TRUE Private Wealth Advisors Takes $215,000 Position in AutoZone, Inc. $AZO

TRUE Private Wealth Advisors bought a new position in AutoZone, Inc. (NYSE:AZO) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 58 shares of the company’s stock, valued at approximately $215,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AZO. Livforsakringsbolaget Skandia Omsesidigt raised its holdings 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 worth $902,929,000 after acquiring an additional 239,970 shares in the last quarter. Nuveen LLC purchased a new position in shares of AutoZone in the first quarter valued at $442,530,000. JPMorgan Chase & Co. increased its position in AutoZone by 7.5% in the first quarter. JPMorgan Chase & Co. now owns 936,401 shares of the company’s stock worth $3,570,296,000 after purchasing an additional 65,368 shares during the last quarter. Ninety One UK Ltd raised its stake in AutoZone by 349.5% during the second quarter. Ninety One UK Ltd now owns 74,400 shares of the company’s stock valued at $276,190,000 after purchasing an additional 57,849 shares in the last quarter. Finally, Symphony Financial Ltd. Co. bought a new position in AutoZone during the second quarter valued at $151,595,000. 92.74% of the stock is owned by institutional investors.

AutoZone Price Performance

Shares of NYSE:AZO opened at $3,804.83 on Thursday. AutoZone, Inc. has a 1 year low of $3,036.40 and a 1 year high of $4,388.11. The business has a 50 day simple moving average of $3,984.93 and a two-hundred day simple moving average of $3,892.09. The firm has a market capitalization of $63.29 billion, a PE ratio of 26.26, a price-to-earnings-growth ratio of 1.75 and a beta of 0.37.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, September 23rd. The company reported $48.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $50.52 by ($1.81). AutoZone had a negative return on equity of 60.49% and a net margin of 13.19%.The business had revenue of $6.24 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same period in the prior year, the business posted $51.58 earnings per share. AutoZone’s revenue was up .6% on a year-over-year basis. Equities research analysts expect that AutoZone, Inc. will post 152.94 EPS for the current fiscal 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 shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Insider Transactions at AutoZone

In other news, SVP K. Michelle Borninkhof sold 300 shares of AutoZone stock in a transaction on Monday, October 27th. The stock was sold at an average price of $3,775.00, for a total transaction of $1,132,500.00. Following the completion of the sale, the senior vice president directly owned 416 shares in the company, valued at approximately $1,570,400. This trade represents a 41.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John Scott Murphy sold 2,860 shares of the company’s stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $4,175.70, for a total transaction of $11,942,502.00. Following the completion of the transaction, the vice president owned 1,244 shares in the company, valued at approximately $5,194,570.80. The trade was a 69.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 5,693 shares of company stock worth $23,259,891. 2.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on AZO shares. BNP Paribas Exane boosted their target price on shares of AutoZone from $4,155.00 to $4,811.00 and gave the stock an “outperform” rating in a report on Wednesday, September 24th. Wolfe Research started coverage on AutoZone in a research report on Thursday, September 18th. They issued an “outperform” rating and a $4,741.00 price target for the company. Roth Capital reissued a “buy” rating and set a $4,750.00 price objective (down from $4,800.00) on shares of AutoZone in a research note on Thursday, September 25th. Erste Group Bank downgraded AutoZone from a “buy” rating to a “hold” rating in a research report on Friday, October 31st. Finally, JPMorgan Chase & Co. lifted their target price on AutoZone from $4,200.00 to $4,850.00 and gave the stock an “overweight” rating in a report on Monday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $4,547.56.

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.