Cherry Tree Wealth Management LLC Grows Stock Position in AutoZone, Inc. $AZO

Key Points

• Cherry Tree Wealth Management increased its AutoZone position by 47,900% in the second quarter, ending with 1,920 shares worth approximately $6.14 million. Institutional investors collectively own 92.74% of the company.
• AutoZone shares fell 2.1% to $2,904.14 and are well below their 52-week high of $4,332.68. The board authorized a $1.5 billion share-repurchase program, covering up to 3% of outstanding shares.
• Analysts remain broadly positive, with one Strong Buy, 20 Buy, and six Hold ratings; the stock has a consensus “Moderate Buy” rating and an average price target of $3,946.96.

Cherry Tree Wealth Management LLC raised its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 47,900.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,920 shares of the company's stock after acquiring an additional 1,916 shares during the quarter. Cherry Tree Wealth Management LLC's holdings in AutoZone were worth $6,136,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Edmond DE Rothschild Holding S.A. purchased a new stake in AutoZone during the 2nd quarter worth $29,000. MCF Advisors LLC boosted its position in AutoZone by 50.0% in the 4th quarter. MCF Advisors LLC now owns 9 shares of the company's stock valued at $31,000 after buying an additional 3 shares during the last quarter. Bard Associates Inc. purchased a new position in AutoZone in the 4th quarter valued at about $31,000. Tacita Capital Inc acquired a new stake in shares of AutoZone during the second quarter valued at about $32,000. Finally, Asset Dedication LLC grew its stake in shares of AutoZone by 150.0% during the first quarter. Asset Dedication LLC now owns 10 shares of the company's stock valued at $34,000 after acquiring an additional 6 shares in the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

AutoZone Trading Down 2.1%

NYSE AZO traded down $61.38 on Tuesday, hitting $2,904.14. 70,917 shares of the stock traded hands, compared to its average volume of 251,738. The stock has a 50-day moving average of $3,011.00 and a 200 day moving average of $3,241.45. AutoZone, Inc. has a twelve month low of $2,865.13 and a twelve month high of $4,332.68. The company has a market capitalization of $47.41 billion, a P/E ratio of 19.95, a price-to-earnings-growth ratio of 1.44 and a beta of 0.34.

AutoZone announced that its Board of Directors has authorized a share buyback program on Tuesday, June 16th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling at AutoZone

In related news, VP Dennis LeRiche sold 1,455 shares of the company's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the sale, the vice president directly owned 441 shares of the company's stock, valued at approximately $1,367,100. This represents a 76.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.60% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on AZO shares. Jefferies Financial Group cut their price target on AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating on the stock in a research note on Wednesday, May 27th. Citigroup lowered their price objective on AutoZone from $3,700.00 to $3,450.00 and set a "buy" rating for the company in a research note on Monday. Morgan Stanley dropped their price objective on AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating on the stock in a report on Wednesday, May 27th. Truist Financial set a $3,700.00 target price on AutoZone in a research note on Wednesday, May 27th. Finally, Raymond James Financial reissued a "strong-buy" rating on shares of AutoZone in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, AutoZone currently has an average rating of "Moderate Buy" and a consensus price target of $3,946.96.

About AutoZone

AutoZone, Inc is a retailer and distributor of automotive replacement parts, accessories, and maintenance products. The company serves do-it-yourself customers, professional service technicians, and commercial repair businesses through its stores, distribution network, and online platform.

Its product offerings include replacement parts such as batteries, brakes, engine components, and ignition products, along with tools, fluids, filters, and other automotive accessories. AutoZone also provides services such as parts lookup, diagnostic assistance, battery testing and charging, and loaner tools for eligible repairs.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional locations in Mexico and Brazil.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.