AutoZone, Inc. (NYSE:AZO) Shares Sold by Summit Asset Management LLC

Summit Asset Management LLC lessened its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 3.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,217 shares of the company's stock after selling 70 shares during the period. AutoZone accounts for approximately 1.5% of Summit Asset Management LLC's investment portfolio, making the stock its 19th biggest position. Summit Asset Management LLC's holdings in AutoZone were worth $8,453,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of AZO. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in AutoZone during the 1st quarter valued at about $743,000. Obermeyer Wealth Partners purchased a new stake in AutoZone during the 1st quarter valued at about $225,000. Crestwood Advisors Group LLC grew its stake in AutoZone by 19.2% during the 1st quarter. Crestwood Advisors Group LLC now owns 180 shares of the company's stock valued at $687,000 after acquiring an additional 29 shares in the last quarter. Edgemoor Investment Advisors Inc. purchased a new stake in AutoZone during the 1st quarter valued at about $229,000. Finally, Teachers Retirement System of The State of Kentucky grew its stake in AutoZone by 1.7% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 20,413 shares of the company's stock valued at $77,830,000 after acquiring an additional 350 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

AutoZone Price Performance

Shares of AZO traded up $2.62 during midday trading on Tuesday, reaching $3,732.32. The stock had a trading volume of 37,465 shares, compared to its average volume of 130,299. AutoZone, Inc. has a 1-year low of $2,894.02 and a 1-year high of $3,916.81. The company's fifty day simple moving average is $3,702.15 and its two-hundred day simple moving average is $3,582.14. The company has a market cap of $62.63 billion, a price-to-earnings ratio of 25.23, a PEG ratio of 2.22 and a beta of 0.39.

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

Insider Activity at AutoZone

In other AutoZone news, SVP K. Michelle Borninkhof sold 750 shares of the firm's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $3,597.13, for a total transaction of $2,697,847.50. Following the transaction, the senior vice president directly owned 406 shares of the company's stock, valued at approximately $1,460,434.78. This trade represents a 64.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Jamere Jackson sold 2,612 shares of AutoZone stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $3,728.05, for a total transaction of $9,737,666.60. Following the completion of the sale, the chief financial officer directly owned 427 shares in the company, valued at approximately $1,591,877.35. The trade was a 85.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,862 shares of company stock valued at $114,431,089 in the last ninety days. Insiders own 2.10% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on AZO shares. Roth Capital set a $4,135.00 price objective on shares of AutoZone and gave the company a "buy" rating in a research note on Monday, June 2nd. Wells Fargo & Company set a $4,200.00 price target on shares of AutoZone and gave the company an "overweight" rating in a research note on Monday, May 19th. Wall Street Zen raised shares of AutoZone from a "hold" rating to a "buy" rating in a research note on Wednesday, May 14th. UBS Group increased their price target on shares of AutoZone from $4,025.00 to $4,260.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Finally, DA Davidson increased their price target on shares of AutoZone from $4,192.00 to $4,850.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Two analysts have rated the stock with a hold rating, nineteen have given a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $4,087.00.

AutoZone Company Profile

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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