Perigon Wealth Management LLC Raises Stock Position in AutoZone, Inc. $AZO

Key Points

• Perigon Wealth Management LLC increased its stake in AutoZone, Inc. by 55.5% during the second quarter, holding 185 shares valued at approximately $687,000.
• A variety of institutional investors, including Vanguard Group Inc. and JPMorgan Chase & Co., made adjustments to their AutoZone holdings, reflecting a significant interest from hedge funds and institutional investors.
• AutoZone's stock opened at $4,196.29, and recent earnings showed a net margin of 13.19% despite missing consensus earnings estimates.

Perigon Wealth Management LLC lifted its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 55.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 185 shares of the company's stock after acquiring an additional 66 shares during the quarter. Perigon Wealth Management LLC's holdings in AutoZone were worth $687,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of AutoZone by 0.8% during the first quarter. Vanguard Group Inc. now owns 1,759,862 shares of the company's stock worth $6,709,967,000 after acquiring an additional 13,643 shares during the period. JPMorgan Chase & Co. increased its position in shares of AutoZone by 7.5% during the first quarter. JPMorgan Chase & Co. now owns 936,401 shares of the company's stock worth $3,570,296,000 after acquiring an additional 65,368 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of AutoZone by 7.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 349,317 shares of the company's stock worth $1,331,870,000 after acquiring an additional 24,701 shares during the period. Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of AutoZone by 7,358.8% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 243,231 shares of the company's stock worth $902,929,000 after acquiring an additional 239,970 shares during the period. Finally, Alliancebernstein L.P. increased its position in shares of AutoZone by 4.3% during the first quarter. Alliancebernstein L.P. now owns 158,487 shares of the company's stock worth $604,276,000 after acquiring an additional 6,549 shares during the period. 92.74% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at AutoZone

In other news, VP Richard Craig Smith sold 3,000 shares of AutoZone stock in a transaction 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 completion of the sale, the vice president directly owned 2,925 shares in the company, valued at approximately $11,337,007.50. The trade was a 50.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP John Scott Murphy sold 2,860 shares of AutoZone stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $4,175.70, for a total transaction of $11,942,502.00. Following the sale, the vice president owned 1,244 shares of the company's stock, 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. Insiders own 2.10% of the company's stock.

AutoZone Stock Up 1.5%

Shares of AZO opened at $4,196.29 on Monday. The company has a market cap of $70.41 billion, a price-to-earnings ratio of 28.96, a price-to-earnings-growth ratio of 1.99 and a beta of 0.41. AutoZone, Inc. has a twelve month low of $2,980.10 and a twelve month high of $4,388.11. The company has a 50 day moving average of $4,079.31 and a two-hundred day moving average of $3,821.13.

AutoZone (NYSE:AZO - Get Free Report) last announced its earnings results 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). AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The firm had revenue of $6.24 billion during the quarter, compared to analyst estimates of $6.26 billion. During the same quarter last year, the business earned $51.58 earnings per share. AutoZone's revenue was up .6% on a year-over-year basis. On average, sell-side analysts expect that AutoZone, Inc. will post 152.94 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on AZO shares. DA Davidson reissued a "buy" rating and set a $4,850.00 price objective on shares of AutoZone in a report on Wednesday, September 24th. Mizuho lifted their price objective on shares of AutoZone from $3,740.00 to $4,050.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. Citigroup cut their price objective on shares of AutoZone from $4,900.00 to $4,775.00 and set a "buy" rating on the stock in a report on Wednesday. Wells Fargo & Company cut their price objective on shares of AutoZone from $4,800.00 to $4,700.00 and set an "overweight" rating on the stock in a report on Wednesday. Finally, Truist Financial cut their price objective on shares of AutoZone from $4,504.00 to $4,499.00 and set a "buy" rating on the stock in a report on Wednesday, September 24th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, AutoZone has an average rating of "Buy" and a consensus price target of $4,538.21.

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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