IFP Advisors Inc Purchases 2,289 Shares of AutoZone, Inc. $AZO

Key Points

• IFP Advisors increased its AutoZone stake by 823.4% in the third quarter, purchasing 2,289 additional shares and bringing its holdings to 2,567 shares worth approximately $7.27 million.
• AutoZone reported quarterly revenue of $6.59 billion, up 5.6% year over year, while earnings exceeded expectations; analysts project $171.53 in full-year EPS.
• Wall Street maintains a “Moderate Buy” consensus on AZO, with an average price target of $3,669.12, although Morgan Stanley recently downgraded the stock to “market perform.”

IFP Advisors Inc boosted its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 823.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,567 shares of the company's stock after purchasing an additional 2,289 shares during the quarter. IFP Advisors Inc's holdings in AutoZone were worth $7,265,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in AZO. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of AutoZone during the 2nd quarter worth approximately $29,000. Asset Dedication LLC raised 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 worth $34,000 after buying an additional 6 shares during the last quarter. Tacita Capital Inc bought a new stake in shares of AutoZone during the second quarter worth approximately $32,000. Burkett Financial Services LLC acquired a new position in AutoZone in the third quarter valued at approximately $31,000. Finally, GK Wealth Management LLC acquired a new position in AutoZone in the third quarter valued at approximately $34,000. 92.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Dennis LeRiche sold 1,455 shares of the business's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the completion of the transaction, the vice president owned 441 shares of the company's stock, valued at $1,367,100. The trade was a 76.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.60% of the stock is owned by company insiders.

AutoZone Stock Performance

Shares of NYSE AZO opened at $3,116.62 on Monday. The stock has a market cap of $50.89 billion, a P/E ratio of 20.40, a P/E/G ratio of 1.45 and a beta of 0.40. The firm has a 50 day moving average price of $2,937.50 and a 200 day moving average price of $3,130.15. AutoZone, Inc. has a 52-week low of $2,730.65 and a 52-week high of $4,040.00.

AutoZone (NYSE:AZO - Get Free Report) last issued its earnings results on Tuesday, September 22nd. The company reported $56.05 EPS for the quarter, beating the consensus estimate of $0.54 by $55.51. The firm had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.70 billion. AutoZone had a net margin of 12.65% and a negative return on equity of 90.08%. The business's quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $48.71 earnings per share. Analysts predict that AutoZone, Inc. will post 171.53 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

AZO has been the topic of a number of recent research reports. The Goldman Sachs Group reduced their price objective on shares of AutoZone from $4,096.00 to $3,917.00 and set a "buy" rating on the stock in a research note on Wednesday, September 23rd. Sanford C. Bernstein initiated coverage on shares of AutoZone in a research report on Tuesday, September 29th. They set an "outperform" rating and a $3,698.00 target price for the company. Morgan Stanley downgraded AutoZone from an "overweight" rating to a "market perform" rating in a research note on Tuesday, September 29th. Weiss Ratings downgraded AutoZone from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, July 23rd. Finally, Evercore restated an "outperform" rating on shares of AutoZone in a research report on Wednesday, September 23rd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $3,669.12.

AutoZone Company Profile

AutoZone, Inc is a specialty retailer and distributor of automotive replacement parts, equipment and accessories. The company serves do-it-yourself customers, professional automotive technicians and commercial repair businesses through its retail stores, distribution network and digital platforms.

Its merchandise includes replacement batteries, brakes, filters, belts, hoses, ignition components, tools, fluids, lighting products and other maintenance items. AutoZone also offers private-label products under brands such as Duralast, as well as vehicle diagnostic services and parts delivery for commercial customers.

Founded in 1979 as Auto Shack by Pitt Hyde, the company adopted the AutoZone name in 1987.

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