Bailard Inc. Decreases Stake in AutoZone, Inc. $AZO

Bailard Inc. lessened its stake in AutoZone, Inc. (NYSE:AZO) by 3.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,017 shares of the company’s stock after selling 38 shares during the quarter. Bailard Inc.’s holdings in AutoZone were worth $3,773,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. AlphaCore Capital LLC purchased a new position in AutoZone in the first quarter valued at about $27,000. Saudi Central Bank acquired a new stake in shares of AutoZone in the 1st quarter worth approximately $27,000. Aspect Partners LLC increased its stake in AutoZone by 700.0% in the 2nd quarter. Aspect Partners LLC now owns 8 shares of the company’s stock valued at $30,000 after purchasing an additional 7 shares in the last quarter. Bank of Jackson Hole Trust purchased a new position in AutoZone in the 2nd quarter valued at approximately $33,000. Finally, NewSquare Capital LLC raised its holdings in AutoZone by 50.0% during the second quarter. NewSquare Capital LLC now owns 9 shares of the company’s stock worth $33,000 after purchasing an additional 3 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company’s stock.

Insider Transactions at AutoZone

In other AutoZone news, VP John Scott Murphy sold 2,860 shares of the firm’s stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the sale, the vice president directly owned 1,244 shares of the company’s stock, valued at approximately $5,194,570.80. This trade represents a 69.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP K. Michelle Borninkhof sold 300 shares of AutoZone stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $3,775.00, for a total value of $1,132,500.00. Following the completion of the sale, the senior vice president owned 416 shares of the company’s stock, valued at $1,570,400. This trade represents a 41.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 5,693 shares of company stock worth $23,259,891 over the last quarter. 2.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on AZO shares. Roth Capital restated a “buy” rating and issued a $4,750.00 price target (down previously from $4,800.00) on shares of AutoZone in a research report on Thursday, September 25th. BNP Paribas Exane increased their price objective on shares of AutoZone from $4,155.00 to $4,811.00 and gave the company an “outperform” rating in a research note on Wednesday, September 24th. BMO Capital Markets lifted their target price on shares of AutoZone from $4,100.00 to $4,600.00 and gave the stock an “outperform” rating in a research report on Thursday, September 25th. DA Davidson set a $4,850.00 price target on shares of AutoZone in a report on Thursday, November 6th. Finally, TD Cowen raised their price objective on shares of AutoZone from $4,300.00 to $4,900.00 and gave the stock a “buy” rating in a research note on Thursday, September 18th. One investment analyst has rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, AutoZone has a consensus rating of “Moderate Buy” and a consensus price target of $4,544.68.

AutoZone Price Performance

AutoZone stock opened at $3,791.94 on Thursday. The stock has a market capitalization of $63.07 billion, a P/E ratio of 26.17, a P/E/G ratio of 1.75 and a beta of 0.37. AutoZone, Inc. has a 12-month low of $3,036.40 and a 12-month high of $4,388.11. The firm’s 50-day moving average is $4,026.36 and its two-hundred day moving average is $3,887.96.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, September 23rd. The company reported $48.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $50.52 by ($1.81). The firm had revenue of $6.24 billion for the quarter, compared to analyst estimates of $6.26 billion. AutoZone had a negative return on equity of 60.49% and a net margin of 13.19%.The firm’s revenue was up .6% compared to the same quarter last year. During the same quarter last year, the business posted $51.58 EPS. As a group, analysts forecast that AutoZone, Inc. will post 152.94 EPS for the current year.

AutoZone announced that its board has initiated a stock buyback program on Wednesday, October 8th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

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.