Empirical Financial Services LLC d.b.a. Empirical Wealth Management Lowers Stake in AutoZone, Inc. (NYSE:AZO)

Key Points

• Empirical Financial Services LLC reduced its holdings in AutoZone, Inc. by 55.4%, owning 1,616 shares worth approximately $6.16 million after selling 2,011 shares in Q1.
• AutoZone's CFO, Jamere Jackson, sold 2,612 shares for over $9.73 million, resulting in an 85.95% decrease in his position.
• Analysts have a consensus rating of "Buy" for AutoZone stock, with a consensus price target of $4,087.00.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management lessened its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 55.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,616 shares of the company's stock after selling 2,011 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in AutoZone were worth $6,161,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of AZO. Lyell Wealth Management LP bought a new stake in shares of AutoZone in the 1st quarter valued at about $229,000. Natixis Advisors LLC increased its stake in AutoZone by 8.3% in the 1st quarter. Natixis Advisors LLC now owns 17,060 shares of the company's stock valued at $65,046,000 after buying an additional 1,311 shares during the last quarter. NorthRock Partners LLC grew its position in AutoZone by 8.2% during the first quarter. NorthRock Partners LLC now owns 105 shares of the company's stock valued at $400,000 after buying an additional 8 shares during the period. Harvest Fund Management Co. Ltd bought a new stake in shares of AutoZone in the first quarter valued at $848,000. Finally, Banque Cantonale Vaudoise purchased a new stake in shares of AutoZone during the 1st quarter valued at approximately $1,716,000. 92.74% of the stock is currently owned by institutional investors.

AutoZone Stock Up 2.4%

AZO traded up $89.99 on Friday, hitting $3,858.37. 104,922 shares of the company traded hands, compared to its average volume of 111,330. The stock has a market capitalization of $64.74 billion, a PE ratio of 26.11, a PEG ratio of 2.30 and a beta of 0.38. AutoZone, Inc. has a 12-month low of $2,898.57 and a 12-month high of $3,919.50. The company has a 50 day moving average of $3,707.59 and a 200-day moving average of $3,617.83.

AutoZone (NYSE:AZO - Get Free Report) last posted 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). AutoZone had a negative return on equity of 56.07% and a net margin of 13.56%. The company had revenue of $4.46 billion for the quarter, compared to analyst estimates of $4.41 billion. During the same period last year, the company earned $36.69 earnings per share. The business's revenue for the quarter was up 5.4% compared to the same quarter last year. On average, research analysts anticipate that AutoZone, Inc. will post 152.94 EPS for the current year.

Insider Buying and Selling at AutoZone

In other news, SVP K. Michelle Borninkhof sold 750 shares of the business's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $3,597.13, for a total value of $2,697,847.50. Following the completion of the transaction, the senior vice president owned 406 shares of the company's stock, valued at $1,460,434.78. The trade was a 64.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Richard Craig Smith sold 3,000 shares of the business's stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the completion of the transaction, the vice president owned 2,925 shares of the company's stock, valued at $11,337,007.50. This trade 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 over the last ninety days. 2.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on AZO. Guggenheim upped their price objective on shares of AutoZone from $3,850.00 to $4,100.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. The Goldman Sachs Group set a $3,811.00 price target on AutoZone in a research note on Friday, May 23rd. Wells Fargo & Company set a $4,200.00 price target on AutoZone and gave the company an "overweight" rating in a report on Monday, May 19th. Roth Capital set a $4,135.00 target price on shares of AutoZone and gave the company a "buy" rating in a research note on Monday, June 2nd. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $4,100.00 price target (up from $3,850.00) on shares of AutoZone in a research report on Wednesday, May 28th. Two research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus 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.