AutoZone, Inc. $AZO Stock Position Boosted by Wedmont Private Capital

Wedmont Private Capital raised its position in AutoZone, Inc. (NYSE:AZO) by 4,991.0% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 12,422 shares of the company’s stock after acquiring an additional 12,178 shares during the period. AutoZone accounts for about 0.8% of Wedmont Private Capital’s portfolio, making the stock its 21st largest position. Wedmont Private Capital’s holdings in AutoZone were worth $35,155,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Monument Capital Management raised its position in AutoZone by 11.3% in the third quarter. Monument Capital Management now owns 128 shares of the company’s stock valued at $362,000 after purchasing an additional 13 shares during the period. Mn Services Vermogensbeheer B.V. lifted its stake in AutoZone by 4.3% during the third quarter. Mn Services Vermogensbeheer B.V. now owns 4,871 shares of the company’s stock worth $13,785,000 after purchasing an additional 200 shares in the last quarter. Diversified Management Inc. purchased a new position in shares of AutoZone during the third quarter worth $221,000. GAMMA Investing LLC grew its stake in shares of AutoZone by 33,243.3% in the third quarter. GAMMA Investing LLC now owns 69,354 shares of the company’s stock valued at $2,126,000 after buying an additional 69,146 shares in the last quarter. Finally, Grove Bank & Trust grew its stake in shares of AutoZone by 2,643.2% in the third quarter. Grove Bank & Trust now owns 1,207 shares of the company’s stock valued at $3,416,000 after buying an additional 1,163 shares in the last quarter. Hedge funds and other institutional investors own 92.74% of the company’s stock.

AutoZone Trading Up 0.1%

NYSE:AZO traded up $1.99 during midday trading on Friday, reaching $2,912.53. The company had a trading volume of 32,511 shares, compared to its average volume of 263,581. The firm has a market capitalization of $47.55 billion, a price-to-earnings ratio of 19.07, a PEG ratio of 1.32 and a beta of 0.40. The stock’s fifty day simple moving average is $2,947.19 and its 200-day simple moving average is $3,146.50. AutoZone, Inc. has a 12-month low of $2,730.65 and a 12-month high of $4,146.42.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, September 22nd. The company reported $56.05 earnings per share for the quarter, topping the consensus estimate of $0.54 by $55.51. The company had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.70 billion. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%.AutoZone’s revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $48.71 EPS. As a group, sell-side analysts expect that AutoZone, Inc. will post 171.5 EPS for the current year.

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

Insider Activity at AutoZone

In other news, VP Dennis LeRiche sold 1,455 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the completion of the transaction, the vice president directly owned 441 shares of the company’s stock, valued at approximately $1,367,100. The trade was a 76.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.60% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Robert W. Baird decreased their target price on AutoZone from $3,600.00 to $3,400.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 23rd. UBS Group set a $3,850.00 target price on AutoZone in a research report on Wednesday, September 23rd. Mizuho cut their price target on shares of AutoZone from $3,200.00 to $3,000.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 23rd. Weiss Ratings cut shares of AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, July 23rd. Finally, Guggenheim lowered their price objective on shares of AutoZone from $4,000.00 to $3,750.00 and set a “buy” rating for the company in a research note on Wednesday, September 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $3,669.12.

AutoZone Company Profile

AutoZone, Inc is a specialty retailer of automotive replacement parts, accessories and maintenance products. The company serves do-it-yourself customers as well as professional automotive repair shops, offering products such as batteries, brakes, filters, engine components, tools, fluids and other vehicle parts.

In addition to its retail stores, AutoZone provides commercial sales and delivery services for professional repair businesses. The company also operates ALLDATA, which offers automotive diagnostic, repair and shop-management software and information services to repair professionals.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional stores and operations in Mexico and Brazil.