Novare Capital Management LLC Grows Stock Position in AutoZone, Inc. (NYSE:AZO)

Novare Capital Management LLC grew its position in shares of AutoZone, Inc. (NYSE:AZO) by 4.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 294 shares of the company’s stock after buying an additional 12 shares during the period. Novare Capital Management LLC’s holdings in AutoZone were worth $926,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Boston Partners lifted its holdings in AutoZone by 1.7% during the first quarter. Boston Partners now owns 382,169 shares of the company’s stock valued at $1,202,596,000 after purchasing an additional 6,226 shares during the last quarter. PineStone Asset Management Inc. lifted its stake in shares of AutoZone by 137.6% during the 2nd quarter. PineStone Asset Management Inc. now owns 310,043 shares of the company’s stock valued at $918,998,000 after buying an additional 179,543 shares in the last quarter. Nordea Investment Management AB grew its stake in AutoZone by 4.1% in the 1st quarter. Nordea Investment Management AB now owns 203,072 shares of the company’s stock valued at $643,641,000 after buying an additional 7,988 shares in the last quarter. Captrust Financial Advisors grew its stake in AutoZone by 564.2% in the 1st quarter. Captrust Financial Advisors now owns 152,091 shares of the company’s stock valued at $479,338,000 after buying an additional 129,193 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in AutoZone by 2.3% during the 2nd quarter. Legal & General Group Plc now owns 150,698 shares of the company’s stock valued at $446,684,000 after acquiring an additional 3,382 shares during the period. Institutional investors own 92.74% of the company’s stock.

AutoZone Stock Performance

AZO traded up $9.86 during midday trading on Monday, hitting $3,139.64. The stock had a trading volume of 19,627 shares, compared to its average volume of 139,890. AutoZone, Inc. has a 1 year low of $2,375.35 and a 1 year high of $3,256.37. The business has a fifty day moving average of $3,130.48 and a 200 day moving average of $3,006.79. The company has a market cap of $53.63 billion, a P/E ratio of 21.46, a price-to-earnings-growth ratio of 1.59 and a beta of 0.70.

AutoZone (NYSE:AZO) last released its earnings results on Tuesday, September 24th. The company reported $48.11 EPS for the quarter, missing the consensus estimate of $53.31 by ($5.20). The business had revenue of $6.21 billion for the quarter, compared to the consensus estimate of $6.25 billion. AutoZone had a net margin of 14.40% and a negative return on equity of 52.99%. AutoZone’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same period in the prior year, the business posted $46.46 EPS. On average, equities research analysts anticipate that AutoZone, Inc. will post 157.99 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. DA Davidson reissued a “neutral” rating and set a $3,025.00 price objective on shares of AutoZone in a report on Monday, September 30th. Truist Financial increased their price target on shares of AutoZone from $3,341.00 to $3,501.00 and gave the stock a “buy” rating in a report on Monday. Morgan Stanley boosted their price objective on shares of AutoZone from $3,038.00 to $3,125.00 and gave the company an “overweight” rating in a research note on Wednesday, September 25th. Redburn Atlantic upgraded shares of AutoZone to a “strong-buy” rating in a research note on Tuesday, October 1st. Finally, Evercore ISI raised their price target on shares of AutoZone from $3,300.00 to $3,350.00 and gave the company an “outperform” rating in a report on Thursday, October 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, AutoZone currently has an average rating of “Moderate Buy” and an average target price of $3,175.75.

Insider Transactions at AutoZone

In related news, VP John Scott Murphy sold 1,580 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $3,107.69, for a total transaction of $4,910,150.20. Following the completion of the sale, the vice president now directly owns 1,218 shares in the company, valued at $3,785,166.42. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, VP John Scott Murphy sold 1,580 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $3,107.69, for a total transaction of $4,910,150.20. Following the completion of the sale, the vice president now owns 1,218 shares of the company’s stock, valued at approximately $3,785,166.42. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman William C. Rhodes III sold 300 shares of AutoZone stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $3,075.20, for a total transaction of $922,560.00. Following the completion of the transaction, the chairman now directly owns 13,857 shares in the company, valued at approximately $42,613,046.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,880 shares of company stock worth $46,225,660. Company insiders own 2.50% of the company’s stock.

About AutoZone

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.