Perigon Wealth Management LLC Takes $2.16 Million Position in AutoZone, Inc. $AZO

Perigon Wealth Management LLC purchased a new position in shares of AutoZone, Inc. (NYSE:AZO) in the 2nd quarter, Holdings Channel.com reports. The fund purchased 677 shares of the company’s stock, valued at approximately $2,164,000.

Other large investors also recently made changes to their positions in the company. Sigma Planning Corp lifted its stake in shares of AutoZone by 3.6% during the fourth quarter. Sigma Planning Corp now owns 86 shares of the company’s stock worth $292,000 after purchasing an additional 3 shares in the last quarter. Midwest Trust Co increased its stake in shares of AutoZone by 4.2% in the fourth quarter. Midwest Trust Co now owns 74 shares of the company’s stock worth $251,000 after buying an additional 3 shares during the last quarter. Arrowroot Family Office LLC raised its stake in shares of AutoZone by 5.4% in the 4th quarter. Arrowroot Family Office LLC now owns 59 shares of the company’s stock valued at $200,000 after purchasing an additional 3 shares in the last quarter. MCF Advisors LLC lifted its holdings in AutoZone by 50.0% during the 4th quarter. MCF Advisors LLC now owns 9 shares of the company’s stock worth $31,000 after buying an additional 3 shares during the last quarter. Finally, IVC Wealth Advisors LLC boosted its holdings in AutoZone by 2.9% in the first quarter. IVC Wealth Advisors LLC now owns 107 shares of the company’s stock worth $361,000 after purchasing an additional 3 shares during the period. Institutional investors and hedge funds own 92.74% of the company’s stock.

Insider Buying and Selling at AutoZone

In related news, Director Brian Hannasch acquired 165 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were bought at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the acquisition, the director owned 1,219 shares in the company, valued at $3,641,153. This trade represents a 15.65% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Dennis W. Leriche sold 1,455 shares of AutoZone stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the sale, the vice president directly owned 441 shares in the company, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.60% of the stock is owned by corporate insiders.

AutoZone Stock Down 0.2%

AZO opened at $3,017.68 on Tuesday. The stock’s 50 day moving average price is $3,062.36 and its two-hundred day moving average price is $3,349.21. The firm has a market capitalization of $49.28 billion, a P/E ratio of 20.75, a price-to-earnings-growth ratio of 1.54 and a beta of 0.33. AutoZone, Inc. has a 12-month low of $2,902.20 and a 12-month high of $4,388.11.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, topping analysts’ consensus estimates of $36.22 by $1.85. The company had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the company earned $35.36 earnings per share. As a group, analysts anticipate that AutoZone, Inc. will post 150.39 earnings per share for the current year.

AutoZone declared that its board has initiated a stock buyback program on Tuesday, June 16th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to buy up to 3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Barclays lowered their price objective on AutoZone from $3,900.00 to $3,637.00 and set an “overweight” rating for the company in a research note on Tuesday, August 4th. Truist Financial set a $3,700.00 price target on shares of AutoZone in a report on Wednesday, May 27th. Jefferies Financial Group lowered their target price on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. Robert W. Baird dropped their price target on shares of AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 27th. Finally, Mizuho lowered their price objective on AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating on the stock in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $4,029.43.

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.