Vaughan Nelson Investment Management L.P. Cuts Stake in AutoZone, Inc. (NYSE:AZO)

Vaughan Nelson Investment Management L.P. cut its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 36.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,820 shares of the company’s stock after selling 3,324 shares during the period. Vaughan Nelson Investment Management L.P.’s holdings in AutoZone were worth $18,342,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of AZO. International Assets Investment Management LLC raised its stake in shares of AutoZone by 232,194.6% in the fourth quarter. International Assets Investment Management LLC now owns 731,728 shares of the company’s stock worth $1,891,963,000 after buying an additional 731,413 shares during the period. Royal Bank of Canada increased its stake in AutoZone by 1.3% in the 3rd quarter. Royal Bank of Canada now owns 441,566 shares of the company’s stock worth $1,121,572,000 after acquiring an additional 5,650 shares during the last quarter. Wellington Management Group LLP increased its stake in AutoZone by 111.4% in the 3rd quarter. Wellington Management Group LLP now owns 335,190 shares of the company’s stock worth $851,379,000 after acquiring an additional 176,623 shares during the last quarter. Norges Bank purchased a new position in shares of AutoZone in the 4th quarter worth approximately $678,350,000. Finally, Morgan Stanley boosted its holdings in shares of AutoZone by 4.5% in the 3rd quarter. Morgan Stanley now owns 259,964 shares of the company’s stock worth $660,309,000 after purchasing an additional 11,104 shares during the period. 92.74% of the stock is owned by hedge funds and other institutional investors.

AutoZone Price Performance

NYSE:AZO opened at $2,867.32 on Wednesday. The firm has a market capitalization of $48.97 billion, a PE ratio of 19.85, a price-to-earnings-growth ratio of 1.49 and a beta of 0.71. AutoZone, Inc. has a 12 month low of $2,375.35 and a 12 month high of $3,256.37. The business’s 50-day moving average is $2,891.70 and its two-hundred day moving average is $2,866.94.

AutoZone (NYSE:AZO) last issued its earnings results on Tuesday, May 21st. The company reported $36.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $35.67 by $1.02. The firm had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.29 billion. AutoZone had a net margin of 14.60% and a negative return on equity of 54.58%. AutoZone’s revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the company posted $34.12 earnings per share. Equities analysts anticipate that AutoZone, Inc. will post 151.57 EPS for the current year.

Analysts Set New Price Targets

AZO has been the subject of a number of recent analyst reports. Guggenheim boosted their price objective on AutoZone from $3,150.00 to $3,225.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Morgan Stanley reduced their target price on AutoZone from $3,100.00 to $3,038.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 22nd. StockNews.com lowered AutoZone from a “buy” rating to a “hold” rating in a research report on Friday, April 12th. Truist Financial dropped their price target on AutoZone from $3,523.00 to $3,394.00 and set a “buy” rating on the stock in a research note on Wednesday, May 22nd. Finally, Barclays lowered their target price on AutoZone from $3,100.00 to $3,024.00 and set an “overweight” rating on the stock in a research note on Thursday, May 23rd. Three equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, AutoZone currently has an average rating of “Moderate Buy” and an average target price of $3,112.71.

Insider Buying and Selling

In other AutoZone news, VP Jenna M. Bedsole purchased 36 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were purchased at an average price of $2,757.10 per share, for a total transaction of $99,255.60. Following the completion of the transaction, the vice president now owns 36 shares in the company, valued at approximately $99,255.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.50% of the stock is owned by corporate insiders.

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.