AutoZone, Inc. $AZO Stock Purchased by Kinsale Capital Group Inc.

Key Points

• Kinsale Capital Group increased its AutoZone stake by 54.6% in the third quarter, to 4,936 shares valued at about $14 million—roughly 1.9% of its portfolio.
• AutoZone’s CFO sold 6,900 shares for approximately $22.9 million, leaving him with 496 shares; corporate insiders own 1.8% of the stock.
• Analysts hold a consensus “Moderate Buy” rating, with an average price target of $3,674.36. AutoZone reported quarterly revenue of $6.59 billion, up 5.6% year over year, though below analysts’ expectations.

Kinsale Capital Group Inc. boosted its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 54.6% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 4,936 shares of the company's stock after acquiring an additional 1,743 shares during the quarter. AutoZone accounts for about 1.9% of Kinsale Capital Group Inc.'s portfolio, making the stock its 20th biggest holding. Kinsale Capital Group Inc.'s holdings in AutoZone were worth $13,969,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its holdings in AutoZone by 42,984.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 10,537,614 shares of the company's stock worth $29,821,658,000 after buying an additional 10,513,156 shares during the last quarter. BlackRock Inc. purchased a new stake in AutoZone during the 2nd quarter worth approximately $3,938,566,000. Sound Income Strategies LLC increased its stake in AutoZone by 646,568.6% during the 3rd quarter. Sound Income Strategies LLC now owns 659,602 shares of the company's stock worth $1,866,687,000 after buying an additional 659,500 shares in the last quarter. Howard Capital Management LLC raised its holdings in shares of AutoZone by 79,236.8% during the third quarter. Howard Capital Management LLC now owns 385,577 shares of the company's stock valued at $1,091,191,000 after acquiring an additional 385,091 shares during the last quarter. Finally, 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 acquiring an additional 249,892 shares during the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

Insider Activity at AutoZone

In other news, CFO Jamere Jackson sold 6,900 shares of AutoZone stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $3,319.71, for a total value of $22,905,999.00. Following the completion of the sale, the chief financial officer directly owned 496 shares of the company's stock, valued at approximately $1,646,576.16. The trade was a 93.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. JPMorgan Chase & Co. dropped their price target on AutoZone from $3,850.00 to $3,700.00 and set an "overweight" rating for the company in a research report on Monday, September 28th. Robert W. Baird reduced their price objective on AutoZone from $3,600.00 to $3,400.00 and set a "neutral" rating for the company in a research note on Wednesday, September 23rd. Guggenheim decreased their price objective on AutoZone from $4,000.00 to $3,750.00 and set a "buy" rating on the stock in a report on Wednesday, September 23rd. TD Cowen reaffirmed a "buy" rating on shares of AutoZone in a research note on Monday, October 26th. Finally, Bank of America initiated coverage on shares of AutoZone in a research note on Monday, October 26th. They set a "buy" rating and a $3,800.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $3,674.36.

AutoZone Stock Performance

NYSE:AZO opened at $3,254.78 on Tuesday. AutoZone, Inc. has a one year low of $2,730.65 and a one year high of $3,996.25. The stock has a market cap of $52.37 billion, a PE ratio of 21.30, a P/E/G ratio of 1.71 and a beta of 0.37. The stock has a 50 day moving average price of $2,998.38 and a 200 day moving average price of $3,253.06.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings results on Tuesday, September 22nd. The company reported $56.05 earnings per share 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 analysts' expectations of $6.70 billion. AutoZone had a net margin of 12.65% and a negative return on equity of 90.08%. The business's revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $48.71 EPS. As a group, analysts predict that AutoZone, Inc. will post 170.30 earnings per share for the current fiscal year.

About AutoZone

AutoZone is a retailer and distributor of automotive replacement parts and accessories, serving do-it-yourself customers as well as professional repair shops. Its products include new and remanufactured parts, maintenance supplies, and accessories for cars, sport utility vehicles, and light trucks. The company also offers services such as battery testing and tool-loan programs at many stores.

Founded in 1979 and headquartered in Memphis, Tennessee, the company operates stores in the United States, Mexico, and Brazil.

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