McElhenny Sheffield Capital Management LLC Invests $1.99 Million in AutoZone, Inc. $AZO

Key Points

• McElhenny Sheffield Capital Management LLC invested approximately $1.99 million in AutoZone, acquiring 535 shares during the second quarter.
• Insider trades show significant sales by VPs Richard Craig Smith and John Scott Murphy, leading to an ownership decrease of 50.63% and 69.69% respectively.
• AutoZone's recent quarterly earnings missed consensus estimates, reporting $48.71 EPS against a forecast of $50.52, with a revenue of $6.24 billion.

McElhenny Sheffield Capital Management LLC bought a new position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund bought 535 shares of the company's stock, valued at approximately $1,986,000.

Other hedge funds also recently made changes to their positions in the company. AlphaCore Capital LLC purchased a new stake in AutoZone in the 1st quarter worth about $27,000. Saudi Central Bank purchased a new stake in AutoZone in the 1st quarter worth about $27,000. Financial Network Wealth Advisors LLC increased its holdings in AutoZone by 66.7% in the 1st 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. Ameritas Advisory Services LLC purchased a new stake in AutoZone in the 2nd quarter worth about $41,000. Finally, Cornerstone Planning Group LLC purchased a new stake in AutoZone in the 1st quarter worth about $44,000. 92.74% of the stock is currently owned by institutional investors.

Insider Activity at AutoZone

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $3,875.90, for a total transaction of $11,627,700.00. Following the transaction, the vice president directly owned 2,925 shares in the company, valued at $11,337,007.50. This trade represents a 50.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John Scott Murphy sold 2,860 shares of the stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $4,175.70, for a total transaction of $11,942,502.00. Following the transaction, the vice president owned 1,244 shares in the company, valued at $5,194,570.80. The trade was a 69.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by corporate insiders.

AutoZone Trading Down 1.6%

AZO stock opened at $4,020.44 on Thursday. The company's 50 day moving average is $4,141.30 and its 200 day moving average is $3,851.18. The stock has a market cap of $67.46 billion, a price-to-earnings ratio of 27.75, a price-to-earnings-growth ratio of 1.91 and a beta of 0.40. AutoZone, Inc. has a 1-year low of $2,980.10 and a 1-year 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 the consensus estimate of $50.52 by ($1.81). The company had revenue of $6.24 billion during the quarter, compared to the consensus estimate of $6.26 billion. AutoZone had a negative return on equity of 60.49% and a net margin of 13.19%.The firm's revenue for the quarter was up .6% on a year-over-year basis. During the same quarter last year, the company posted $51.58 earnings per share. As a group, sell-side analysts forecast that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

AutoZone declared that its Board of Directors has approved a share repurchase plan on Wednesday, October 8th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages recently weighed in on AZO. Morgan Stanley lifted their price objective on AutoZone from $4,000.00 to $4,700.00 and gave the stock an "overweight" rating in a report on Wednesday, September 24th. BMO Capital Markets lifted their price objective on AutoZone from $4,100.00 to $4,600.00 and gave the stock an "outperform" rating in a report on Thursday, September 25th. Barclays lifted their price objective on AutoZone from $3,916.00 to $4,610.00 and gave the stock an "overweight" rating in a report on Thursday, September 11th. DA Davidson reissued a "buy" rating and issued a $4,850.00 price objective on shares of AutoZone in a report on Wednesday, September 24th. Finally, Evercore ISI lifted their target price on AutoZone from $4,250.00 to $4,500.00 and gave the company an "outperform" rating in a report on Thursday, September 18th. One analyst has rated the stock with a Strong Buy rating, twenty-four have issued 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 company has a consensus rating of "Moderate Buy" and an average price target of $4,544.68.

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.

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