Alta Capital Management LLC Acquires 1,622 Shares of AutoZone, Inc. $AZO

Alta Capital Management LLC lifted its position in AutoZone, Inc. (NYSE:AZO) by 15.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,239 shares of the company’s stock after acquiring an additional 1,622 shares during the quarter. AutoZone accounts for approximately 2.6% of Alta Capital Management LLC’s investment portfolio, making the stock its 15th largest holding. Alta Capital Management LLC’s holdings in AutoZone were worth $45,434,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Livforsakringsbolaget Skandia Omsesidigt grew its stake in AutoZone by 7,358.8% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 243,231 shares of the company’s stock valued at $902,929,000 after purchasing an additional 239,970 shares during the last quarter. Nuveen LLC purchased a new stake in shares of AutoZone during the first quarter worth about $442,530,000. JPMorgan Chase & Co. grew its stake in shares of AutoZone by 7.5% during the first quarter. JPMorgan Chase & Co. now owns 936,401 shares of the company’s stock worth $3,570,296,000 after acquiring an additional 65,368 shares during the last quarter. Ninety One UK Ltd grew its stake in shares of AutoZone by 349.5% during the second quarter. Ninety One UK Ltd now owns 74,400 shares of the company’s stock worth $276,190,000 after acquiring an additional 57,849 shares during the last quarter. Finally, Vontobel Holding Ltd. grew its stake in shares of AutoZone by 4,484.3% during the second quarter. Vontobel Holding Ltd. now owns 27,185 shares of the company’s stock worth $100,917,000 after acquiring an additional 26,592 shares during the last quarter. 92.74% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on AZO. Guggenheim upped their target price on AutoZone from $4,100.00 to $4,600.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Truist Financial reduced their price objective on AutoZone from $4,504.00 to $4,499.00 and set a “buy” rating for the company in a research note on Wednesday, September 24th. TD Cowen increased their price objective on AutoZone from $4,300.00 to $4,900.00 and gave the company a “buy” rating in a research note on Thursday, September 18th. BNP Paribas Exane raised their target price on AutoZone from $4,155.00 to $4,811.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 24th. Finally, Cowen reaffirmed a “buy” rating on shares of AutoZone in a research note on Thursday, September 18th. 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 given a Sell 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 $4,544.68.

AutoZone Stock Down 0.6%

Shares of NYSE:AZO opened at $4,031.45 on Thursday. AutoZone, Inc. has a 52-week low of $2,980.10 and a 52-week high of $4,388.11. The stock’s fifty day simple moving average is $4,152.19 and its 200-day simple moving average is $3,862.30. The company has a market capitalization of $67.65 billion, a P/E ratio of 27.83, a P/E/G ratio of 1.91 and a beta of 0.40.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, September 23rd. The company reported $48.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $50.52 by ($1.81). The company had revenue of $6.24 billion during the quarter, compared to analysts’ expectations of $6.26 billion. AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The firm’s revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $51.58 earnings per share. On average, sell-side analysts anticipate that AutoZone, Inc. will post 152.94 earnings per share for the current year.

AutoZone announced that its Board of Directors has approved a stock buyback program on Wednesday, October 8th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at AutoZone

In related news, VP Richard Craig Smith sold 3,000 shares of the company’s stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the completion of the transaction, the vice president directly owned 2,925 shares in the company, valued at approximately $11,337,007.50. This represents a 50.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP John Scott Murphy sold 2,860 shares of the company’s stock in a transaction on 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 owned 1,244 shares of the company’s stock, valued at $5,194,570.80. The trade was a 69.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company’s stock.

AutoZone Profile

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.