Evelyn Partners Asset Management Ltd Cuts Holdings in AutoZone, Inc. $AZO

Key Points

• Evelyn Partners Asset Management Ltd reduced its AutoZone stake by 16.2% in the fourth quarter, selling 372 shares and ending with 1,921 shares worth about $6.5 million.
• Insider activity was mixed: Director Earl G. Graves, Jr. sold 50 shares, while Director Brian Hannasch bought 165 shares, indicating both selling and buying by company insiders.
• Analysts remain generally positive on AutoZone, with a consensus rating of “Moderate Buy” and an average price target of $4,040.87, even as some firms trimmed their targets. The company also recently beat quarterly EPS estimates, though revenue came in slightly below expectations.

Evelyn Partners Asset Management Ltd decreased its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 16.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,921 shares of the company's stock after selling 372 shares during the period. AutoZone makes up approximately 1.5% of Evelyn Partners Asset Management Ltd's investment portfolio, making the stock its 26th biggest position. Evelyn Partners Asset Management Ltd's holdings in AutoZone were worth $6,515,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Evelyn Partners Investment Management LLP grew its position in shares of AutoZone by 7.4% during the fourth quarter. Evelyn Partners Investment Management LLP now owns 10,465 shares of the company's stock valued at $35,492,000 after purchasing an additional 723 shares in the last quarter. Bard Associates Inc. purchased a new position in shares of AutoZone during the fourth quarter valued at about $31,000. Bollard Group LLC purchased a new position in shares of AutoZone during the fourth quarter valued at about $271,000. Aigen Investment Management LP grew its position in shares of AutoZone by 29.5% during the fourth quarter. Aigen Investment Management LP now owns 325 shares of the company's stock valued at $1,102,000 after purchasing an additional 74 shares in the last quarter. Finally, Atlas Capital Advisors Inc. purchased a new position in shares of AutoZone during the fourth quarter valued at about $64,000. Hedge funds and other institutional investors own 92.74% of the company's stock.

Insider Activity

In related news, Director Earl G. Graves, Jr. sold 50 shares of AutoZone stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $3,478.72, for a total value of $173,936.00. Following the completion of the transaction, the director owned 4,837 shares in the company, valued at approximately $16,826,568.64. This trade represents a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Brian Hannasch acquired 165 shares of the firm's stock in a transaction on Friday, May 29th. The stock was purchased at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the purchase, the director owned 1,219 shares of the company's stock, valued at $3,641,153. The trade was a 15.65% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 2.60% of the company's stock.

Analyst Upgrades and Downgrades

AZO has been the subject of a number of research analyst reports. Argus upgraded AutoZone from a "hold" rating to a "buy" rating and set a $4,325.00 price objective for the company in a research report on Monday, March 9th. BMO Capital Markets cut their price objective on AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating for the company in a research report on Wednesday, May 27th. Mizuho cut their price objective on AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating for the company in a research report on Wednesday, May 27th. JPMorgan Chase & Co. cut their price objective on AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating for the company in a research report on Wednesday, May 27th. Finally, Barclays raised their price objective on AutoZone from $3,800.00 to $3,900.00 and gave the company an "overweight" rating in a research report on Wednesday, March 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $4,040.87.

AutoZone Trading Up 0.9%

AZO opened at $3,110.16 on Friday. The firm has a market cap of $51.26 billion, a P/E ratio of 21.38, a P/E/G ratio of 1.58 and a beta of 0.35. AutoZone, Inc. has a 12 month low of $2,928.11 and a 12 month high of $4,388.11. The stock has a 50-day moving average of $3,367.14 and a 200 day moving average of $3,514.38.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, topping the consensus estimate of $36.22 by $1.85. The company had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The firm's revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the business posted $35.36 earnings per share. On average, research analysts forecast that AutoZone, Inc. will post 150.45 earnings per share for the current fiscal year.

AutoZone Profile

AutoZone, Inc NYSE: AZO is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.

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