Axxcess Wealth Management LLC Lowers Position in AutoZone, Inc. $AZO

Key Points

• Axxcess Wealth Management LLC has reduced its holdings in AutoZone, Inc. by 24.9%, selling 82 shares and now owning 247 shares worth approximately $917,000.
• AutoZone reported earnings of $48.71 per share for the latest quarter, which fell short of the analyst expectations of $50.52, alongside a revenue of $6.24 billion.
• Several institutional investors have increased their stakes in AutoZone, with hedge funds collectively owning 92.74% of the company's stock.

Axxcess Wealth Management LLC lowered its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 24.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 247 shares of the company's stock after selling 82 shares during the period. Axxcess Wealth Management LLC's holdings in AutoZone were worth $917,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Blue Trust Inc. boosted its holdings in AutoZone by 3.5% in the first quarter. Blue Trust Inc. now owns 89 shares of the company's stock worth $339,000 after acquiring an additional 3 shares in the last quarter. Rappaport Reiches Capital Management LLC boosted its holdings in AutoZone by 4.8% in the first quarter. Rappaport Reiches Capital Management LLC now owns 66 shares of the company's stock worth $252,000 after acquiring an additional 3 shares in the last quarter. Tradewinds Capital Management LLC boosted its holdings in AutoZone by 30.0% in the first quarter. Tradewinds Capital Management LLC now owns 13 shares of the company's stock worth $50,000 after acquiring an additional 3 shares in the last quarter. Venturi Wealth Management LLC boosted its holdings in AutoZone by 1.2% in the first quarter. Venturi Wealth Management LLC now owns 246 shares of the company's stock worth $938,000 after acquiring an additional 3 shares in the last quarter. Finally, Advisor OS LLC boosted its holdings in AutoZone by 2.5% in the first quarter. Advisor OS LLC now owns 121 shares of the company's stock worth $461,000 after acquiring an additional 3 shares in the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

AutoZone Stock Performance

AZO stock opened at $4,004.42 on Friday. AutoZone, Inc. has a fifty-two week low of $2,980.10 and a fifty-two week high of $4,388.11. The business's 50-day moving average is $4,151.09 and its two-hundred day moving average is $3,863.56. The company has a market cap of $67.19 billion, a price-to-earnings ratio of 27.64, a P/E/G ratio of 1.90 and a beta of 0.40.

AutoZone (NYSE:AZO - Get Free Report) last posted its earnings results on Tuesday, September 23rd. The company reported $48.71 earnings per share for the quarter, missing analysts' consensus estimates of $50.52 by ($1.81). The firm had revenue of $6.24 billion during the quarter, compared to the consensus estimate of $6.26 billion. AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The firm's revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company posted $51.58 EPS. Equities analysts predict that AutoZone, Inc. will post 152.94 earnings per share for the current year.

AutoZone announced that its Board of Directors has approved a share repurchase program on Wednesday, October 8th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.

Insider Transactions at AutoZone

In other AutoZone news, VP John Scott Murphy sold 2,860 shares of the company's stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the completion of the sale, the vice president owned 1,244 shares in the company, valued at $5,194,570.80. This represents a 69.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available 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 stock was sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the completion of the sale, the vice president owned 2,925 shares of the company's stock, valued at approximately $11,337,007.50. The trade was a 50.63% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on AZO shares. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of AutoZone in a report on Wednesday, October 8th. Zacks Research downgraded AutoZone from a "hold" rating to a "strong sell" rating in a report on Friday, September 26th. Rothschild & Co Redburn upped their price target on AutoZone from $4,300.00 to $4,700.00 and gave the company a "buy" rating in a report on Tuesday, October 7th. JPMorgan Chase & Co. upped their price target on AutoZone from $4,200.00 to $4,850.00 and gave the company an "overweight" rating in a report on Monday, September 15th. Finally, Truist Financial lowered their price target on AutoZone from $4,504.00 to $4,499.00 and set a "buy" rating on the stock in a report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $4,544.68.

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.

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