Envestnet Asset Management Inc. Sells 720 Shares of AutoZone, Inc. $AZO

Envestnet Asset Management Inc. cut its stake in AutoZone, Inc. (NYSE:AZO) by 1.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 69,308 shares of the company’s stock after selling 720 shares during the period. Envestnet Asset Management Inc. owned about 0.42% of AutoZone worth $297,349,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in AZO. Valeo Financial Advisors LLC boosted its holdings in shares of AutoZone by 4.3% in the 2nd quarter. Valeo Financial Advisors LLC now owns 72 shares of the company’s stock worth $267,000 after purchasing an additional 3 shares in the last quarter. Harbour Investments Inc. lifted its position in AutoZone by 27.3% in the 2nd quarter. Harbour Investments Inc. now owns 14 shares of the company’s stock worth $52,000 after buying an additional 3 shares during the last quarter. Ritholtz Wealth Management boosted its stake in AutoZone by 0.3% in the second quarter. Ritholtz Wealth Management now owns 1,179 shares of the company’s stock worth $4,377,000 after buying an additional 3 shares in the last quarter. Pittenger & Anderson Inc. grew its position in AutoZone by 4.3% during the second quarter. Pittenger & Anderson Inc. now owns 72 shares of the company’s stock valued at $267,000 after acquiring an additional 3 shares during the last quarter. Finally, May Hill Capital LLC grew its position in AutoZone by 5.5% during the second quarter. May Hill Capital LLC now owns 58 shares of the company’s stock valued at $215,000 after acquiring an additional 3 shares during the last quarter. Institutional investors own 92.74% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Mizuho restated a “neutral” rating and issued a $3,550.00 price objective (down from $3,850.00) on shares of AutoZone in a report on Monday, January 5th. Barclays set a $3,880.00 price target on shares of AutoZone in a research note on Thursday, January 8th. Evercore ISI reaffirmed an “outperform” rating and set a $4,100.00 price objective on shares of AutoZone in a research note on Wednesday, December 10th. TD Cowen decreased their price objective on AutoZone from $4,900.00 to $4,400.00 and set a “buy” rating on the stock in a report on Wednesday, December 10th. Finally, Jefferies Financial Group restated a “buy” rating and set a $4,400.00 price target on shares of AutoZone in a research report on Wednesday, December 10th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $4,294.58.

AutoZone Stock Up 1.4%

Shares of AZO stock opened at $3,722.54 on Thursday. The firm has a market capitalization of $61.68 billion, a price-to-earnings ratio of 25.96, a PEG ratio of 1.75 and a beta of 0.41. The stock has a fifty day moving average of $3,563.72 and a 200 day moving average of $3,850.05. AutoZone, Inc. has a 52 week low of $3,210.72 and a 52 week high of $4,388.11.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, December 9th. The company reported $31.04 EPS for the quarter, missing the consensus estimate of $32.69 by ($1.65). The company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.64 billion. AutoZone had a negative return on equity of 65.38% and a net margin of 12.78%.The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter last year, the company posted $32.52 earnings per share. Equities research 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 share buyback plan on Wednesday, October 8th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Brian Hannasch acquired 147 shares of the stock in a transaction on Thursday, December 18th. The stock was acquired at an average cost of $3,393.09 per share, for a total transaction of $498,784.23. Following the completion of the acquisition, the director directly owned 962 shares of the company’s stock, valued at approximately $3,264,152.58. This represents a 18.04% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael A. George bought 145 shares of AutoZone stock in a transaction on Monday, December 22nd. The shares were purchased at an average price of $3,398.13 per share, for a total transaction of $492,728.85. Following the acquisition, the director directly owned 566 shares in the company, valued at approximately $1,923,341.58. This trade represents a 34.44% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders bought 347 shares of company stock valued at $1,179,256 and sold 9,447 shares valued at $34,179,923. 2.60% of the stock is currently owned by corporate insiders.

About AutoZone

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.