Elevation Point Wealth Partners LLC Invests $574,000 in AutoZone, Inc. $AZO

Elevation Point Wealth Partners LLC bought a new position in shares of AutoZone, Inc. (NYSE:AZO) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 180 shares of the company’s stock, valued at approximately $574,000.

Several other hedge funds also recently added to or reduced their stakes in AZO. Brighton Jones LLC boosted its position in AutoZone by 14.4% in the 4th quarter. Brighton Jones LLC now owns 111 shares of the company’s stock worth $356,000 after purchasing an additional 14 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of AutoZone during the 2nd quarter valued at approximately $356,000. Guggenheim Capital LLC increased its holdings in shares of AutoZone by 3.8% during the 2nd quarter. Guggenheim Capital LLC now owns 248 shares of the company’s stock valued at $921,000 after purchasing an additional 9 shares in the last quarter. NewEdge Advisors LLC lifted its stake in shares of AutoZone by 8.9% in the 2nd quarter. NewEdge Advisors LLC now owns 1,376 shares of the company’s stock valued at $5,110,000 after purchasing an additional 112 shares during the period. Finally, Treasurer of the State of North Carolina boosted its holdings in AutoZone by 52.3% during the second quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company’s stock worth $43,667,000 after buying an additional 4,039 shares in the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on AZO shares. Barclays cut their price objective on shares of AutoZone from $3,900.00 to $3,637.00 and set an “overweight” rating for the company in a report on Tuesday, August 4th. TD Cowen restated a “buy” rating and set a $3,700.00 target price on shares of AutoZone in a research report on Thursday, June 4th. Weiss Ratings lowered AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, July 23rd. The Goldman Sachs Group reduced their price target on AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Finally, Roth Capital dropped their price objective on AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $4,029.43.

Insider Buying and Selling

In related news, VP Dennis W. Leriche sold 1,455 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the completion of the sale, the vice president directly owned 441 shares in the company, valued at approximately $1,367,100. The trade was a 76.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brian Hannasch acquired 165 shares of AutoZone stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the purchase, the director owned 1,219 shares in the company, valued at $3,641,153. The trade was a 15.65% increase in their position. The SEC filing for this purchase provides additional information. 2.60% of the stock is owned by corporate insiders.

AutoZone Stock Up 1.7%

AZO stock opened at $3,008.32 on Tuesday. The stock has a market capitalization of $49.13 billion, a P/E ratio of 20.68, a P/E/G ratio of 1.50 and a beta of 0.33. The firm has a 50-day simple moving average of $3,053.00 and a 200-day simple moving average of $3,324.51. AutoZone, Inc. has a 52 week low of $2,902.20 and a 52 week high of $4,388.11.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating analysts’ consensus estimates of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The firm had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. During the same period last year, the company posted $35.36 EPS. AutoZone’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, analysts expect that AutoZone, Inc. will post 150.39 earnings per share for the current year.

AutoZone declared that its Board of Directors has authorized a stock buyback program on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

AutoZone 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.