Townsend & Associates Inc Trims Holdings in AutoZone, Inc. $AZO

Key Points

• Townsend & Associates Inc reduced its stake in AutoZone by 23.7%, owning 3,426 shares worth approximately $13.1 million at quarter's end.
• Insider transactions show that VP John Scott Murphy sold 2,860 shares for over $11.9 million, indicating significant divestitures among AutoZone executives.
• Analysts have mixed views on AutoZone, with price targets ranging from $4,090 to $4,811, and an average rating of "Moderate Buy."

Townsend & Associates Inc lowered its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 23.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 3,426 shares of the company's stock after selling 1,065 shares during the quarter. Townsend & Associates Inc's holdings in AutoZone were worth $13,092,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. AlphaCore Capital LLC purchased a new stake in AutoZone in the first quarter worth $27,000. Saudi Central Bank bought a new position in AutoZone in the 1st quarter worth $27,000. Financial Network Wealth Advisors LLC lifted its position in shares of 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 purchasing an additional 4 shares during the period. Ameritas Advisory Services LLC bought a new stake in shares of AutoZone during the 2nd quarter valued at about $41,000. Finally, Cornerstone Planning Group LLC bought a new stake in shares of AutoZone during the 1st quarter valued at about $44,000. 92.74% of the stock is currently owned by institutional investors.

Insider Transactions at AutoZone

In other AutoZone news, VP John Scott Murphy sold 2,860 shares of AutoZone stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the completion of the transaction, the vice president directly owned 1,244 shares of the company's stock, valued at approximately $5,194,570.80. The trade was a 69.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Richard Craig Smith sold 3,000 shares of the company's stock in a transaction that occurred on Thursday, July 24th. The stock was 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 in the company, valued at approximately $11,337,007.50. This represents a 50.63% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on AZO. BNP Paribas Exane increased their price target on shares of AutoZone from $4,155.00 to $4,811.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 24th. Zacks Research lowered AutoZone from a "hold" rating to a "strong sell" rating in a research report on Friday, September 26th. Jefferies Financial Group lifted their price target on AutoZone from $4,255.00 to $4,750.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Wells Fargo & Company reduced their price target on AutoZone from $4,800.00 to $4,700.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 24th. Finally, The Goldman Sachs Group increased their price objective on AutoZone from $3,894.00 to $4,090.00 and gave the stock a "neutral" rating in a report on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, AutoZone currently has an average rating of "Moderate Buy" and an average price target of $4,544.68.

AutoZone Stock Up 0.6%

AutoZone stock opened at $4,031.84 on Monday. AutoZone, Inc. has a twelve month low of $2,980.10 and a twelve month high of $4,388.11. The company has a market capitalization of $67.65 billion, a P/E ratio of 27.83, a PEG ratio of 1.90 and a beta of 0.40. The stock's 50 day moving average is $4,150.99 and its 200 day moving average is $3,865.73.

AutoZone (NYSE:AZO - Get Free Report) last released its earnings results on Tuesday, September 23rd. The company reported $48.71 EPS for the quarter, missing the consensus estimate of $50.52 by ($1.81). AutoZone had a negative return on equity of 60.49% and a net margin of 13.19%.The company had revenue of $6.24 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same period last year, the firm posted $51.58 earnings per share. The company's revenue was up .6% compared to the same quarter last year. As a group, equities analysts expect that AutoZone, Inc. will post 152.94 EPS for the current year.

AutoZone declared that its Board of Directors has authorized a share repurchase program on Wednesday, October 8th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

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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