AutoZone, Inc. $AZO Stake Lifted by NFSG Corp

Key Points

• NFSG Corp dramatically increased its AutoZone stake by 26,052 shares in the third quarter, bringing its holdings to 26,076 shares worth approximately $73.8 million. Institutional investors collectively own 92.74% of AutoZone.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $3,669.12, although several firms recently lowered their targets.
• AutoZone shares opened at $3,059.96, with a market capitalization of roughly $50 billion; quarterly revenue rose 5.6% year over year to $6.59 billion, while Vice President Dennis LeRiche sold shares valued at $4.5 million.

NFSG Corp increased its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 108,550.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,076 shares of the company's stock after purchasing an additional 26,052 shares during the quarter. AutoZone accounts for 7.6% of NFSG Corp's portfolio, making the stock its biggest holding. NFSG Corp owned about 0.16% of AutoZone worth $73,796,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of AZO. Assenagon Asset Management S.A. lifted its stake in AutoZone by 42,984.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 10,537,614 shares of the company's stock valued at $29,821,658,000 after acquiring an additional 10,513,156 shares during the period. BlackRock Inc. bought a new stake in shares of AutoZone in the second quarter worth approximately $3,938,566,000. Sound Income Strategies LLC grew its stake in shares of AutoZone by 646,568.6% in the third quarter. Sound Income Strategies LLC now owns 659,602 shares of the company's stock worth $1,866,687,000 after acquiring an additional 659,500 shares during the period. Envestnet Portfolio Solutions Inc. raised its holdings in shares of AutoZone by 247,417.8% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 249,993 shares of the company's stock valued at $798,963,000 after purchasing an additional 249,892 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in AutoZone during the second quarter valued at approximately $572,885,000. 92.74% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on AZO shares. Wells Fargo & Company decreased their target price on shares of AutoZone from $4,150.00 to $3,500.00 and set an "overweight" rating for the company in a research note on Thursday, September 10th. Mizuho reduced their price objective on AutoZone from $3,200.00 to $3,000.00 and set a "neutral" rating for the company in a research report on Wednesday, September 23rd. Weiss Ratings downgraded AutoZone from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, July 23rd. JPMorgan Chase & Co. cut their price target on AutoZone from $3,850.00 to $3,700.00 and set an "overweight" rating for the company in a research note on Monday, September 28th. Finally, Roth Capital dropped their price objective on shares of AutoZone from $4,023.00 to $3,850.00 and set a "buy" rating on the stock in a report on Wednesday, September 23rd. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $3,669.12.

Insider Buying and Selling at AutoZone

In related news, VP Dennis LeRiche sold 1,455 shares of the business's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the completion of the transaction, the vice president directly owned 441 shares in the company, valued at approximately $1,367,100. The trade was a 76.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.60% of the stock is currently owned by insiders.

AutoZone Stock Performance

Shares of AutoZone stock opened at $3,059.96 on Friday. The stock has a market cap of $49.97 billion, a P/E ratio of 20.03, a P/E/G ratio of 1.35 and a beta of 0.40. The stock's fifty day moving average is $2,937.61 and its 200 day moving average is $3,131.77. AutoZone, Inc. has a one year low of $2,730.65 and a one year high of $4,047.41.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings results on Tuesday, September 22nd. The company reported $56.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $55.51. The business had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.70 billion. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%. AutoZone's revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $48.71 earnings per share. Analysts predict that AutoZone, Inc. will post 171.50 EPS for the current year.

AutoZone Company Profile

AutoZone, Inc is a specialty retailer of automotive replacement parts, accessories and maintenance products. The company serves do-it-yourself customers as well as professional automotive repair shops, offering products such as batteries, brakes, filters, engine components, tools, fluids and other vehicle parts.

In addition to its retail stores, AutoZone provides commercial sales and delivery services for professional repair businesses. The company also operates ALLDATA, which offers automotive diagnostic, repair and shop-management software and information services to repair professionals.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional stores and operations in Mexico and Brazil.

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