AutoZone, Inc. $AZO Shares Sold by Fenimore Asset Management Inc

Key Points

• Fenimore Asset Management Inc has reduced its stake in AutoZone by 0.3%, bringing its total holdings to 33,298 shares, which accounts for about 2.5% of its portfolio.
• AutoZone's recent quarterly earnings came in at $48.71 earnings per share, falling short of analysts' estimates of $50.52, despite a slight year-over-year revenue increase.
• Several analysts have updated their price targets for AutoZone, with Jefferies raising its target from $4,255 to $4,750, reflecting a strong overall consensus with a majority recommending a buy.

Fenimore Asset Management Inc reduced its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 0.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,298 shares of the company's stock after selling 102 shares during the period. AutoZone accounts for about 2.5% of Fenimore Asset Management Inc's portfolio, making the stock its 13th largest holding. Fenimore Asset Management Inc owned 0.20% of AutoZone worth $123,610,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. AlphaCore Capital LLC purchased a new position in AutoZone in the 1st quarter valued at $27,000. Saudi Central Bank purchased a new stake in shares of AutoZone during the first quarter worth $27,000. Financial Network Wealth Advisors LLC raised its position in shares of AutoZone by 66.7% in the first quarter. Financial Network Wealth Advisors LLC now owns 10 shares of the company's stock valued at $38,000 after buying an additional 4 shares during the last quarter. Ameritas Advisory Services LLC purchased a new position in shares of AutoZone in the second quarter worth about $41,000. Finally, Cornerstone Planning Group LLC acquired a new position in AutoZone during the first quarter worth about $44,000. Hedge funds and other institutional investors own 92.74% of the company's stock.

AutoZone Price Performance

NYSE AZO opened at $4,219.73 on Monday. The company has a market cap of $70.81 billion, a P/E ratio of 29.13, a P/E/G ratio of 1.98 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. The stock has a 50-day moving average of $4,126.05 and a two-hundred day moving average of $3,844.45.

AutoZone (NYSE:AZO - Get Free Report) last announced its quarterly earnings data on Tuesday, September 23rd. The company reported $48.71 earnings per share for the quarter, missing analysts' consensus estimates of $50.52 by ($1.81). The business had revenue of $6.24 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the firm posted $51.58 EPS. On average, analysts anticipate that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP John Scott Murphy sold 2,860 shares of AutoZone stock in a transaction dated 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 in the company, valued at approximately $5,194,570.80. This trade represents a 69.69% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $11,627,700.00. Following the sale, the vice president owned 2,925 shares in the company, valued at $11,337,007.50. The trade was a 50.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.10% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on AZO shares. Jefferies Financial Group increased their price objective on shares of AutoZone from $4,255.00 to $4,750.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Roth Capital restated a "buy" rating and set a $4,750.00 price objective (down from $4,800.00) on shares of AutoZone in a research report on Thursday, September 25th. Barclays lifted their target price on shares of AutoZone from $3,916.00 to $4,610.00 and gave the stock an "overweight" rating in a research note on Thursday, September 11th. Wells Fargo & Company cut their price target on shares of AutoZone from $4,800.00 to $4,700.00 and set an "overweight" rating for the company in a report on Wednesday, September 24th. Finally, Guggenheim lifted their price target on shares of AutoZone from $4,100.00 to $4,600.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $4,538.21.

About AutoZone

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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