Chevy Chase Trust Holdings Inc. cut its position in AutoZone, Inc. (NYSE:AZO) by 2.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 24,221 shares of the company’s stock after selling 572 shares during the period. Chevy Chase Trust Holdings Inc.’s holdings in AutoZone were worth $16,251,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. raised its holdings in shares of AutoZone by 10.7% during the second quarter. Victory Capital Management Inc. now owns 3,949 shares of the company’s stock valued at $2,650,000 after purchasing an additional 382 shares during the last quarter. First Trust Advisors LP increased its holdings in AutoZone by 3.5% during the second quarter. First Trust Advisors LP now owns 12,485 shares of the company’s stock valued at $8,377,000 after buying an additional 424 shares during the last quarter. Altman Advisors Inc. purchased a new stake in AutoZone during the second quarter valued at approximately $214,000. Joel Isaacson & Co. LLC purchased a new stake in AutoZone during the second quarter valued at approximately $201,000. Finally, Cognios Beta Neutral Large Cap Fund LP purchased a new stake in AutoZone during the second quarter valued at approximately $362,000. 92.37% of the stock is owned by institutional investors and hedge funds.
A number of analysts have commented on AZO shares. Argus reaffirmed a “buy” rating and set a $850.00 target price (down from $875.00) on shares of AutoZone in a report on Wednesday, April 25th. ValuEngine cut shares of AutoZone from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Deutsche Bank raised shares of AutoZone from a “hold” rating to a “buy” rating and upped their target price for the company from $675.00 to $805.00 in a report on Wednesday, August 1st. Wedbush upped their target price on shares of AutoZone from $680.00 to $740.00 and gave the company an “outperform” rating in a report on Wednesday, June 27th. Finally, Morgan Stanley reduced their target price on shares of AutoZone from $750.00 to $700.00 and set an “equal weight” rating for the company in a report on Wednesday, May 23rd. Ten research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. AutoZone has a consensus rating of “Buy” and a consensus target price of $745.17.
In other AutoZone news, insider Albert Saltiel sold 2,150 shares of the company’s stock in a transaction that occurred on Thursday, August 2nd. The shares were sold at an average price of $717.90, for a total value of $1,543,485.00. Following the completion of the transaction, the insider now directly owns 2,297 shares in the company, valued at $1,649,016.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Philip B. Daniele sold 740 shares of the company’s stock in a transaction that occurred on Friday, June 22nd. The stock was sold at an average price of $683.54, for a total transaction of $505,819.60. Following the completion of the transaction, the insider now owns 1,072 shares of the company’s stock, valued at $732,754.88. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.
AutoZone opened at $736.29 on Friday, according to MarketBeat Ratings. The company has a market capitalization of $19.30 billion, a price-to-earnings ratio of 14.91, a PEG ratio of 1.10 and a beta of 0.88. AutoZone, Inc. has a 1-year low of $497.29 and a 1-year high of $797.89. The company has a debt-to-equity ratio of -3.64, a current ratio of 0.95 and a quick ratio of 0.14.
AutoZone (NYSE:AZO) last posted its quarterly earnings results on Tuesday, May 22nd. The company reported $13.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $12.99 by $0.43. The business had revenue of $2.26 billion during the quarter, compared to analyst estimates of $2.71 billion. AutoZone had a net margin of 12.27% and a negative return on equity of 96.89%. The company’s revenue was down 13.7% on a year-over-year basis. During the same period in the prior year, the business posted $11.44 earnings per share. equities research analysts anticipate that AutoZone, Inc. will post 49.72 earnings per share for the current fiscal year.
AutoZone, Inc retails and distributes automotive replacement parts and accessories. It offers 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. The company's products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, carburetors, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, thermostats, starters and alternators, and water pumps.
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