AutoZone, Inc. (NYSE:AZO) Stake Boosted by Westover Capital Advisors LLC

Key Points

• Westover Capital Advisors LLC increased its stake in AutoZone, Inc. by 46.8% in Q1, acquiring 312 additional shares, bringing its total holdings to 978 shares worth approximately $3.73 million.
• AutoZone's stock recently rose by 2.0% to open at $3,847.96, with a market capitalization of $64.57 billion.
• Analysts have raised price targets for AutoZone, with DA Davidson increasing its target from $4,192 to $4,850 and Bank of America upgrading its rating while raising the target from $3,900 to $4,800.

Westover Capital Advisors LLC raised its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 46.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 978 shares of the company's stock after acquiring an additional 312 shares during the period. Westover Capital Advisors LLC's holdings in AutoZone were worth $3,729,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Headlands Technologies LLC acquired a new stake in shares of AutoZone during the 4th quarter worth $29,000. Cornerstone Planning Group LLC acquired a new stake in AutoZone in the 1st quarter valued at $44,000. Minot DeBlois Advisors LLC acquired a new stake in AutoZone in the 4th quarter valued at $45,000. Tradewinds Capital Management LLC increased its holdings in AutoZone by 30.0% in the 1st quarter. Tradewinds Capital Management LLC now owns 13 shares of the company's stock valued at $50,000 after purchasing an additional 3 shares in the last quarter. Finally, Golden State Wealth Management LLC increased its holdings in AutoZone by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 14 shares of the company's stock valued at $53,000 after purchasing an additional 7 shares in the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

AutoZone Stock Performance

Shares of AZO traded up $66.08 during mid-day trading on Tuesday, reaching $3,862.64. 68,684 shares of the company's stock traded hands, compared to its average volume of 132,617. The business's 50-day moving average price is $3,709.64 and its 200-day moving average price is $3,603.53. The stock has a market capitalization of $64.82 billion, a P/E ratio of 26.17, a price-to-earnings-growth ratio of 2.28 and a beta of 0.39. AutoZone, Inc. has a 12 month low of $2,898.57 and a 12 month high of $3,916.81.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings results on Tuesday, May 27th. The company reported $35.36 earnings per share for the quarter, missing analysts' consensus estimates of $37.07 by ($1.71). The business had revenue of $4.46 billion for the quarter, compared to the consensus estimate of $4.41 billion. AutoZone had a net margin of 13.56% and a negative return on equity of 56.07%. The business's quarterly revenue was up 5.4% on a year-over-year basis. During the same period last year, the firm posted $36.69 EPS. Equities research analysts anticipate that AutoZone, Inc. will post 152.94 EPS for the current year.

Insider Transactions at AutoZone

In other AutoZone news, CFO Jamere Jackson sold 2,612 shares of AutoZone stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $3,728.05, for a total value of $9,737,666.60. Following the transaction, the chief financial officer owned 427 shares in the company, valued at approximately $1,591,877.35. The trade was a 85.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Richard Craig Smith sold 3,000 shares of the company's stock in a transaction dated 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 $11,337,007.50. This represents a 50.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,862 shares of company stock worth $126,058,789 in the last three months. 2.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. The Goldman Sachs Group set a $3,811.00 target price on shares of AutoZone in a research report on Friday, May 23rd. Bank of America upgraded AutoZone from a "neutral" rating to a "buy" rating and raised their target price for the company from $3,900.00 to $4,800.00 in a research note on Wednesday, May 21st. JPMorgan Chase & Co. raised their target price on AutoZone from $3,830.00 to $4,350.00 and gave the company an "overweight" rating in a research note on Friday, May 23rd. Mizuho raised their target price on AutoZone from $3,740.00 to $4,050.00 and gave the company an "outperform" rating in a research note on Thursday, July 3rd. Finally, Evercore ISI set a $3,950.00 target price on AutoZone in a research note on Monday, May 19th. Two analysts have rated the stock with a hold rating, nineteen have issued a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $4,087.00.

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.