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

Alta Capital Management LLC raised its holdings in AutoZone, Inc. (NYSE:AZO) by 27.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,110 shares of the company’s stock after buying an additional 2,362 shares during the quarter. AutoZone comprises 2.1% of Alta Capital Management LLC’s holdings, making the stock its 19th largest position. Alta Capital Management LLC owned 0.07% of AutoZone worth $35,574,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AZO. Proficio Capital Partners LLC raised its stake in AutoZone by 482,040.2% in the fourth quarter. Proficio Capital Partners LLC now owns 419,462 shares of the company’s stock valued at $1,343,117,000 after buying an additional 419,375 shares during the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of AutoZone in the fourth quarter worth about $471,629,000. The Manufacturers Life Insurance Company lifted its holdings in shares of AutoZone by 186.8% during the third quarter. The Manufacturers Life Insurance Company now owns 92,870 shares of the company’s stock worth $292,544,000 after purchasing an additional 60,483 shares during the period. Canoe Financial LP lifted its holdings in shares of AutoZone by 542.8% during the fourth quarter. Canoe Financial LP now owns 62,471 shares of the company’s stock worth $200,032,000 after purchasing an additional 52,753 shares during the period. Finally, Baillie Gifford & Co. lifted its holdings in shares of AutoZone by 35.6% during the fourth quarter. Baillie Gifford & Co. now owns 163,089 shares of the company’s stock worth $522,211,000 after purchasing an additional 42,776 shares during the period. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

AutoZone Price Performance

AutoZone stock opened at $3,471.00 on Tuesday. The stock has a market capitalization of $58.25 billion, a PE ratio of 23.19, a price-to-earnings-growth ratio of 1.86 and a beta of 0.70. AutoZone, Inc. has a 12 month low of $2,728.97 and a 12 month high of $3,519.00. The business has a 50 day simple moving average of $3,341.31 and a 200-day simple moving average of $3,219.44.

AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, December 10th. The company reported $32.52 EPS for the quarter, missing analysts’ consensus estimates of $33.69 by ($1.17). The business had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.30 billion. AutoZone had a net margin of 14.18% and a negative return on equity of 53.89%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the firm earned $32.55 earnings per share. On average, equities research analysts anticipate that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently commented on AZO. TD Cowen lifted their target price on AutoZone from $3,450.00 to $3,800.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Evercore ISI lifted their target price on AutoZone from $3,400.00 to $3,450.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. Mizuho lifted their target price on AutoZone from $3,350.00 to $3,600.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. Citigroup lifted their target price on AutoZone from $3,500.00 to $3,900.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Finally, Truist Financial lifted their target price on AutoZone from $3,501.00 to $3,753.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. One analyst has rated the stock with a sell rating, three have issued a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $3,442.61.

AutoZone Company Profile

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.