AutoZone, Inc. $AZO Stock Holdings Trimmed by Evercore Wealth Management LLC

Evercore Wealth Management LLC lessened its stake in AutoZone, Inc. (NYSE:AZO) by 1.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 51,425 shares of the company’s stock after selling 536 shares during the quarter. AutoZone comprises approximately 2.7% of Evercore Wealth Management LLC’s holdings, making the stock its 10th biggest holding. Evercore Wealth Management LLC’s holdings in AutoZone were worth $173,702,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in AZO. Quantinno Capital Management LP raised its position in shares of AutoZone by 31.2% in the 1st quarter. Quantinno Capital Management LP now owns 12,665 shares of the company’s stock worth $42,782,000 after buying an additional 3,010 shares during the period. SummitTX Capital L.P. grew its position in AutoZone by 1,411.2% during the first quarter. SummitTX Capital L.P. now owns 2,297 shares of the company’s stock valued at $7,759,000 after acquiring an additional 2,145 shares during the period. Delta Global Management LP purchased a new stake in AutoZone during the first quarter valued at about $2,256,000. OMERS ADMINISTRATION Corp increased its stake in AutoZone by 24.7% during the first quarter. OMERS ADMINISTRATION Corp now owns 898 shares of the company’s stock worth $3,033,000 after acquiring an additional 178 shares during the last quarter. Finally, Alua Capital Management LP increased its stake in AutoZone by 18.5% during the first quarter. Alua Capital Management LP now owns 32,053 shares of the company’s stock worth $108,268,000 after acquiring an additional 5,000 shares during the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Raymond James Financial restated a “strong-buy” rating on shares of AutoZone in a report on Wednesday, May 27th. Morgan Stanley decreased their target price on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a report on Wednesday, May 27th. Truist Financial set a $3,700.00 target price on shares of AutoZone in a research report on Wednesday, May 27th. The Goldman Sachs Group cut their price target on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Finally, Roth Capital reduced their price target on shares of AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating on the stock in a research 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 assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $4,040.87.

Insider Activity

In related news, Director Brian Hannasch bought 165 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average cost 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 represents a 15.65% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.60% of the company’s stock.

AutoZone Trading Up 3.8%

Shares of NYSE AZO opened at $3,070.25 on Tuesday. The stock has a fifty day moving average price of $3,095.65 and a 200 day moving average price of $3,401.79. AutoZone, Inc. has a 12-month low of $2,902.20 and a 12-month high of $4,388.11. The company has a market cap of $50.12 billion, a P/E ratio of 21.11, a P/E/G ratio of 1.50 and a beta of 0.33.

AutoZone (NYSE:AZO) last issued its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The firm’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $35.36 earnings per share. On average, sell-side analysts forecast that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.

AutoZone declared that its board has authorized a share buyback program on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to reacquire up to 3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

AutoZone Company Profile

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.