EverSource Wealth Advisors LLC Has $10.21 Million Position in AutoZone, Inc. $AZO

EverSource Wealth Advisors LLC boosted its stake in shares of AutoZone, Inc. (NYSE:AZO) by 8.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,025 shares of the company’s stock after acquiring an additional 234 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in AutoZone were worth $10,215,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Brighton Jones LLC lifted its holdings in AutoZone by 14.4% during the 4th quarter. Brighton Jones LLC now owns 111 shares of the company’s stock valued at $356,000 after purchasing an additional 14 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in AutoZone during the second quarter worth about $356,000. Guggenheim Capital LLC grew its stake in AutoZone by 3.8% during the second quarter. Guggenheim Capital LLC now owns 248 shares of the company’s stock worth $921,000 after buying an additional 9 shares during the last quarter. NewEdge Advisors LLC increased its holdings in shares of AutoZone by 8.9% during the second quarter. NewEdge Advisors LLC now owns 1,376 shares of the company’s stock worth $5,110,000 after buying an additional 112 shares in the last quarter. Finally, Treasurer of the State of North Carolina increased its holdings in shares of AutoZone by 52.3% during the second quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company’s stock worth $43,667,000 after buying an additional 4,039 shares in the last quarter. 92.74% of the stock is owned by institutional investors.

Analysts Set New Price Targets

AZO has been the topic of several recent analyst reports. Robert W. Baird reduced their target price on AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a report on Wednesday, May 27th. BNP Paribas Exane dropped their price target on AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. Evercore reiterated an “outperform” rating on shares of AutoZone in a research report on Tuesday, May 26th. BMO Capital Markets reduced their price objective on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. Finally, DA Davidson reduced their price objective on AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, AutoZone presently has an average rating of “Moderate Buy” and a consensus price target of $4,040.87.

Insider Buying and Selling

In other news, Director Brian Hannasch acquired 165 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were purchased at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the transaction, the director owned 1,219 shares of the company’s stock, valued at approximately $3,641,153. This represents a 15.65% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.60% of the company’s stock.

AutoZone Trading Up 1.4%

Shares of AZO stock opened at $3,117.96 on Wednesday. AutoZone, Inc. has a 1 year low of $2,902.20 and a 1 year high of $4,388.11. The firm’s 50 day moving average is $3,091.09 and its 200-day moving average is $3,400.36. The firm has a market capitalization of $50.92 billion, a price-to-earnings ratio of 21.44, a PEG ratio of 1.56 and a beta of 0.33.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating analysts’ consensus estimates of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. During the same quarter last year, the business posted $35.36 earnings per share. AutoZone’s revenue for the quarter was up 8.4% compared to the same quarter last year. On average, equities research analysts forecast that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

AutoZone declared that its board has initiated a stock repurchase plan on Tuesday, June 16th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.