AutoZone, Inc. $AZO is Evercore Wealth Management LLC's 10th Largest Position

Key Points

• Evercore Wealth Management reduced its AutoZone stake by 1% in the first quarter, selling 536 shares and retaining 51,425 shares valued at approximately $173.7 million. AutoZone remains 2.7% of the firm’s portfolio and its 10th-largest holding.
• AutoZone reported quarterly EPS of $38.07, exceeding estimates of $36.22, while revenue rose 8.4% year over year to $4.84 billion. The company also authorized a $1.5 billion share-repurchase program, covering up to 3% of outstanding shares.
• Despite several analysts cutting price targets, AutoZone maintains a “Moderate Buy” consensus rating with an average target of $4,040.87, well above its reported share price of $3,070.25. Director Brian Hannasch also purchased 165 shares, increasing his position by 15.65%.

Evercore Wealth Management LLC lowered its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 1.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 51,425 shares of the company's stock after selling 536 shares during the period. AutoZone comprises 2.7% of Evercore Wealth Management LLC's portfolio, making the stock its 10th largest holding. Evercore Wealth Management LLC owned approximately 0.31% of AutoZone worth $173,702,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of AZO. Brookstone Capital Management increased its stake in shares of AutoZone by 2.1% during the 4th quarter. Brookstone Capital Management now owns 147 shares of the company's stock worth $499,000 after purchasing an additional 3 shares in the last quarter. Sigma Planning Corp lifted its stake in AutoZone by 3.6% in the 4th quarter. Sigma Planning Corp now owns 86 shares of the company's stock valued at $292,000 after buying an additional 3 shares in the last quarter. Midwest Trust Co grew its holdings in AutoZone by 4.2% during the 4th quarter. Midwest Trust Co now owns 74 shares of the company's stock valued at $251,000 after buying an additional 3 shares during the last quarter. Arrowroot Family Office LLC grew its holdings in AutoZone by 5.4% during the 4th quarter. Arrowroot Family Office LLC now owns 59 shares of the company's stock valued at $200,000 after buying an additional 3 shares during the last quarter. Finally, MCF Advisors LLC increased its position in AutoZone by 50.0% during the fourth quarter. MCF Advisors LLC now owns 9 shares of the company's stock worth $31,000 after buying an additional 3 shares in the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

Insiders Place Their Bets

In other AutoZone news, Director Brian Hannasch bought 165 shares of AutoZone stock in a transaction that occurred on Friday, May 29th. The shares were purchased at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the transaction, the director owned 1,219 shares of the company's stock, valued at $3,641,153. This represents a 15.65% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.60% of the company's stock.

AutoZone Stock Performance

Shares of AZO opened at $3,070.25 on Tuesday. AutoZone, Inc. has a fifty-two week low of $2,902.20 and a fifty-two week high of $4,388.11. The company has a market capitalization of $50.12 billion, a PE ratio of 21.11, a price-to-earnings-growth ratio of 1.50 and a beta of 0.33. The stock has a fifty day moving average of $3,095.65 and a two-hundred day moving average of $3,401.79.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $36.22 by $1.85. The business had revenue of $4.84 billion for the quarter, compared to analysts' expectations of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The business's revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the firm earned $35.36 earnings per share. As a group, equities research analysts forecast that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

AutoZone declared that its board has approved a share buyback plan on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to reacquire up to 3% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Robert W. Baird cut their price target on AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating for the company in a report on Wednesday, May 27th. BMO Capital Markets decreased their price objective on AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 27th. Jefferies Financial Group dropped their price objective on AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating for the company in a research report on Wednesday, May 27th. JPMorgan Chase & Co. cut their target price on shares of AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating for the company in a research note on Wednesday, May 27th. Finally, Citigroup cut their target price on shares of AutoZone from $4,300.00 to $3,700.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, AutoZone currently has an average rating of "Moderate Buy" and a consensus target price of $4,040.87.

About AutoZone

AutoZone, Inc NYSE: AZO is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.

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