AutoZone, Inc. $AZO Shares Purchased by Bridges Investment Management Inc.

Key Points

• Bridges Investment Management Inc. increased its stake in AutoZone, Inc. by 1.3%, now owning 8,335 shares worth approximately $30.9 million.
• Wall Street analysts have mixed views on AutoZone, with a consensus rating of "Moderate Buy" and a target price of $4,544.68, although Zacks downgraded it to a "strong sell."
• In a recent insider sale, VP Richard Craig Smith sold 3,000 shares for over $11.6 million, marking a 50.63% decrease in his holding.

Bridges Investment Management Inc. boosted its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 1.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,335 shares of the company's stock after purchasing an additional 103 shares during the quarter. Bridges Investment Management Inc.'s holdings in AutoZone were worth $30,941,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in AZO. AlphaCore Capital LLC acquired a new position in AutoZone in the 1st quarter valued at about $27,000. Saudi Central Bank acquired a new position in shares of AutoZone during the 1st quarter valued at about $27,000. Financial Network Wealth Advisors LLC increased its stake in shares of AutoZone by 66.7% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 10 shares of the company's stock valued at $38,000 after acquiring an additional 4 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in shares of AutoZone during the 2nd quarter valued at about $41,000. Finally, Cornerstone Planning Group LLC acquired a new position in shares of AutoZone during the 1st quarter valued at about $44,000. Institutional investors and hedge funds own 92.74% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Zacks Research downgraded shares of AutoZone from a "hold" rating to a "strong sell" rating in a research note on Friday, September 26th. BNP Paribas Exane upped their price objective on shares of AutoZone from $4,155.00 to $4,811.00 and gave the company an "outperform" rating in a research note on Wednesday, September 24th. Citigroup dropped their price objective on shares of AutoZone from $4,900.00 to $4,775.00 and set a "buy" rating for the company in a research note on Wednesday, September 24th. Wells Fargo & Company dropped their price objective on shares of AutoZone from $4,800.00 to $4,700.00 and set an "overweight" rating for the company in a research note on Wednesday, September 24th. Finally, Wolfe Research assumed coverage on shares of AutoZone in a research note on Thursday, September 18th. They set an "outperform" rating and a $4,741.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $4,544.68.

Insider Buying and Selling

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

AutoZone Stock Performance

AZO opened at $4,031.45 on Thursday. The firm has a 50 day moving average price of $4,152.19 and a 200 day moving average price of $3,862.30. The company has a market cap of $67.65 billion, a PE ratio of 27.83, a price-to-earnings-growth ratio of 1.91 and a beta of 0.40. AutoZone, Inc. has a 1 year low of $2,980.10 and a 1 year high of $4,388.11.

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

AutoZone declared that its board has authorized a share buyback program on Wednesday, October 8th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

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.

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