Glenview Trust Co Takes Position in AutoZone, Inc. $AZO

Glenview Trust Co acquired a new stake in AutoZone, Inc. (NYSE:AZO) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 307 shares of the company’s stock, valued at approximately $981,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Turning Point Benefit Group Inc. acquired a new stake in shares of AutoZone in the third quarter valued at about $25,000. Torren Management LLC purchased a new position in shares of AutoZone in the fourth quarter worth about $27,000. Transamerica Financial Advisors LLC boosted its position in AutoZone by 100.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock worth $28,000 after acquiring an additional 4 shares during the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in AutoZone during the 2nd quarter valued at about $29,000. Finally, MCF Advisors LLC raised its holdings in AutoZone by 50.0% in the 4th quarter. MCF Advisors LLC now owns 9 shares of the company’s stock valued at $31,000 after acquiring an additional 3 shares during the last quarter. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on AZO shares. Barclays lowered their target price on AutoZone from $3,900.00 to $3,637.00 and set an “overweight” rating on the stock in a report on Tuesday, August 4th. Mizuho reduced their price objective on AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 27th. JPMorgan Chase & Co. lowered their price objective on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 27th. BNP Paribas Exane dropped their target price 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. Finally, BMO Capital Markets reduced their price target on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. One investment 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’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $4,029.43.

AutoZone Price Performance

Shares of AZO stock opened at $2,967.55 on Friday. AutoZone, Inc. has a 1-year low of $2,902.20 and a 1-year high of $4,388.11. The firm has a market cap of $48.46 billion, a PE ratio of 20.40, a price-to-earnings-growth ratio of 1.49 and a beta of 0.33. The company has a 50-day moving average of $3,045.07 and a two-hundred day moving average of $3,307.64.

AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $36.22 by $1.85. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The firm had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.86 billion. During the same quarter in the previous year, the business earned $35.36 EPS. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. Sell-side analysts anticipate that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.

AutoZone announced that its board has authorized a share repurchase program on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other news, VP Dennis W. Leriche sold 1,455 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the completion of the transaction, the vice president owned 441 shares of the company’s stock, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.60% of the company’s stock.

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.