Comerica Bank Increases Stake in AutoZone, Inc. (NYSE:AZO)

Comerica Bank increased its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 5.4% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,262 shares of the company's stock after buying an additional 217 shares during the period. Comerica Bank's holdings in AutoZone were worth $13,647,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in AZO. Proficio Capital Partners LLC grew its holdings in shares of AutoZone by 482,040.2% during the fourth quarter. Proficio Capital Partners LLC now owns 419,462 shares of the company's stock worth $1,343,117,000 after purchasing an additional 419,375 shares in the last quarter. Norges Bank bought a new position in shares of AutoZone in the 4th quarter worth $834,556,000. Strategic Financial Concepts LLC purchased a new stake in shares of AutoZone during the 4th quarter valued at $471,629,000. Wealthfront Advisers LLC grew its position in AutoZone by 6,083.9% in the fourth quarter. Wealthfront Advisers LLC now owns 90,656 shares of the company's stock worth $290,281,000 after acquiring an additional 89,190 shares in the last quarter. Finally, Barclays PLC increased its stake in AutoZone by 82.6% in the fourth quarter. Barclays PLC now owns 170,216 shares of the company's stock valued at $545,033,000 after acquiring an additional 77,015 shares during the last quarter. Institutional investors own 92.74% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on AZO. Roth Mkm upped their price objective on AutoZone from $3,634.00 to $3,763.00 and gave the stock a "buy" rating in a report on Wednesday, March 5th. Guggenheim upped their price objective on shares of AutoZone from $3,750.00 to $3,850.00 and gave the company a "buy" rating in a research note on Wednesday, March 5th. Morgan Stanley lifted their target price on shares of AutoZone from $3,490.00 to $3,750.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 5th. StockNews.com raised AutoZone from a "hold" rating to a "buy" rating in a research note on Monday, April 28th. Finally, Wedbush restated an "outperform" rating and set a $3,700.00 target price on shares of AutoZone in a report on Wednesday, March 5th. Three equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, AutoZone has an average rating of "Buy" and a consensus target price of $3,821.91.

AutoZone Price Performance

Shares of NYSE:AZO traded down $29.37 during trading on Tuesday, hitting $3,746.18. 71,825 shares of the company's stock were exchanged, compared to its average volume of 131,705. AutoZone, Inc. has a 52-week low of $2,728.97 and a 52-week high of $3,916.81. The company has a market cap of $62.87 billion, a price-to-earnings ratio of 25.03, a PEG ratio of 1.86 and a beta of 0.44. The business's 50-day simple moving average is $3,630.81 and its 200 day simple moving average is $3,386.83.

AutoZone (NYSE:AZO - Get Free Report) last issued 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 company had revenue of $3.95 billion for the quarter, compared to analysts' expectations of $3.98 billion. On average, sell-side analysts anticipate that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

Insiders Place Their Bets

In other AutoZone news, VP Dennis W. Leriche sold 1,575 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $3,600.00, for a total transaction of $5,670,000.00. Following the transaction, the vice president now owns 417 shares in the company, valued at approximately $1,501,200. This represents a 79.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Domingo Hurtado sold 4,800 shares of the company's stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $3,660.00, for a total value of $17,568,000.00. Following the transaction, the vice president now directly owns 159 shares of the company's stock, valued at approximately $581,940. The trade was a 96.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,521 shares of company stock worth $42,177,331 over the last 90 days. Company insiders own 2.10% of the company's stock.

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.