Westover Capital Advisors LLC Trims Stock Position in AutoZone, Inc. $AZO

Key Points

• Westover Capital Advisors cut its AutoZone stake by 79.9% in the fourth quarter, selling 890 shares and leaving it with 224 shares valued at about $760,000.
• AutoZone reported quarterly EPS of $27.63, slightly above estimates, while revenue came in at $4.27 billion, just below consensus but still up 8.2% year over year.
• Analysts remain broadly positive on the stock, with a Moderate Buy consensus and an average price target of about $4,290.91, even as some firms recently adjusted their targets and ratings.

Westover Capital Advisors LLC lowered its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 79.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 224 shares of the company's stock after selling 890 shares during the quarter. Westover Capital Advisors LLC's holdings in AutoZone were worth $760,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in AZO. Northwestern Mutual Wealth Management Co. increased its position in shares of AutoZone by 387.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company's stock valued at $263,832,000 after purchasing an additional 61,821 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of AutoZone by 39.5% during the 4th 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 during the last quarter. AQR Capital Management LLC increased its position in shares of AutoZone by 80.8% during the 3rd quarter. AQR Capital Management LLC now owns 101,185 shares of the company's stock valued at $432,059,000 after purchasing an additional 45,212 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of AutoZone by 401.2% during the 3rd quarter. Victory Capital Management Inc. now owns 51,803 shares of the company's stock valued at $222,247,000 after purchasing an additional 41,467 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of AutoZone by 1.5% during the 3rd 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 during the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

AutoZone Price Performance

AZO stock opened at $3,401.96 on Monday. AutoZone, Inc. has a 1-year low of $3,210.72 and a 1-year high of $4,388.11. The company has a market capitalization of $56.06 billion, a price-to-earnings ratio of 23.83, a PEG ratio of 1.74 and a beta of 0.43. The business has a 50 day simple moving average of $3,461.57 and a two-hundred day simple moving average of $3,585.57.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings results on Tuesday, March 3rd. The company reported $27.63 earnings per share for the quarter, topping the consensus estimate of $27.59 by $0.04. The business had revenue of $4.27 billion during the quarter, compared to the consensus estimate of $4.31 billion. AutoZone had a negative return on equity of 72.31% and a net margin of 12.47%.The firm's revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the prior year, the company posted $28.29 EPS. Sell-side analysts anticipate that AutoZone, Inc. will post 149.16 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently commented on AZO shares. Oppenheimer reaffirmed an "outperform" rating and set a $4,300.00 price target (up from $4,150.00) on shares of AutoZone in a research report on Tuesday, March 10th. Citigroup upped their price target on shares of AutoZone from $4,200.00 to $4,300.00 and gave the company a "buy" rating in a research report on Wednesday, March 4th. DA Davidson set a $4,300.00 price objective on AutoZone in a research note on Thursday, March 5th. Robert W. Baird downgraded AutoZone from an "outperform" rating to a "neutral" rating and set a $3,900.00 price objective for the company. in a research note on Monday, February 9th. Finally, BMO Capital Markets cut their price objective on AutoZone from $4,400.00 to $4,300.00 and set an "outperform" rating for the company in a research note on Wednesday, March 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $4,290.91.

Insider Activity at AutoZone

In other news, Director Earl G. Graves, Jr. sold 50 shares of the stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $3,478.72, for a total transaction of $173,936.00. Following the completion of the transaction, the director directly owned 4,837 shares in the company, valued at approximately $16,826,568.64. This represents a 1.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.60% of the company's stock.

About AutoZone

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.

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.