Highland Capital Management LLC Grows Stake in AutoZone, Inc. $AZO

Highland Capital Management LLC grew its stake in shares of AutoZone, Inc. (NYSE:AZO) by 461.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 629 shares of the company’s stock after acquiring an additional 517 shares during the period. Highland Capital Management LLC’s holdings in AutoZone were worth $2,699,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of AZO. Laurel Wealth Advisors LLC grew its holdings in AutoZone by 371,123.0% during the second quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company’s stock valued at $3,472,724,000 after purchasing an additional 935,230 shares during the period. Norges Bank purchased a new position in shares of AutoZone during the 2nd quarter valued at $981,202,000. Livforsakringsbolaget Skandia Omsesidigt lifted its position in shares of AutoZone by 7,358.8% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 243,231 shares of the company’s stock valued at $902,929,000 after buying an additional 239,970 shares during the last quarter. Vontobel Holding Ltd. grew its stake in shares of AutoZone by 277.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 102,567 shares of the company’s stock worth $440,037,000 after acquiring an additional 75,382 shares during the period. Finally, Evelyn Partners Investment Management Services Ltd increased its holdings in AutoZone by 1,185.5% in the 2nd quarter. Evelyn Partners Investment Management Services Ltd now owns 64,685 shares of the company’s stock worth $240,126,000 after acquiring an additional 59,653 shares during the last quarter. Institutional investors own 92.74% of the company’s stock.

AutoZone Price Performance

NYSE AZO opened at $3,447.10 on Friday. The company’s 50 day simple moving average is $3,715.37 and its two-hundred day simple moving average is $3,873.77. AutoZone, Inc. has a 1 year low of $3,162.00 and a 1 year high of $4,388.11. The stock has a market capitalization of $57.12 billion, a PE ratio of 24.04, a P/E/G ratio of 1.64 and a beta of 0.40.

AutoZone (NYSE:AZO) last released its quarterly earnings results on Tuesday, December 9th. The company reported $31.04 EPS for the quarter, missing analysts’ consensus estimates of $32.69 by ($1.65). AutoZone had a net margin of 12.78% and a negative return on equity of 65.38%. The firm had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.64 billion. During the same quarter last year, the firm earned $32.52 earnings per share. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. On average, research analysts anticipate that AutoZone, Inc. will post 152.94 EPS for the current year.

AutoZone announced that its board has authorized a stock buyback plan on Wednesday, October 8th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on AZO shares. UBS Group dropped their price objective on shares of AutoZone from $4,800.00 to $4,325.00 and set a “buy” rating on the stock in a report on Wednesday, December 10th. Zacks Research upgraded shares of AutoZone from a “strong sell” rating to a “hold” rating in a research note on Monday, November 24th. Cowen reaffirmed a “buy” rating on shares of AutoZone in a report on Thursday, September 18th. Truist Financial lowered their target price on shares of AutoZone from $4,499.00 to $4,076.00 and set a “buy” rating on the stock in a report on Wednesday, December 10th. Finally, TD Cowen dropped their target price on AutoZone from $4,900.00 to $4,400.00 and set a “buy” rating on the stock in a research report on Wednesday, December 10th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $4,317.27.

Insider Buying and Selling at AutoZone

In other AutoZone news, Director Brian Hannasch acquired 147 shares of the business’s stock in a transaction dated Thursday, December 18th. The stock was bought at an average price of $3,393.09 per share, with a total value of $498,784.23. Following the completion of the acquisition, the director owned 962 shares of the company’s stock, valued at $3,264,152.58. This trade represents a 18.04% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Philip B. Daniele sold 2,533 shares of the company’s stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $4,020.88, for a total transaction of $10,184,889.04. Following the completion of the transaction, the chief executive officer owned 55 shares in the company, valued at approximately $221,148.40. This trade represents a 97.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders bought 347 shares of company stock valued at $1,179,256 over the last 90 days. Insiders own 2.60% of the company’s stock.

AutoZone 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.