AutoZone, Inc. $AZO Stock Holdings Lifted by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA grew its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 9.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,310 shares of the company’s stock after acquiring an additional 913 shares during the quarter. Pictet Asset Management Holding SA owned 0.06% of AutoZone worth $29,178,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in AZO. Assenagon Asset Management S.A. increased its holdings in shares of AutoZone by 42,984.5% in the third quarter. Assenagon Asset Management S.A. now owns 10,537,614 shares of the company’s stock worth $29,821,658,000 after buying an additional 10,513,156 shares during the period. BlackRock Inc. purchased a new stake in AutoZone during the 2nd quarter valued at about $3,938,566,000. Sound Income Strategies LLC boosted its holdings in AutoZone by 646,568.6% during the 3rd quarter. Sound Income Strategies LLC now owns 659,602 shares of the company’s stock valued at $1,866,687,000 after acquiring an additional 659,500 shares during the period. Howard Capital Management LLC grew its position in AutoZone by 79,236.8% during the 3rd quarter. Howard Capital Management LLC now owns 385,577 shares of the company’s stock worth $1,091,191,000 after acquiring an additional 385,091 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its position in AutoZone by 247,417.8% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 249,993 shares of the company’s stock worth $798,963,000 after acquiring an additional 249,892 shares during the last quarter. 92.74% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on AZO shares. Sanford C. Bernstein began coverage on AutoZone in a research report on Tuesday, September 29th. They issued an “outperform” rating and a $3,698.00 price objective for the company. UBS Group set a $3,850.00 price objective on AutoZone in a research note on Wednesday, September 23rd. Mizuho cut their target price on shares of AutoZone from $3,200.00 to $3,000.00 and set a “neutral” rating on the stock in a report on Wednesday, September 23rd. TD Cowen reissued a “buy” rating on shares of AutoZone in a research report on Monday, October 26th. Finally, DA Davidson decreased their price objective on shares of AutoZone from $3,750.00 to $3,500.00 and set a “buy” rating on the stock in a research report on Wednesday, September 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $3,674.36.

Insiders Place Their Bets

In other AutoZone news, CFO Jamere Jackson sold 6,900 shares of the firm’s stock in a transaction that occurred on Wednesday, November 4th. The shares were sold at an average price of $3,319.71, for a total transaction of $22,905,999.00. Following the completion of the transaction, the chief financial officer owned 496 shares of the company’s stock, valued at approximately $1,646,576.16. This trade represents a 93.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.80% of the company’s stock.

AutoZone Trading Down 1.0%

Shares of AZO stock opened at $3,219.45 on Wednesday. AutoZone, Inc. has a 12 month low of $2,730.65 and a 12 month high of $3,996.25. The stock has a market cap of $51.80 billion, a PE ratio of 21.07, a price-to-earnings-growth ratio of 1.67 and a beta of 0.37. The company’s fifty day moving average price is $3,002.85 and its 200-day moving average price is $3,250.70.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, September 22nd. The company reported $56.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $55.51. AutoZone had a net margin of 12.65% and a negative return on equity of 90.08%. The company had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.70 billion. During the same period last year, the business earned $48.71 EPS. AutoZone’s quarterly revenue was up 5.6% compared to the same quarter last year. On average, sell-side analysts forecast that AutoZone, Inc. will post 170.30 earnings per share for the current fiscal year.

About AutoZone

AutoZone is a retailer and distributor of automotive replacement parts and accessories, serving do-it-yourself customers as well as professional repair shops. Its products include new and remanufactured parts, maintenance supplies, and accessories for cars, sport utility vehicles, and light trucks. The company also offers services such as battery testing and tool-loan programs at many stores. Founded in 1979 and headquartered in Memphis, Tennessee, the company operates stores in the United States, Mexico, and Brazil.