Empirical Financial Services LLC d.b.a. Empirical Wealth Management Trims Stock Holdings in AutoZone, Inc. $AZO

Key Points

• Empirical Financial Services LLC reduced its stake in AutoZone, Inc. by 12.6% during the second quarter, leaving them with 1,413 shares valued at approximately $5.25 million.
• In related news, several hedge funds made various adjustments to their AutoZone holdings, with institutions now owning 92.74% of the stock.
• Recent analyst ratings for AutoZone have varied, with UBS Group lowering their target price to $4,800 while others maintain a generally positive outlook with multiple "buy" ratings.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management trimmed its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 12.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,413 shares of the company's stock after selling 203 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in AutoZone were worth $5,245,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AlphaCore Capital LLC purchased a new stake in shares of AutoZone in the first quarter worth $27,000. Saudi Central Bank purchased a new stake in shares of AutoZone in the first quarter worth $27,000. Financial Network Wealth Advisors LLC grew its stake in shares of AutoZone by 66.7% in the first quarter. Financial Network Wealth Advisors LLC now owns 10 shares of the company's stock worth $38,000 after acquiring an additional 4 shares during the last quarter. Cornerstone Planning Group LLC purchased a new stake in shares of AutoZone in the first quarter worth $44,000. Finally, Clearstead Trust LLC purchased a new stake in shares of AutoZone in the first quarter worth $46,000. 92.74% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other AutoZone news, VP John Scott Murphy sold 2,860 shares of the firm's stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $4,175.70, for a total transaction of $11,942,502.00. Following the sale, the vice president directly owned 1,244 shares of the company's stock, valued at $5,194,570.80. This trade represents a 69.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Richard Craig Smith sold 3,000 shares of the business's stock in a transaction dated 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 in the company, valued at $11,337,007.50. The trade was a 50.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on AZO shares. UBS Group cut their target price on AutoZone from $4,925.00 to $4,800.00 and set a "buy" rating on the stock in a research note on Wednesday, September 24th. Zacks Research cut AutoZone from a "hold" rating to a "strong sell" rating in a research note on Friday, September 26th. Evercore ISI increased their target price on AutoZone from $4,250.00 to $4,500.00 and gave the stock an "outperform" rating in a research note on Thursday, September 18th. DA Davidson reaffirmed a "buy" rating and set a $4,850.00 price objective on shares of AutoZone in a research report on Wednesday, September 24th. Finally, Wolfe Research started coverage on AutoZone in a research report on Thursday, September 18th. They set an "outperform" rating and a $4,741.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $4,538.21.

AutoZone Trading Up 0.3%

Shares of AZO stock opened at $4,259.54 on Friday. The stock has a market cap of $71.48 billion, a P/E ratio of 29.40, a P/E/G ratio of 2.00 and a beta of 0.40. The company has a 50 day simple moving average of $4,118.04 and a two-hundred day simple moving average of $3,836.62. AutoZone, Inc. has a 12 month low of $2,980.10 and a 12 month high of $4,388.11.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $6.24 billion for the quarter, compared to analysts' expectations of $6.26 billion. AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The firm's quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the firm earned $51.58 earnings per share. As a group, equities analysts forecast that AutoZone, Inc. will post 152.94 earnings per share for the current year.

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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