Alta Capital Management LLC Buys 1,622 Shares of AutoZone, Inc. $AZO

Key Points

• Alta Capital Management LLC increased its stake in AutoZone, Inc. by 15.3%, acquiring an additional 1,622 shares during the second quarter, making it the 15th biggest position in its portfolio.
• Multiple hedge funds have significantly raised their holdings in AutoZone, including Livforsakringsbolaget Skandia Omsesidigt, which boosted its stake by 7,358.8%, now owning 243,231 shares.
• Analysts have given AutoZone an average rating of "Moderate Buy" with an average target price of $4,544.68, reflecting strong market confidence despite recent earnings that missed estimates.

Alta Capital Management LLC increased its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 15.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,239 shares of the company's stock after purchasing an additional 1,622 shares during the quarter. AutoZone comprises about 2.6% of Alta Capital Management LLC's portfolio, making the stock its 15th biggest position. Alta Capital Management LLC owned 0.07% of AutoZone worth $45,434,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in AutoZone by 7,358.8% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 243,231 shares of the company's stock valued at $902,929,000 after acquiring an additional 239,970 shares during the last quarter. Nuveen LLC acquired a new stake in shares of AutoZone during the first quarter worth $442,530,000. JPMorgan Chase & Co. raised its holdings in shares of AutoZone by 7.5% during the first quarter. JPMorgan Chase & Co. now owns 936,401 shares of the company's stock worth $3,570,296,000 after acquiring an additional 65,368 shares during the period. Ninety One UK Ltd raised its holdings in shares of AutoZone by 349.5% during the second quarter. Ninety One UK Ltd now owns 74,400 shares of the company's stock worth $276,190,000 after acquiring an additional 57,849 shares during the period. Finally, Vontobel Holding Ltd. increased its stake in AutoZone by 4,484.3% in the 2nd quarter. Vontobel Holding Ltd. now owns 27,185 shares of the company's stock valued at $100,917,000 after buying an additional 26,592 shares during the last quarter. 92.74% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on AZO. The Goldman Sachs Group boosted their price objective on shares of AutoZone from $3,894.00 to $4,090.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 24th. Guggenheim lifted their target price on shares of AutoZone from $4,100.00 to $4,600.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. DA Davidson reaffirmed a "buy" rating and set a $4,850.00 target price on shares of AutoZone in a report on Wednesday, September 24th. UBS Group cut their price objective on shares of AutoZone from $4,925.00 to $4,800.00 and set a "buy" rating for the company in a report on Wednesday, September 24th. Finally, Wolfe Research started coverage on shares of AutoZone in a report on Thursday, September 18th. They issued an "outperform" rating and a $4,741.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $4,544.68.

Insider Activity at AutoZone

In other news, VP Richard Craig Smith sold 3,000 shares of the stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the transaction, the vice president owned 2,925 shares in the company, valued at $11,337,007.50. This represents a 50.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP John Scott Murphy sold 2,860 shares of the stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $4,175.70, for a total transaction of $11,942,502.00. Following the completion of the sale, the vice president directly owned 1,244 shares of the company's stock, valued at $5,194,570.80. This represents a 69.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is owned by corporate insiders.

AutoZone Price Performance

AZO opened at $4,031.45 on Thursday. AutoZone, Inc. has a fifty-two week low of $2,980.10 and a fifty-two week high of $4,388.11. The company's 50-day moving average is $4,152.19 and its 200 day moving average is $3,862.30. The firm has a market capitalization of $67.65 billion, a P/E ratio of 27.83, a PEG ratio of 1.91 and a beta of 0.40.

AutoZone (NYSE:AZO - Get Free Report) last announced its earnings results on Tuesday, September 23rd. The company reported $48.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $50.52 by ($1.81). The company had revenue of $6.24 billion for the quarter, compared to the consensus estimate of $6.26 billion. AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The company's revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $51.58 earnings per share. On average, equities research analysts expect that AutoZone, Inc. will post 152.94 earnings per share for the current year.

AutoZone announced that its Board of Directors has initiated a share repurchase program on Wednesday, October 8th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its shares are undervalued.

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.

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