Ascent Group LLC Lowers Stock Position in AutoZone, Inc. (NYSE:AZO)

Ascent Group LLC cut its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 18.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 465 shares of the company’s stock after selling 108 shares during the period. Ascent Group LLC’s holdings in AutoZone were worth $1,378,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. SkyView Investment Advisors LLC grew its position in shares of AutoZone by 15.1% during the second quarter. SkyView Investment Advisors LLC now owns 579 shares of the company’s stock worth $1,716,000 after acquiring an additional 76 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in AutoZone in the 2nd quarter valued at $4,227,000. Legal & General Group Plc grew its position in AutoZone by 2.3% in the 2nd quarter. Legal & General Group Plc now owns 150,698 shares of the company’s stock valued at $446,684,000 after buying an additional 3,382 shares during the last quarter. Mackenzie Financial Corp grew its position in AutoZone by 1.5% in the 2nd quarter. Mackenzie Financial Corp now owns 42,311 shares of the company’s stock valued at $125,414,000 after buying an additional 615 shares during the last quarter. Finally, MBB Public Markets I LLC purchased a new position in AutoZone in the 2nd quarter valued at $3,649,000. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AZO has been the topic of a number of analyst reports. Oppenheimer reiterated a “market perform” rating and issued a $2,600.00 price objective on shares of AutoZone in a research report on Wednesday, June 26th. StockNews.com lowered shares of AutoZone from a “buy” rating to a “hold” rating in a research report on Saturday, September 21st. Evercore ISI lowered their price objective on shares of AutoZone from $3,900.00 to $3,350.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. Truist Financial reduced their target price on AutoZone from $3,394.00 to $3,341.00 and set a “buy” rating for the company in a report on Wednesday, September 25th. Finally, Morgan Stanley raised their target price on AutoZone from $3,038.00 to $3,125.00 and gave the company an “overweight” rating in a report on Wednesday, September 25th. Three equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $3,169.38.

Insiders Place Their Bets

In other AutoZone news, VP John Scott Murphy sold 1,580 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $3,107.69, for a total value of $4,910,150.20. Following the completion of the transaction, the vice president now owns 1,218 shares in the company, valued at approximately $3,785,166.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.50% of the stock is owned by company insiders.

AutoZone Stock Performance

Shares of NYSE:AZO opened at $3,149.72 on Tuesday. AutoZone, Inc. has a 1 year low of $2,375.35 and a 1 year high of $3,256.37. The stock has a market capitalization of $53.81 billion, a P/E ratio of 21.78, a PEG ratio of 1.43 and a beta of 0.71. The stock has a 50-day simple moving average of $3,125.47 and a 200-day simple moving average of $3,011.61.

AutoZone (NYSE:AZO) last issued its earnings results on Tuesday, September 24th. The company reported $48.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $53.31 by ($5.20). AutoZone had a negative return on equity of 54.58% and a net margin of 14.60%. The firm had revenue of $6.21 billion for the quarter, compared to analysts’ expectations of $6.25 billion. During the same quarter in the previous year, the firm posted $46.46 EPS. The firm’s revenue for the quarter was up 9.0% compared to the same quarter last year. Analysts predict that AutoZone, Inc. will post 151.08 earnings per share for the current year.

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.