, March 5th. Bank of America upped their target price on shares of AutoZone from $3,600.00 to $3,700.00 and gave the stock a “neutral” rating in a report on Wednesday, March 5th. TD Cowen upped their target price on shares of AutoZone from $3,450.00 to $3,800.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Finally, UBS Group upped their target price on shares of AutoZone from $3,875.00 to $4,025.00 and gave the stock a “buy” rating in a report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, fifteen have assigned a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $3,651.91.

AutoZone Stock Performance

Shares of AutoZone stock opened at $3,545.76 on Thursday. AutoZone, Inc. has a 52-week low of $2,728.97 and a 52-week high of $3,704.43. The stock has a market capitalization of $59.50 billion, a price-to-earnings ratio of 23.69, a price-to-earnings-growth ratio of 1.86 and a beta of 0.71. The company has a fifty day moving average of $3,390.02 and a 200-day moving average of $3,238.89.

AutoZone (NYSE:AZO) last announced its quarterly earnings data 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). AutoZone had a net margin of 14.18% and a negative return on equity of 53.89%. The business had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.98 billion. On average, equities research analysts forecast that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

Insider Activity

In other AutoZone news, SVP Bailey L. Childress sold 160 shares of the 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 of the company’s stock, valued at $177,500. This represents a 76.19 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Dennis W. Leriche sold 1,575 shares of the stock in a transaction on Friday, March 7th. The shares were sold at an average price of $3,600.00, for a total transaction of $5,670,000.00. Following the sale, the vice president now directly owns 417 shares of the company’s stock, valued at $1,501,200. The trade was a 79.07 % decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by corporate insiders.

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.