CHB Investment Group LLC Acquires New Stake in AutoZone, Inc. $AZO

Key Points

• CHB Investment Group LLC acquired a new stake in AutoZone, purchasing 945 shares valued at approximately $3.5 million, making it the firm's 26th largest position.
• Several institutional investors have recently increased their stakes in AutoZone, contributing to a growing institutional ownership that now stands at 92.74% of the company's stock.
• Analysts are optimistic about AutoZone, with price targets raised significantly and an average rating of "Buy", indicating confidence in its performance moving forward.

CHB Investment Group LLC acquired a new stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 945 shares of the company's stock, valued at approximately $3,508,000. AutoZone makes up approximately 1.8% of CHB Investment Group LLC's holdings, making the stock its 26th largest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Forum Financial Management LP increased its position in AutoZone by 2.2% during the 4th quarter. Forum Financial Management LP now owns 138 shares of the company's stock valued at $443,000 after buying an additional 3 shares in the last quarter. Focus Financial Network Inc. increased its position in AutoZone by 2.9% during the 1st quarter. Focus Financial Network Inc. now owns 105 shares of the company's stock valued at $400,000 after buying an additional 3 shares in the last quarter. Wealthcare Advisory Partners LLC increased its position in AutoZone by 2.2% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 141 shares of the company's stock valued at $538,000 after buying an additional 3 shares in the last quarter. Rappaport Reiches Capital Management LLC increased its position in AutoZone by 4.8% during the 1st quarter. Rappaport Reiches Capital Management LLC now owns 66 shares of the company's stock valued at $252,000 after buying an additional 3 shares in the last quarter. Finally, Blue Trust Inc. increased its position in AutoZone by 3.5% during the 1st quarter. Blue Trust Inc. now owns 89 shares of the company's stock valued at $339,000 after buying an additional 3 shares in the last quarter. Institutional investors own 92.74% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on AZO. Roth Capital raised their price objective on AutoZone from $4,135.00 to $4,800.00 and gave the company a "buy" rating in a research report on Friday, September 19th. Morgan Stanley reaffirmed an "overweight" rating and set a $4,000.00 price objective (up previously from $3,750.00) on shares of AutoZone in a research report on Wednesday, May 28th. JPMorgan Chase & Co. lifted their target price on AutoZone from $4,200.00 to $4,850.00 and gave the stock an "overweight" rating in a report on Monday, September 15th. Cowen reissued a "buy" rating on shares of AutoZone in a report on Thursday, September 18th. Finally, Wolfe Research assumed coverage on AutoZone in a report on Thursday, September 18th. They issued an "outperform" rating and a $4,741.00 target price for the company. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, AutoZone has an average rating of "Buy" and an average target price of $4,449.18.

AutoZone Price Performance

Shares of AZO opened at $4,133.40 on Wednesday. AutoZone, Inc. has a one year low of $2,898.57 and a one year high of $4,388.11. The firm has a market capitalization of $69.36 billion, a P/E ratio of 27.98, a PEG ratio of 2.28 and a beta of 0.41. The business has a fifty day moving average of $4,050.08 and a 200 day moving average of $3,807.29.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings data on Tuesday, September 23rd. The company reported $48.71 EPS for the quarter, missing the consensus estimate of $50.52 by ($1.81). AutoZone had a negative return on equity of 56.07% and a net margin of 13.56%.The firm had revenue of $6.24 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same period in the previous year, the firm earned $51.58 EPS. The business's revenue was up .6% on a year-over-year basis. Analysts expect that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, VP Richard Craig Smith sold 3,000 shares of AutoZone stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total transaction of $11,627,700.00. Following the transaction, the vice president directly owned 2,925 shares in the company, valued at approximately $11,337,007.50. The trade was a 50.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.10% of the company's stock.

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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