Newport Capital Group LLC Purchases New Holdings in AutoZone, Inc. $AZO

Key Points

• Newport Capital Group LLC disclosed a new fourth-quarter stake in AutoZone, buying 10,176 shares valued at about $35,000, equal to roughly 0.06% of the company.
• Institutional ownership of AutoZone remains very high at 92.74%, with several large funds adjusting their positions, including Vanguard, Norges Bank, and Mitsubishi UFJ Asset Management.
• AutoZone reported stronger-than-expected quarterly earnings, posting $38.07 EPS versus the $36.22 estimate, though revenue of $4.84 billion slightly missed expectations; analysts currently have a Moderate Buy consensus with an average price target of $4,040.87.

Newport Capital Group LLC purchased a new stake in AutoZone, Inc. (NYSE:AZO - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 10,176 shares of the company's stock, valued at approximately $35,000. Newport Capital Group LLC owned approximately 0.06% of AutoZone at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of AutoZone by 1.5% in the third quarter. Vanguard Group Inc. now owns 1,797,548 shares of the company's stock valued at $7,711,912,000 after purchasing an additional 26,544 shares in the last quarter. Norges Bank acquired a new stake in shares of AutoZone in the fourth quarter valued at approximately $939,205,000. PineStone Asset Management Inc. increased its holdings in shares of AutoZone by 1.5% in the fourth quarter. PineStone Asset Management Inc. now owns 269,173 shares of the company's stock valued at $912,900,000 after purchasing an additional 3,868 shares in the last quarter. Northern Trust Corp increased its holdings in shares of AutoZone by 1.2% in the third quarter. Northern Trust Corp now owns 189,789 shares of the company's stock valued at $814,240,000 after purchasing an additional 2,333 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of AutoZone by 39.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company's stock valued at $584,730,000 after purchasing an additional 50,071 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

Insider Buying and Selling at AutoZone

In other news, Director Earl G. Graves, Jr. sold 50 shares of the business's stock in a transaction on Friday, April 10th. The shares were 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 of the company's stock, valued at $16,826,568.64. The trade was a 1.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Brian Hannasch purchased 165 shares of the firm's stock in a transaction dated 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 acquisition, the director directly owned 1,219 shares in the company, valued at $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Mizuho lowered their target price on shares of AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating for the company in a report on Wednesday, May 27th. Morgan Stanley lowered their target price on shares of AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating for the company in a report on Wednesday, May 27th. Jefferies Financial Group lowered their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating for the company in a report on Wednesday, May 27th. BNP Paribas Exane lowered their target price on shares of AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating for the company in a report on Wednesday, May 27th. Finally, Evercore reaffirmed an "outperform" rating on shares of AutoZone in a report on Tuesday, May 26th. One 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 company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $4,040.87.

AutoZone Stock Performance

AZO opened at $3,110.16 on Friday. The company has a fifty day moving average price of $3,367.14 and a two-hundred day moving average price of $3,514.38. AutoZone, Inc. has a 52 week low of $2,928.11 and a 52 week high of $4,388.11. The firm has a market capitalization of $51.26 billion, a PE ratio of 21.38, a P/E/G ratio of 1.56 and a beta of 0.35.

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

Want to see what other hedge funds are holding AZO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AutoZone, Inc. (NYSE:AZO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.