AutoZone, Inc. $AZO Shares Sold by Deroy & Devereaux Private Investment Counsel Inc.

Key Points

• Deroy & Devereaux Private Investment Counsel Inc. decreased its stake in AutoZone by 18.4%, now owning approximately 10,446 shares worth $38.8 million, making it the seventh largest holding in their portfolio.
• AutoZone missed its quarterly earnings estimates, reporting $48.71 EPS against a consensus estimate of $50.52, with revenues slightly below expectations at $6.24 billion.
• Insider activity saw significant sales, with Vice President Richard Craig Smith selling 3,000 shares, resulting in a >50% reduction in his position.

Deroy & Devereaux Private Investment Counsel Inc. lessened its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 18.4% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 10,446 shares of the company's stock after selling 2,361 shares during the quarter. AutoZone comprises about 2.1% of Deroy & Devereaux Private Investment Counsel Inc.'s portfolio, making the stock its 7th largest holding. Deroy & Devereaux Private Investment Counsel Inc. owned approximately 0.06% of AutoZone worth $38,778,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Rappaport Reiches Capital Management LLC raised its stake in AutoZone by 4.8% in the 1st quarter. Rappaport Reiches Capital Management LLC now owns 66 shares of the company's stock worth $252,000 after purchasing an additional 3 shares in the last quarter. Blue Trust Inc. raised its stake in AutoZone by 3.5% in the 1st quarter. Blue Trust Inc. now owns 89 shares of the company's stock worth $339,000 after purchasing an additional 3 shares in the last quarter. Tradewinds Capital Management LLC raised its stake in AutoZone by 30.0% in the 1st quarter. Tradewinds Capital Management LLC now owns 13 shares of the company's stock worth $50,000 after purchasing an additional 3 shares in the last quarter. Venturi Wealth Management LLC raised its stake in AutoZone by 1.2% in the 1st quarter. Venturi Wealth Management LLC now owns 246 shares of the company's stock worth $938,000 after purchasing an additional 3 shares in the last quarter. Finally, Advisor OS LLC raised its stake in AutoZone by 2.5% in the 1st quarter. Advisor OS LLC now owns 121 shares of the company's stock worth $461,000 after purchasing an additional 3 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

Insider Activity at AutoZone

In related news, VP Richard Craig Smith sold 3,000 shares of AutoZone 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 transaction of $11,627,700.00. Following the sale, the vice president directly owned 2,925 shares of the company's stock, valued at approximately $11,337,007.50. The trade was a 50.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP John Scott Murphy sold 2,860 shares of AutoZone stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $4,175.70, for a total transaction of $11,942,502.00. Following the sale, the vice president directly owned 1,244 shares in the company, valued at $5,194,570.80. This trade represents a 69.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

AutoZone Trading Down 1.0%

Shares of AutoZone stock opened at $4,058.32 on Wednesday. The firm has a market capitalization of $68.10 billion, a PE ratio of 28.01, a price-to-earnings-growth ratio of 1.93 and a beta of 0.40. The firm's 50 day moving average is $4,153.18 and its 200 day moving average is $3,861.13. 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 announced its quarterly 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 period last year, the firm posted $51.58 earnings per share. As a group, research analysts anticipate that AutoZone, Inc. will post 152.94 earnings per share for the current year.

AutoZone announced that its board has authorized a share buyback program on Wednesday, October 8th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts have weighed in on AZO shares. Jefferies Financial Group lifted their price objective on shares of AutoZone from $4,255.00 to $4,750.00 and gave the stock a "buy" rating in a research note on Wednesday, September 24th. Weiss Ratings restated a "buy (b-)" rating on shares of AutoZone in a research report on Wednesday, October 8th. Citigroup dropped their target price on shares of AutoZone from $4,900.00 to $4,775.00 and set a "buy" rating for the company in a research report on Wednesday, September 24th. Cowen restated a "buy" rating on shares of AutoZone in a research report on Thursday, September 18th. Finally, Zacks Research cut shares of AutoZone from a "hold" rating to a "strong sell" rating in a research report on Friday, September 26th. One research analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $4,544.68.

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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