Summit Asset Management LLC Makes New $6.54 Million Investment in AutoZone, Inc. $AZO

Summit Asset Management LLC purchased a new stake in AutoZone, Inc. (NYSE:AZO) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 2,046 shares of the company’s stock, valued at approximately $6,539,000. AutoZone accounts for approximately 0.8% of Summit Asset Management LLC’s holdings, making the stock its 11th largest holding.

Several other institutional investors have also modified their holdings of AZO. Morgan Stanley increased its position in shares of AutoZone by 17.8% during the fourth quarter. Morgan Stanley now owns 492,794 shares of the company’s stock worth $1,671,323,000 after acquiring an additional 74,555 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in AutoZone by 1.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company’s stock valued at $1,312,654,000 after purchasing an additional 7,390 shares during the period. Norges Bank purchased a new position in AutoZone in the fourth quarter valued at $939,205,000. First Manhattan CO. LLC. grew its stake in AutoZone by 2.7% during the 4th quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company’s stock worth $886,246,000 after purchasing an additional 6,765 shares in the last quarter. Finally, Northern Trust Corp grew its stake in AutoZone by 1.2% during the 3rd quarter. Northern Trust Corp now owns 189,789 shares of the company’s stock worth $814,240,000 after purchasing an additional 2,333 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on AZO shares. Raymond James Financial reaffirmed a “strong-buy” rating on shares of AutoZone in a research report on Wednesday, May 27th. Roth Capital decreased their price objective on AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Truist Financial set a $3,700.00 price objective on AutoZone in a research report on Wednesday, May 27th. TD Cowen restated a “buy” rating and set a $3,700.00 target price on shares of AutoZone in a research note on Thursday, June 4th. Finally, The Goldman Sachs Group reduced their target price on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, AutoZone has an average rating of “Moderate Buy” and a consensus target price of $4,029.43.

Insider Buying and Selling at AutoZone

In other news, Director Brian Hannasch acquired 165 shares of the company’s stock in a transaction on Friday, May 29th. The shares were bought at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the acquisition, the director owned 1,219 shares in the company, valued at $3,641,153. This trade represents a 15.65% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Dennis W. Leriche sold 1,455 shares of AutoZone stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the sale, the vice president owned 441 shares in the company, valued at $1,367,100. This trade represents a 76.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.60% of the company’s stock.

AutoZone Price Performance

NYSE:AZO opened at $3,026.92 on Friday. The business’s fifty day moving average price is $3,063.49 and its 200 day moving average price is $3,357.72. The firm has a market capitalization of $49.43 billion, a PE ratio of 20.81, a price-to-earnings-growth ratio of 1.54 and a beta of 0.33. AutoZone, Inc. has a 12 month low of $2,902.20 and a 12 month high of $4,388.11.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping the consensus estimate of $36.22 by $1.85. The firm had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The firm’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $35.36 earnings per share. As a group, equities analysts anticipate that AutoZone, Inc. will post 150.39 EPS for the current year.

AutoZone declared that its board has initiated a share repurchase program on Tuesday, June 16th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to buy up to 3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

AutoZone Company Profile

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.