RBA Wealth Management LLC Sells 822 Shares of AutoZone, Inc. $AZO

Key Points

• RBA Wealth Management LLC reduced its stake in AutoZone, Inc. by 34.9% in Q2, selling 822 shares and now holding 1,533 shares valued at approximately $5.69 million.
• Several analysts have increased their price targets for AutoZone, with current estimates ranging from $4,600 to $4,900, reflecting a generally positive outlook on the stock.
• AutoZone reported earnings of $48.71 per share for its recent quarter, which fell short of the consensus estimate of $50.52, while revenue was $6.24 billion, just below expected levels.

RBA Wealth Management LLC cut its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 34.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,533 shares of the company's stock after selling 822 shares during the period. AutoZone makes up 2.1% of RBA Wealth Management LLC's holdings, making the stock its 16th largest position. RBA Wealth Management LLC's holdings in AutoZone were worth $5,691,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. AlphaCore Capital LLC acquired a new stake in AutoZone in the first quarter valued at approximately $27,000. Saudi Central Bank purchased a new stake in shares of AutoZone in the 1st quarter worth about $27,000. Financial Network Wealth Advisors LLC grew its position in AutoZone by 66.7% during the first quarter. Financial Network Wealth Advisors LLC now owns 10 shares of the company's stock valued at $38,000 after buying an additional 4 shares during the period. Cornerstone Planning Group LLC bought a new stake in AutoZone in the first quarter worth $44,000. Finally, Clearstead Trust LLC bought a new position in shares of AutoZone in the first quarter worth about $46,000. 92.74% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on AZO shares. Morgan Stanley lifted their price target on AutoZone from $4,000.00 to $4,700.00 and gave the stock an "overweight" rating in a report on Wednesday. TD Cowen boosted their price objective on AutoZone from $4,300.00 to $4,900.00 and gave the company a "buy" rating in a research report on Thursday, September 18th. Guggenheim upped their target price on AutoZone from $4,100.00 to $4,600.00 and gave the stock a "buy" rating in a research report on Wednesday. Roth Capital reaffirmed a "buy" rating and issued a $4,750.00 price target (down previously from $4,800.00) on shares of AutoZone in a report on Thursday. Finally, BNP Paribas Exane raised their price objective on AutoZone from $4,155.00 to $4,811.00 and gave the stock an "outperform" rating in a research note on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $4,538.21.

AutoZone Stock Performance

NYSE:AZO opened at $4,196.29 on Friday. AutoZone, Inc. has a 52 week low of $2,980.10 and a 52 week high of $4,388.11. The firm has a market cap of $70.42 billion, a price-to-earnings ratio of 28.96, a price-to-earnings-growth ratio of 1.92 and a beta of 0.41. The firm has a 50-day moving average price of $4,079.31 and a two-hundred day moving average price of $3,819.17.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly 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). The business 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 business's revenue for the quarter was up .6% on a year-over-year basis. During the same period in the prior year, the firm earned $51.58 earnings per share. As a group, sell-side analysts forecast that AutoZone, Inc. will post 152.94 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Richard Craig Smith sold 3,000 shares of the company's stock in a transaction dated 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 transaction, the vice president owned 2,925 shares of the company's stock, valued at $11,337,007.50. This represents a 50.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP John Scott Murphy sold 2,860 shares of the stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the completion of the sale, the vice president directly owned 1,244 shares in the company, valued at $5,194,570.80. This represents 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 owned by corporate insiders.

About AutoZone

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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