Harvest Fund Management Co. Ltd Takes $848,000 Position in AutoZone, Inc. (NYSE:AZO)

Key Points

• Harvest Fund Management acquired a new stake in AutoZone, purchasing 222 shares valued at approximately $848,000.
• Several analysts have recently raised their price targets for AutoZone, with DA Davidson setting a new target of $4,850.00 and a "buy" rating.
• Despite a miss in quarterly earnings at $35.36 per share compared to the expected $37.07, AutoZone reported a revenue increase of 5.4% year-over-year to $4.46 billion.

Harvest Fund Management Co. Ltd purchased a new stake in AutoZone, Inc. (NYSE:AZO - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 222 shares of the company's stock, valued at approximately $848,000.

Other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. lifted its position in shares of 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 acquiring an additional 3 shares during the period. Colonial Trust Co SC lifted its position in shares of AutoZone by 24.5% during the 4th quarter. Colonial Trust Co SC now owns 61 shares of the company's stock valued at $197,000 after acquiring an additional 12 shares during the period. Comerica Bank lifted its position in shares of AutoZone by 5.4% during the 4th quarter. Comerica Bank now owns 4,262 shares of the company's stock valued at $13,647,000 after acquiring an additional 217 shares during the period. Barclays PLC lifted its position in shares of AutoZone by 82.6% during the 4th quarter. Barclays PLC now owns 170,216 shares of the company's stock valued at $545,033,000 after acquiring an additional 77,015 shares during the period. Finally, Envestnet Asset Management Inc. lifted its position in shares of AutoZone by 13.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 66,016 shares of the company's stock valued at $211,383,000 after acquiring an additional 7,586 shares during the period. 92.74% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on AZO shares. Truist Financial set a $3,995.00 target price on AutoZone in a research report on Friday, May 23rd. Morgan Stanley restated an "overweight" rating and set a $4,000.00 price objective (up from $3,750.00) on shares of AutoZone in a research report on Wednesday, May 28th. Raymond James Financial restated a "strong-buy" rating on shares of AutoZone in a research report on Wednesday, May 28th. Roth Capital set a $4,135.00 price objective on AutoZone and gave the stock a "buy" rating in a research report on Monday, June 2nd. Finally, Mizuho upped their price objective on AutoZone from $3,740.00 to $4,050.00 and gave the stock an "outperform" rating in a research report on Thursday, July 3rd. Two analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, AutoZone presently has a consensus rating of "Buy" and an average target price of $4,087.00.

Insiders Place Their Bets

In other AutoZone news, CFO Jamere Jackson sold 2,612 shares of the firm's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $3,728.05, for a total value of $9,737,666.60. Following the completion of the sale, the chief financial officer directly owned 427 shares of the company's stock, valued at $1,591,877.35. This trade represents a 85.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP K. Michelle Borninkhof sold 750 shares of the firm's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $3,597.13, for a total value of $2,697,847.50. Following the completion of the sale, the senior vice president directly owned 406 shares of the company's stock, valued at $1,460,434.78. This represents a 64.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,862 shares of company stock valued at $126,058,789. Insiders own 2.10% of the company's stock.

AutoZone Stock Up 0.9%

NYSE:AZO traded up $34.27 on Friday, hitting $3,802.65. The stock had a trading volume of 11,446 shares, compared to its average volume of 132,671. The business's fifty day moving average is $3,707.01 and its 200 day moving average is $3,610.63. The company has a market cap of $63.82 billion, a PE ratio of 25.72, a P/E/G ratio of 2.29 and a beta of 0.39. AutoZone, Inc. has a 52 week low of $2,898.57 and a 52 week high of $3,919.50.

AutoZone (NYSE:AZO - Get Free Report) last posted its earnings results on Tuesday, May 27th. The company reported $35.36 earnings per share for the quarter, missing analysts' consensus estimates of $37.07 by ($1.71). AutoZone had a net margin of 13.56% and a negative return on equity of 56.07%. The company had revenue of $4.46 billion during the quarter, compared to the consensus estimate of $4.41 billion. During the same quarter in the prior year, the business earned $36.69 EPS. The firm's revenue for the quarter was up 5.4% compared to the same quarter last year. Equities analysts predict that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

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.