New South Capital Management Inc. Sells 7,186 Shares of AutoZone, Inc. $AZO

New South Capital Management Inc. decreased its stake in AutoZone, Inc. (NYSE:AZO) by 18.9% in the third quarter, Holdings Channel reports. The institutional investor owned 30,829 shares of the company’s stock after selling 7,186 shares during the quarter. AutoZone makes up approximately 5.9% of New South Capital Management Inc.’s holdings, making the stock its 4th largest position. New South Capital Management Inc.’s holdings in AutoZone were worth $87,247,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Assenagon Asset Management S.A. grew its holdings in shares of AutoZone by 42,984.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 10,537,614 shares of the company’s stock valued at $29,821,658,000 after acquiring an additional 10,513,156 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of AutoZone during the second quarter worth $3,938,566,000. Sound Income Strategies LLC raised its holdings in shares of AutoZone by 646,568.6% during the third quarter. Sound Income Strategies LLC now owns 659,602 shares of the company’s stock worth $1,866,687,000 after acquiring an additional 659,500 shares in the last quarter. Howard Capital Management LLC raised its holdings in shares of AutoZone by 79,236.8% during the third 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 in the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its position in AutoZone by 247,417.8% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 249,993 shares of the company’s stock valued at $798,963,000 after purchasing an additional 249,892 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company’s stock.

AutoZone Trading Up 0.5%

AutoZone stock opened at $3,234.93 on Thursday. The company has a market capitalization of $52.06 billion, a P/E ratio of 21.17, a P/E/G ratio of 1.66 and a beta of 0.37. The firm’s fifty day simple moving average is $3,008.24 and its 200-day simple moving average is $3,248.38. AutoZone, Inc. has a 1-year low of $2,730.65 and a 1-year high of $3,996.25.

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

Analyst Upgrades and Downgrades

A number of research analysts have commented on AZO shares. Piper Sandler set a $3,500.00 target price on AutoZone in a research note on Monday, August 31st. Truist Financial cut their price target on AutoZone from $3,817.00 to $3,648.00 and set a “buy” rating for the company in a research note on Wednesday, September 23rd. Morgan Stanley lowered AutoZone from an “overweight” rating to a “market perform” rating in a report on Tuesday, September 29th. Citigroup reduced their price target on AutoZone from $3,700.00 to $3,450.00 and set a “buy” rating for the company in a report on Monday, September 14th. Finally, Mizuho lowered their price target on AutoZone from $3,200.00 to $3,000.00 and set a “neutral” rating for the company in a research note on Wednesday, September 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, AutoZone presently has an average rating of “Moderate Buy” and a consensus price target of $3,674.36.

Insider Activity at AutoZone

In other AutoZone news, CFO Jamere Jackson sold 6,900 shares of the stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $3,319.71, for a total transaction of $22,905,999.00. Following the transaction, the chief financial officer owned 496 shares in the company, valued at $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 SEC, which is available at the SEC website. Corporate insiders own 1.80% of the company’s stock.

AutoZone Company Profile

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.